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Jan 31 2022, 06:50 GMT
We see the Q3 statement as broadly a holding one before we enter the Easter/summer period. But it is important to remember that Ryanair’s cost position (both fuel with hedging and ex-fuel), network expansion, customer proposition, employee growth and obviously balance sheet/cash flows are poised for its next phase of growth. We continue to believe that these ‘low cost’ tenets will show favourably, if not dramatically, this summer. We maintain our forecasts, our ‘Outperform’ rating and €19 price target.