易捷航空投资评估报告:资本回报率分析与前景展望.pptx

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

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