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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.
Feb 13 2020, 06:30 GMT