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Feb 13 2020, 06:30 GMT
Winter upgrades were driven by acute supply conditions, themselves a function of the drive out of inefficient sector capacity, amplified by aircraft delays. This will continue into the summer and even beyond, with the former a secular trend and the latter a result of Boeing adjusting deliveries in a complex supply chain. Meanwhile, Ryanair’s new group structure should enhance capital allocation as further efficiencies are driven by the MAX. We also believe the group’s market position is becoming formidable.