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date: 20 February 2017

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Fleet growth plans undermine easyJet’s shareholder value

Fleet growth plans undermine easyJet’s shareholder value

Following the airline's disappointing pre-close statement last week, easyGroup, (Sir Stelios' private investment company holding 34% of the company's equity) has collated information (attached) showing the negative relationship between easyJet's fleet size and Stat-counters.net

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profitability. From data supplied by easyJet and house broker UBS, that the period 2016 to 2019 is likely to see flat EPS growth when compared to 2015, while the number of aircraft operated is set to grow significantly.

When the latest fleet order was placed with Airbus back in 2013, easyGroup told an EGM there was a significant likelihood of the deal being destructive of shareholder value - the share price has since fallen back from £19.15 in April last year to just 878p today.

The Evening Standard has covered the story here.

 
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