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Oct 22 2018, 06:45 IST/BST
Ryanair has maintained guidance of net income €1.10-1.2bn (ex-Laudamotion) for FY2019 with all key KPIs from the revised guidance of October 1st maintained, including fares down 2% this winter. Q2 profits at €877.1m were modestly ahead of consensus at €856.5m (Davy: €913.6m). We are likely to maintain our forecasts for FY2019/FY2020 as Ryanair gears up for summer 2019. We believe that Ryanair, as the industry-leading player (market size, margins, balance sheet), will be an undoubted beneficiary of the industry malaise. The price target remains €14.