Aeromexico – Another Record Year in Prospect in 2024

Mexican Airlines - Capacity Management to Drive Bumper 2024; Gains Beyond Difficult

Global Airlines: Mexico's Volaris Shows GTF Groundings Can Drive Higher Pricing

European Airlines - Bridging Quarterly 2024 Prospects Encourages with Fuel Tailwinds/Tight Supply

Japan Airlines: Seasonality Scrutiny Still Suggests Significant Upside to FY24 Guidance

Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

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Grupo Aeromexico / Equity Capital Markets

<ul>
<li>We raise our forecasts to reflect the strength of International revenue at Aeromexico - we expect it to beat 2023 EBITDAR targets by 26%</li>
<li>Aeromexico has been outperforming domestic competitors Volaris, Viva Aerobus due to international unit revenue gains - their forced capacity cuts due to GTF issues should help Aeromexico manage 2024 margins</li>
<li>Fitting with the global theme of consolidation difficulties, the US has ruled the Delta/Aeromexico JV must terminate - this could be a double digit % risk to PBT</li>
</ul>


We raise our forecasts to reflect the strength of International revenue at Aeromexico - we expect it to beat 2023 EBITDAR targets by 26%
Aeromexico has been outperforming domestic competitors Volaris, Viva Aerobus due to international unit revenue gains - their forced capacity cuts due to GTF issues should help Aeromexico manage 2024 margins
Fitting with the global theme of consolidation difficulties, the US has ruled the Delta/Aeromexico JV must terminate - this could be a double digit % risk to PBT


Aeromexico - International Strength Accelerating Progress but Delta JCA Termination a Speed Bump