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Mar 25 2015
Ryanair management hosted a sell-side analyst dinner in London last night. Business appears robust with the strong forward booking profile continuing. The airline’s expansion into primary airports and higher frequencies are enabling market share gains. Cost remains the key focus with fuel and currency hedging leading to unit price reductions, notably into FY 2017. Currency hedging for most of the B737-800NG aircraft capex programme out to FY 2018 has been completed. There remains €310m of the share buyback programme – to be complete by August 2015 – with further buybacks dependent on profitability but likely this year. Overall, our impression is that business is robust and market opportunities for growth are only constrained by the aircraft delivery programme.