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Mar 28 2019, 06:30 GMT
The Ryanair investment case is based on growth capability, market share upside, cost superiority and cash generation. This mix, while potent, is not new but we believe that the risk behind each is misunderstood. A new group structure, for example, underpins growth and flexibility in a consolidating market; its cost base is more durable; and basic pricing is 20% lower than it was only four years ago. We increase our price target to €15.