Davy Morning Equity Briefing
Jul 20, 2026
Ryanair Holdings
Perfectly positioned for a tough environment
Ryanair’s effectively debt-free balance sheet and unencumbered aircraft fleet, order book and overall market position will see a widening cost advantage over its competitor set. It doesn’t surprise us that the market is a little softer this summer. We expect significant market capacity pullbacks this winter. Reflecting a slightly softer revenue environment, we are shaving our FY27 profit after tax (PAT) estimates to c.€1877m (currently €1916.5m).
Economics weekly
Budget 2027 headline package looks set to top €10bn
This week will see Ireland’s Budget 2027 fiscal parameters set, with a headline package of more than €10bn likely. However, we note some reasons that this amount overstates the likely impact of Budget 2027 on the Irish economy. In the UK, Andy Burnham is forming a new Labour government against a backdrop of a weak labour market, and we expect mildly cooling inflation pressures for June. The main euro area deposit rate is likely to stay unchanged this week, but an increase in September is increasingly likely.
