易捷航空投资评估报告：资本回报率分析与前景展望.pptx

ExecutiveSummaryWemendAGAINSTdoingadditionalworkonEasyJetasaninvestmentcandidate,primarilybecauseitsReturnonCapitalEmployed(ROCE)isunlikelytochangesubstantiallyoverthenext5yearsEveninouroptimistic“BaseCase”estimatesforSeatRevenueperPassenger,ROCEonlyrisesfrom17%to23%over5yearsForROCEtoexceed30%,SeatRevenueperPassengerwouldhavetobe4%aboveouralready-optimisticestimatesAvailableSeatKilometersareunlikelytodiffervs.ourprojections,Non-FuelExpensesarealsounlikelytodiffersubstantially,andthecompany’stoutedFuelE