DAVY VIEW

What is informative about Ryanair’s (RYA) Q1 number beat pre-exceptionals of €170m profit after tax (Davy: €151m, consensus: €157m) is the ex-fuel cost performance itself, which is driven by operational excellence. The net debt (€0.4bn down from €1.5bn at March 2022) is another example as are the post-COVID market share gains across the business. We leave our forecasts unchanged for now — €1270m net in FY23 — but don’t see a reason to change our 12-month price target of €19.