The group’s 2022 results met the consensus and particularly were a strong endorsement of the company’s mid-term ambitions which had previously won over little confidence. The market reacted positively to the buoyant performance and the strengthened balance sheet, despite the 2023 capacity schedule which lags the peers and the lack of financial guidance. We expect to cut our 2023 estimates to include the expected external disruption and the later recovery but there may be scope to increase our 20 ....