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Jul 29 2019, 06:30 IST/BST
Ryanair held FY guidance (€750-950m) after a tough Q1 as ancillaries’ performance is the standout. As we look towards the challenging winter period, the tight capacity market could get even more constrained with the MAX delays. Despite the delays and slower growth, cost performance was maintained and a good fuel hedging position building into next year points to renewed earnings momentum. With unit revenue guidance trimmed to +2% to +3% (previously +2% to +4%), we are likely to modestly trim our net income numbers by c.5% to c.€840m (consensus: €832m). With the business model fully intact, we view the stock as excellent value at these levels.
Jul 29 2019, 06:30 IST/BST