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#	AUTHOR DATE SUBJECT
18	member 3/21/20 5:32PM Re: Re: Debt Question 17
Response from IR when I asked about which debt is recourse / whether it has covenants: Inevitably, there are many questions that people are looking for answers/clarity on given all the uncertainty. However, the Board believes that at... login to read the rest view available tags
17	member 3/18/20 5:41PM Re: Debt Question 16
I spent some time looking and couldn't find anything. It's almost criminal how little info they provide on their debt in their annual reports. Curious if others have been ablee to track anything down here given view available tags
15	member 3/05/20 4:04PM Re: Re: Re: Buying opportunity? 14
Hey, good question. DTG is secretive about this. But the Nov 19 upgrade by Jefferies on DTG contained this (quite firm statement): Being a sizeable vertically integrated tour operator, Dart Group does commit capital upfront for hotel... login to read the rest 1 view available tags
13	member 2/26/20 11:13AM Re: Buying opportunity? 12
Indeed a big drop, Tenerife corona case in Jet2 (& TUI) hotel added fuel to the fire. I do not buy yet because - until very recently - Jet2 has a history of trading chronically below... login to read the rest 1 view available tags
11	member 10/28/19 1:11PM Re: Author Exit Recommendation 10
The latest capacity analysis, similar to the write-up overlap comparison. Conclusion: much higher overlap with weaker (now former) competitor TCG than EZJ: https://centreforaviation.com/analysis/reports/uk-leisure-airlines-jet2com-boosted-by-thomas-cook-exit-497161 The price has finally started catching up to very positive fundamental news. I still... login to read the rest view available tags
9	member 9/23/19 9:07AM Thomas Cook
With Thomas Cook ceasing operations, this is good for DTG as Jet2 has the biggest overlap with TCG after TUI (but biggest on a relative basis when counting overlap as % of total biz of... login to read the rest view available tags
8	member 9/09/19 8:01AM Ryanair retreating from LBA in '20
I understand this is mostly because of the temporary MAX delivery issues, but good news & interesting sign (Leeds = Jet2 HQ): "We are starting a series of discussions with our airports to determine which of... login to read the rest view available tags
7	member 9/06/19 8:45PM Re: Notes from AGM 6
Thanks, could not make it. very helpful! 1 view available tags
5	member 8/28/19 8:10AM Re: Quick question... 4
They used a combination of commercial debt & amortising debt secured by certain of the 34 new 737-800NG planes. Dividing interest expense by average debt in last reported year gets you a rate of 1.9%.... login to read the rest 2 view available tags
4	member 8/27/19 2:24PM Quick question...
Why do they carry so much cash on their balance sheet? All growth capex over the past decade is covered by ocf, so they essentially took out slightly under $1b of debt to let it 2 view available tags
3	member 8/23/19 10:03AM Re: Re: Airline vs. Package Holiday Profits 2
The cost allocation for airline tickets sold to the package holiday business is certainly opaque. However, typically package holidays/OTAs make far more money on the hotel (10-15% take rates) portion than the airline ticket (<3% take rates)... login to read the rest view available tags
2	member 8/23/19 8:59AM Re: Airline vs. Package Holiday Profits 1
Maybe we characterized DTG as an airline by my wording, or maybe because we stress our point of them being the cheapest on Jet2 routes in terms of airline tickets prices only. Irrespective of what... login to read the rest 1 view available tags
1	member 8/22/19 4:38PM Airline vs. Package Holiday Profits
It seems as though you view Dart as an airline. Management has stated in the last four ARs that the package holiday business is higher [operating] margin. If you allocate all the debt to the... login to read the rest view available tags

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			2019	2020
Price:	7.58	EPS	0	0
Shares Out. (in M):	149	P/E	7 (5.7 normalized)	0
Market Cap (in $M):	1,384	P/FCF	0	0
Net Debt (in $M):	-290	EBIT	0	0
TEV (in $M):	1,094	TEV/EBIT	0	0

Description

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