European carrier easyJet has slipped 31% this year, landing below 0.8 times book value—its lowest since 9/11. Investors see the slump as a buying signal, noting the airline’s debt‑free balance sheet and valuable airport slots.

EasyJet’s weak quarter mirrors Tui’s 7% revenue drop as holidaymakers weigh fuel hikes and household budgets. While premium transatlantic traffic stabilises rivals, easyJet’s core leisure market remains fragile.

Analysts project a 7% revenue rise this year and a return of operating margins to pre‑pandemic 10% by 2024, thanks to a planned fleet refresh that will boost capacity and fuel efficiency.

With a market cap of £2.7bn and an enterprise valuation only four times operating profit, easyJet offers a steep discount compared to its 2019 multiples, suggesting upside if the broader recovery materialises.