Davy Research

Ryanair Holdings

Investors focus at H1 results will move from the rostering debacle to forward bookings and cost base
Airlines & Other Transport
Ryanair Holdings

DAVY VIEW

Ryanair has slowed growth to 4% (from 9%) from November-March and 7% in FY 2019. FY 2018 net income guidance was recently maintained at €1.4-1.45bn. Investor focus at the H1 results on October 31st will be on forward bookings, long-term structural cost issues, ongoing employee relations and the processes put in place to prevent similar rostering failures happening again. We still expect Ryanair to be a 200m plus passenger airline by FY 2024 with the highest returns in its competitor universe.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Ryanair Holdings

    Closing Price: 1678c

  • RATING 07/12/09

  • PREVIOUS RATING 02/11/09

    Neutral

Analyst(S)

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