easyJet: Shares to go through all time high?

easyJet (LON:EZJ) passenger statistics for November, released this morning showed that it carried 7.7% more passengers than November last year at 4.116 million. The load factor (the number of passengers per available seat flown), was up a very encouraging 1.2% at 88.7%.

The shares have had a strong 2012 (up 86% since 1st January) and are only a penny off their all time closing high of 732p achieved in April 2007. I think the shares have further to go as profits benefit from the introduction of allocated seating during the current year. The company is also generating substantial amounts of cash, hence the recent doubling of the dividend. With earnings forecast to grow at about 10% in each of the next two years the shares still look good value on 10.9x the year to September 2013, falling to 9.8x the following year. Staying on board!