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Jul 27 2020, 06:50 IST/BST
Ryanair is now cash flow breakeven following its return to service with almost €4bn in cash. The Q1 loss at -€185m was ahead of market expectations with a smaller loss expected in Q2. The environment is highly uncertain, and Ryanair now plans to carry approximately 60m passengers in FY21 (previously “less than 80m”). What is undoubted is that Ryanair’s cost base will be leaner post this challenging year as it grows market share in the coming years. We modestly narrow our losses this year to €738m before profit next year (€913m) and retain our €13.5 price target.