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    Harry Gowers

    Research Analyst at JPMorgan Chase & Co.

    Harry Gowers is an Analyst at JPMorgan Chase & Co., specializing in equity research and financial analysis within the banking and financial services sector. His primary focus includes coverage of major financial institutions, where he contributes detailed sector analysis and investment recommendations, though specific companies and quantifiable performance results are not publicly documented. Harry began his career in the financial industry with a progression into his current analyst role at JPMorgan Chase & Co.; prior experience and start date details remain undisclosed in public records. Professional credentials and regulatory licenses, such as FINRA registration, are not verifiable from available sources.

    Harry Gowers's questions to AIR FRANCE-KLM /FI (AFLYY) leadership

    Harry Gowers's questions to AIR FRANCE-KLM /FI (AFLYY) leadership • Q1 2025

    Question

    Harry Gowers of JPMorgan Chase & Co. questioned if there was evidence of U.S. traffic substituting to other destinations on the Air France-KLM network. He also requested clarification on a one-time compensation effect impacting Q2 unit costs and asked for the specific cost impact of the Schiphol tariff increase.

    Answer

    CEO Benjamin Smith noted slight traffic shifts toward Canada and Latin America but confirmed no major network capacity changes are planned through Q3, as premium U.S. demand remains robust. CFO Steven Zaat explained that a one-off compensation received in the prior year affects the Q2 year-over-year maintenance cost comparison. He estimated the Schiphol tariff hike would add approximately 0.3% to 0.4% to the group's total unit cost.

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    Harry Gowers's questions to AIR FRANCE-KLM /FI (AFLYY) leadership • Q1 2025

    Question

    Harry Gowers of JPMorgan Chase & Co. asked for evidence of U.S. traffic substituting to other destinations and requested clarification on a one-time compensation effect in Q2 and the specific cost impact from the Schiphol tariff increase.

    Answer

    Benjamin Smith (Executive) noted slight traffic shifts to Canada and Latin America but highlighted that strong premium cabin performance to the U.S. offsets softness in economy, so no major capacity shifts are planned yet. Steven Zaat (Group CFO) clarified the one-off compensation occurred in the prior year's Q2, affecting the year-over-year comparison. He quantified the annual impact of the Schiphol tariff hike at over EUR 100 million, or about 0.3-0.4% of total group unit cost.

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    Harry Gowers's questions to AIR FRANCE-KLM /FI (AFLYY) leadership • Q1 2024

    Question

    Harry Gowers from JPMorgan Chase & Co. requested color on April pricing and yields for Q2, and asked about the impact of recent Middle East escalations on bookings and whether the negative yield trend in the region would improve.

    Answer

    CFO Steven Zaat reported strong April yields, up over 3%. Executive Benjamin Smith noted that traffic to Tel Aviv and Beirut is recovering quickly, but leisure markets in Egypt and Jordan remain weak, with capacity being redeployed to North Africa.

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    Harry Gowers's questions to AIR FRANCE-KLM /FI (AFLYY) leadership • Q3 2023

    Question

    Asked about the potential to buy out the rest of SAS in the future and the profitability outlook for Transavia and the Maintenance division in Q4.

    Answer

    There are options to increase the stake in SAS after a two-year lock-up period, conditional on Air France-KLM meeting its own financial targets. For Q4, Transavia is expected to post a loss, as is typical for the season, but the result should be better than last year. The Maintenance business is expected to see further profit improvement compared to Q4 last year.

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    Harry Gowers's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership

    Harry Gowers's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership • Q1 2025

    Question

    Harry Gowers asked for confirmation that limited Q3 visibility is due to later booking patterns and requested high-level guidance on the group's RASK (revenue per available seat-kilometer) percentage change for Q2 and Q3.

    Answer

    CFO Till Streichert explained that while Q3 visibility is always somewhat limited at this point, they have observed a slower seat load factor trend, which is typical in uncertain times as customers delay booking. He reiterated the full-year EBIT guidance but declined to provide specific RASK guidance for the upcoming quarters.

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    Harry Gowers's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership • Q3 2024

    Question

    Harry Gowers asked for details on the airline's performance in October, specifically regarding yield, load factor, and RASK. He also inquired about the potential net impact of the EUR 1.5 billion gross turnaround benefit after accounting for costs and other factors.

    Answer

    CEO Carsten Spohr reported that October saw a strong seat load factor with the year-over-year yield decline stabilizing near zero, helped by extended leisure travel. CFO Till Streichert explained that while it's early, the primary offset to the gross turnaround benefit would be inflationary pressures, with any potential investment needs still being determined.

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    Harry Gowers's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership • Q3 2024

    Question

    Harry Gowers of JPMorgan Chase & Co. asked for details on the airline's performance in October, specifically regarding yield, load factor, and RASK. He also inquired about the potential net impact of the EUR 1.5 billion gross turnaround figure after accounting for costs.

    Answer

    CEO Carsten Spohr described October's performance as strong, with a high seat load factor and a stabilizing yield trend that was approaching zero decline. CFO Till Streichert explained that while it's early, the primary offset to the gross turnaround figure would be underlying inflationary pressures, with any required investments also being a factor.

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    Harry Gowers's questions to RYANAIR HOLDINGS (RYAAY) leadership

    Harry Gowers's questions to RYANAIR HOLDINGS (RYAAY) leadership • Q1 2025

    Question

    Harry Gowers of JPMorgan Chase & Co. asked if the Q2 fare weakness was consistent across the entire network or concentrated in specific regions. He also inquired about the potential for another share buyback, given the current program's rapid progress.

    Answer

    CEO Michael O'Leary confirmed that the pricing weakness is network-wide, with no specific markets showing unusual strength or weakness. On capital returns, he stated that the Board is considering a top-up to the buyback program, with a potential announcement at the upcoming AGM or with the half-year results in November.

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