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

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

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

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

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

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

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

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

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

With these relatively reassuring results, WFS buys some time to consider its next steps. We remain cautious on the name. We continue to

We are initiating on WFS. Please find our files here.

Air cargo held up better and recovered quicker during the coronavirus crisis. While the reduction in