easyJet SWOT analysis - Is Sir Stelios strength, weakness, opportunity and threat all in one?

Last month's quarterly trading update reported an 8% increase in unit revenues for the Oct-Dec quarter and forecast a significant narrowing of first half pre-tax losses from GBP112m to between GBP50m and GBP75m.

Since the trading update, easyJet's founder and largest shareholder, Sir Stelios Haji-Ioannou, has sold a small portion of his holding as a warning to management against making a new aircraft order and he remains a vocal critic of the company.

In addition, easyJet Chairman Sir Mike Rake, often criticised by Sir Stelios, has announced his resignation in the summer of 2013.

The share price of Europe's second biggest low cost carrier is up 13% since the trading update and up 97% over the past 12 months, so it seems that other shareholders have been persuaded of easyJet's strengths and opportunities. So is Stelios right to focus on the weaknesses and threats - or is he the biggest of them?

This SWOT analysis is the first in series of CAPA features.