Morgan Stanley Forecasts Gol Airlines 3Q10e EPADS of $0.27

Gol Airlines GOL is expected to report 3Q10 results on November 11, before the market open. Today, Morgan Stanley said that it forecasts 3Q10e EPADS of $0.27, driven by traffic growth and FX. “We forecast net revenue of R$1,805 mn, up 20.6% y-y, with 23.2% y-y traffic growth and a 71.2% load factor, up 560 bps y-y, offsetting sequentially lower yields, estimated at R$19.2 centavos,” Morgan Stanley writes. “BRL appreciation should compensate for higher fuel, in our view, for EBITDAR of R$420 mn, up 40.5% y-y, with a 23.2% margin.” Gol Airlines closed Friday at $17.89.