EasyJet fleet alone could be worth double the share price, says Citi2 Jun 2026 14:30
Shares in easyJet PLC (LSE:EZJ) climbed 3.5% after Citi estimated that the airline's aeroplane fleet could be worth double the recent share price.
The US investment bank said the company's aircraft assets should help underpin the share price as takeover speculation continues, following the Castlelake announcement that it was exploring a potential bid.
Analysing the value of easyJet's owned assets, Citi estimated the fleet was worth between £4.25 billion and £5.25 billion, based on both the book value of the aircraft in easyJet's accounts and an assessment of market values for the Airbus jets adjusted for age.
After adding cash and deducting non-lease debt, the broker calculated that easyJet's shares trade at only 0.5-0.6 times the net value of its owned assets.
That implies a valuation of between 770p and 890p a share, compared with the current share price, suggesting potential upside of 70-100%.
Analyst Conor Dwyer said the exercise was intended as a rough assessment of underlying asset value rather than a formal takeover valuation.
However, he argued the figures highlighted substantial embedded value within the airline's balance sheet.
"Should headlines continue or new entrants join a bidding process, we would expect this to provide meaningful share price support," Dwyer said.
While Citi cautioned that any takeover process remains at a very early stage, it said the value of easyJet's fleet and other owned assets could become an increasingly important factor for investors as speculation develops.
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