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From a cash flow perspective, please take into consideration that RR issued a load of credit notes during Trent issues to protect liquidity. A lot of the airlines saved these for a rainy day - you can bet your bottom dollar that these will all be cashed in which won’t help RR bank balance.
Travel hasn’t picked up at the expected pace, sentiment around the sector is low and as a result the SP has dropped- you can’t attribute the poor performance to the FTSE.
As a long term investment I think this will be a winner but in the short term I can us hitting 90p again.
Unfortunately I think the uncertainty re global travel will keep pushing this down! Yes vaccines are progressing well in certain countries but it needs to be a joint global effort for the world to reopen. RR will bounce back but it will take some time.
Really great see RR on the way up. If civil picks up as expected and they hit FCF projections we should close the year somewhere between 200-240p. Given the diet they’ve been on over the last 12 months it could be higher. Nonetheless, outlook looks positive. Just noticed the Motely Fool has now got RR down as a strong buy (never good lol).
No surprises which is always a good thing. No changes to recovery timeline/forecast which is good. Fund raising, streamlining and liquidity looks good to me. If we achieve FCF predictions this should hit 200p by end of year, easy!