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Jul 23 2018, 07:00 IST/BST
There have been a lot of headlines about Air Traffic Control (ATC) disruption and pilot/cabin crew strikes in peak summer. The important point, however, is that Ryanair’s business model endures – whether that is profitability (FY19 net income guidance €1.25-1.35bn maintained), competitive position, growth potential or balance sheet strength. We are broadly maintaining our net income forecast pre-exceptionals for FY19 (€1.31bn) and see the business returning to profitable growth in FY20 (€1.44bn). We retain our ‘Outperform’ rating and €18 price target.