Passenger GrowthMay passenger growth increased by 10% to 5.7 million and load factor improved by 0.2 percentage points to 91.2%.
Stock UpgradeThe stock has been upgraded to Buy with a new target price of 1,900p, implying approximately 50% upside.
Stock ValuationThe stock trades at a PE of 5.7x, which implies more than a 20% discount to pre-pandemic valuation lows.