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22.08.2011

BNE: Transaero ordered eight A320neo aircraft.

Transaero signed a memorandum with Airbus for eight A320neo aircraft. The deal's value was not disclosed, but according to the catalogue price eight aircraft are worth USD 729mn. Delivery is scheduled over 2017-2019. Transaero, which currently operates Boeing and Tupolev aircraft, plans to operate the Airbus aircraft on both domestic and international routes.

Increase in ASK. According to our estimates, the acquisition of the A320neo aircraft could increase the airline's available seat kilometers (ASK) by 3.6bn PAX-km, while revenue passenger kilometers (RPK) could grow by 3bn PAX-km or about 6% compared to our previous estimates. In revenue terms, we expect a RUB 6bn or 6.1% increase by2019, compared to our previous estimates.

Better fuel efficiency. According to Airbus, the A320neo has a 15% better fuel efficiency consumption compared to the A320. Given A320 fuel efficiency of 28.3 gr/ASK, the fuel efficiency of the A320neo should be at 24 gr/ASKm, which is lower than the average fuel efficiency of Transaero's of short-mid-range fleet, which stands at 26.6 gr/ASK.

We believe the news is positive for Transaero, but is only likely to have a positive impact on the share price in the long term. We reiterate our BUY recommendation and our fair value of USD 11.50 per share.

http://www.bne.eu/archive_frame.php?keywords=metropol&time_filter=full&country=&product =

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