Ryanair
RYAThe lowest cost per seat in Europe, which is the only advantage that lasts in short-haul aviation.
Euronext DublinTravel & mobility
Getting people from one place to another, at the lowest cost per unit that anyone has managed.
In short
Bellwether Holdings holds four listed travel and mobility businesses: Ryanair, easyJet, Uber and Sixt. The group is openly cyclical and sized accordingly. In aviation the selection follows cost per seat, which Bellwether regards as the only advantage that lasts in short-haul.
Holdings
easyJet
EZJPrimary-airport slots plus a growing package holidays arm with far better margins than seats alone.
LondonUber
UBERRides and delivery on one network, now generating cash rather than consuming it.
NYSESixt
SIX2Premium vehicle rental with a fleet-buying advantage and disciplined European expansion.
Xetra| Holding | Ticker | Venue | Latest price | 52-week high | 52-week low |
|---|---|---|---|---|---|
| Ryanair | RYA | Euronext Dublin | … | … | … |
| easyJet | EZJ | London | … | … | … |
| Uber | UBER | NYSE | … | … | … |
| Sixt | SIX2 | Xetra | … | … | … |
Prices are delayed and indicative, last refreshed on load. They are shown for identification only and are not a valuation of the company's position.
Why this group is held
Cyclical by nature and sized accordingly. In aviation the only durable advantage is cost per seat, so that is what the selection follows.
Frequently asked questions
Which travel and mobility companies does Bellwether Holdings own?
Four: Ryanair on Euronext Dublin, easyJet in London, Uber on the NYSE, and Sixt on Xetra.
Why hold two competing airlines?
They compete on different ground. Ryanair has the lowest cost per seat in Europe and flies largely to secondary airports; easyJet holds slots at primary airports and runs a package holidays arm with better margins than seats alone.
Is this group riskier than the rest of the portfolio?
Yes, and Bellwether says so. Travel demand is cyclical and airline earnings swing hard with fuel and capacity, so positions in this group are deliberately sized smaller than in consumer or energy.
Why Uber rather than a traditional transport operator?
Because Uber runs rides and delivery over one network and has moved from consuming cash to generating it. The density of that network is the asset — it is expensive for a competitor to rebuild in a city where Uber already has both drivers and riders.