Air Arabia 3Q16 headline earnings +26% Y-o-Y, in line
Air Arabia reported 3Q16 headline numbers with pre-minority earnings up 26% Y-o-Y to AED297mn coming in broadly in line with our estimate (-3%). Revenue was flattish Y-o-Y at AED1.12bn (-6% vs. EFGe) despite solid passenger traffic growth of 14% Y-o-Y (seat factor of 81%) signaling that severe yield pressure continued in the quarter. Air Arabia (DU): AED1.26 as of 10 Nov 2016, Rating: Buy, FV: AED2.10/share, MCap: USD1,602mn, AIRARABI UH / AIRA.DU
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