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  "documentTitle": "2024 10 Capital Markets Day",
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  "authorName": "Wizz Air",
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  "notes": "The slide outlines a strategic shift from a leasing-heavy model to a more balanced fleet ownership model to improve credit metrics and equity valuation.",
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      "kind": "callout",
      "text": "There is rational for some debt issuance, when the time is right",
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      "text": "As such, with a primary aim of retaining an Investment Grade rating, Wizz Air should be guided by expected leverage metrics and opportunistically adjust lease vs. owned choice not deviating significantly from a defined trajectory",
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      "text": "Flowchart showing Wizz Air branching into Sale leaseback and Unsecured financing approaches with associated benefits.",
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      "text": "While a leasing-based model is more leverage-friendly on Day-1 and provides higher returns for equity holders, in the long-run, and given Wizz Air's expansion plans, a gradual shift to a balance sheet with a higher share of owned fleet will have credit-positive effect. This is part of a planned approach to facilitate liquidity and leverage management, with a portion of Wizz Air's fleet grounded and a growing new aircraft delivery schedule. It will provide access to different pools of capital and has the potential to unlock an equity multiple re-rating as Wizz Air then becomes more comparable to its airline peers. As such, with a primary aim of retaining an Investment Grade rating, Wizz Air should be guided by expected leverage metrics and opportunistically adjust lease vs. owned choice not deviating significantly from a defined trajectory",
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      "text": "Short term credit metrics drive long-term equity value",
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