We Raise Wizz's FVE to GBX 6,800 As We Model Higher Growth and Margins

Wizz Air is the one of the fastest-growing European airlines, focusing on serving the Central and Eastern European markets. The airline has quadrupled passenger numbers from 10 million passengers in 2011 to 40 million in 2020. This growth was achieved by deploying a rigid and focused low-cost strategy and passing on the savings by lowering fares to attract an underserved leisure passenger at the low end of the market in an economic region, which is experiencing high levels of growth in income. New routes in fast-growing Eastern Europe and market share growth in Western Europe coupled with a firm grasp on cost containment should drive double-digit profit growth over the medium term.