easyJet: Strong December passenger stats. Still good value?
easyJet's passenger statistics for December issued this morning show that the momentum in the business continues. The load factor (number of seats flown as a percentage of the number of seats available) for the month was up 2.3 percentage points at 87.9% compared to 87.5% the year before. The rolling 12 month figure was 88.9% compared to 87.5%. The Company does not give figures for revenue but its revenue model is based on charging more for seats as the plane fills up so a higher load factor should mean greater profits, especially as once costs are covered the revenue from each additional seat sold drops to the bottom line.
The shares have doubled in value since I bought the holding for the JIC portfolio last January but I have no intention of selling it yet. It is valued at 11.7x for the year ending September 2013 falling to 10.1x to September 2014 for 17% earnings growth. It still looks good value to me.
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On 1st January 2012 I set up the JIC portfolio with £151,110 cash.Under "Transactions" you can see how it has been invested, "Portfolio" shows the current portfolio and my approach to investing is described under "About Me". A history of all my postings can be found under "Company Blogs". I… ...read more or visit website »
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easyJet plc (easyJet) is an airline carrier operating in Europe. The Company’s subsidiaries are engaged airline operation, aircraft trading and leasing. As of September 30, 2011, the Company’s fleet included 167 easyJet A319, 35 easyJet A320 and two Boeing 737-700. As of September 30, 2011, the Company owned 129 aircrafts, which included 105 easyJet A319 and 24 easyJet A320. As of September 30, 2011, its operating lease included 56 easyJet A319, six easyJet A320 and two Boeing 737-700. As of September 30, 2011, the Company had bases. During the fiscal year ended September 30, 2011 (fiscal 2011), the Company operated 547 routes and served 123 airports. The Company’s subsidiaries are easyJet Airline Company Limited, easyJet Switzerland S.A., easyJet Aircraft Company Limited, easyJet Sterling Limited and easyJet Leasing Limited. During fiscal 2011, the Company acquired 11 aircrafts. more »
