EZJ

Easyjet PLC

Travel and Leisure First-pass screen £2.7bn

400/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 54

Valuation 25% 30

Downside protection 15% 60

First-pass take

easyJet shows strong operational execution (EBIT +18%, ROCE 18%) and fortress balance sheet (£602m net cash, Baa2/BBB+ rated) but lacks AI exposure. Margin pressure from fuel/labor costs, cyclical travel demand, and heavy capex (£3.3bn FY28) limit leverage and downside protection.

Flags

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