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Nov 2 2020, 06:45 GMT
Ryanair Holdings
Structural winner - preserving cash, lowering costs
- Sectors : Airlines
- Companies : Ryanair Holdings
DAVY VIEW
With €4.5bn in cash post debt and equity raise, an ex-fuel cost base that is only going lower and a Boeing deal in the offing, we continue to expect Ryanair to be the structural winner in short haul Europe. Q2 losses were very modest at -€22.6m (pre-exceptional). Ryanair expects to record higher losses in H2 than H1 (-€196.5m). Nevertheless, we expect consensus losses to narrow and modestly reduce our losses this year to c.€700m before profit next year of >€600m and >€1.6bn in FY23. We raise our price target to €14.5 (from €13.5).
