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May 20 2024, 06:50 IST/BST
Ryanair Holdings
Record year; cautious outlook; €700m buyback
- Sectors : Airlines
- Companies : Ryanair Holdings
DAVY VIEW
Ryanair delivered a record year with net income of €1917.1m (Davy €1915m, consensus €1905m) and with the outlook showing some yield moderation. However, cashflows are huge and the initial €700m buyback (with expected dividend in 2025) is equivalent to >5.5% of the total market capitalisation. While some of the KPIs will modestly change, we will not materially change our admittedly below consensus estimates (near €2.2bn in FY2025). We retain our €24 price target.
