2025-05-22-Jefferies-易捷航空（EZJ）_2025年上半年业绩表现良好_符合预期_燃料顺风后与市场共识相符_8页_107kb

In- line PBT for H1 2025 despite slight revenue and EBITDA misses, with consensus unchanged. Buy rating from Jefferies, target price £7.10 (+26% upside from current £5.65). Strong outlook driven by growing holiday business, fleet renewal, and balanced net cash position. Upside from dividends, currently trading at 2.1x FY26 EV/EBITDA, a +65% discount to history. H2 guidance shows moderated growth at +6% ASK, with fuel hedging at $750/MT. Risk factors include European macro, high fuel costs, and competitor pricing.