WFS – Au revoir.

Please find our unchanged analysis here.

Cargo handling is a highly cyclical industry. While WFS had a good pandemic, we may well be back looking at this business in the future, as generating sufficient

Aengus McMahon11 February 2022WFS

Travel - Comment

Instead of examining Black Friday “bargains” the market’s focus has turned to a new Covid 19 strain emerging from Southern Africa. Airline stocks have

Tomás Mannion26 November 2021TRAVEL, TAP, WFS, E-DREAMS, TULLOW

WFS – Flying away to the shelf

Please find our updated analysis here.

WFS has benefitted from an upsurge in cargo demand during covid, although the weak position of its ground handling business means 2021 will still be

Aengus McMahon25 November 2021WFS

WFS – Q121 shows clouds over the field are clearing.

Please refer to our unchanged analysis here.

The recovery in cargo volumes and the quicker return of passengers to the sky in North America have been a relief for the industry. WFS saw

Aengus McMahon28 May 2021WFS

WFS – Cargo, WC and positioning

Please find our updated analysis on WFS here.

We are witnessing a strong recovery in the cargo sector with December 2020 already showing positive yoy trends, and with yoy growth strengthening even

Juliano Torii26 March 2021WFS

WFS – new PSP cash and European timing

Please refer to our unchanged analysis on WFS here.
We have been estimating that WFS require approx.

Juliano Torii4 March 2021WFS

Last calls for fresh cash?

England’s new national holiday will be placed on the 17th of May - the day pubs re-opened. Incidentally, that is also the earliest date from which foreign holidays may be allowed. Meanwhile, the EU are unlikely to be much faster.

Oh, we always knew that:

Wolfgang Felix23 February 2021TAP, E-DREAMS, MATALAN, PIZZA EXPRESS, EUROPCAR, INTU, NAVIERA, WFS

The bonds of WFS and CMA CGM, and US-China relations

US-China relations and the bonds of WFS and CMA CGM: in the past, volumes in both air freight and container shipping have been driven by

Juliano Torii2 December 2020CMA CGM, WFS

WFS – Q3 20 results and call points to continued improvement

Please refer to our unchanged analysis here.

The Q3 20 results confirm the recovery momentum in the sector, as explained below. EBITDA was in line with our estimates despite

Aengus McMahon2 December 2020WFS

CMA CGM/WFS –sea shipping benefitting from air cargo capacity constraints

We see this trend as supportive for container shipping in general. In previous downturns, air cargo was the first to recover, as companies restocked on certain key items in the early stages of the demand bounce back. The fact that air cargo is

Aengus McMahon30 September 2020CMA CGM, WFS

WFS – modelling of the divergent segment trends of WFS into 21; updated comments

We have updated our model to reflect a quarterly split between Ground handling and Cargo.

Please find it here.

We remain cautious on the WFS bonds. Our analysis suggests that

Juliano Torii28 September 2020WFS

WFS - model update and comments for the Q2 20 results/call

We have updated our model for the Q2 20 results. Please find it here.

As the bond prices ventures closer to pre-virus levels, we find it difficult to see how these levels can be