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  "documentTitle": "2024 10 Capital Markets Day",
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  "notes": "Illustrative analysis showing the trade-off between debt leverage and financing costs.",
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      "text": "To unlock this equity value, Wizz Air would need to shift completely an owned-asset model and would under current circumstance be expensive given the quantum of debt to be raised (>€0.4bn extra interest over 2025-29E). This additional cost is further exacerbated by Wizz Air's split credit rating causing the Group to issue debt at a premium to its peer group – therefore, the immediate focus is on the combination of a) profitability (+ cash generation), and b) leverage “light” financing, to maintain high liquidity, support the short term Wizz credit rating and facilitate a future higher equity valuation when the cost to shift to owned aircraft is cheaper. Moreover, the sale & leaseback model remains the more interesting approach from an equity returns view given the lower cost of financing and the lesser amount of leverage and the lower cost of financing",
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      "text": "To unlock this equity value, Wizz Air would need to shift completely an owned-asset model and would under current circumstance be expensive given the quantum of debt to be raised (>€0.4bn extra interest over 2025-29E)",
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      "text": "Net leverage, Gross leverage, Financial debt, Lease liability, Delta to unsecured, Lease liability interest",
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      "text": "Gross debt: €0.4bn",
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      "text": "Transitioning to an “alternate” model can be expensive, but can ultimately lead to a higher equity valuation",
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