Financials Ryanair Holdings plc Nasdaq

Equities

RYAAY

US7835132033

Airlines

Market Closed - Nasdaq Other stock markets 04:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
121.4 ^USD	+1.84%		+3.05%	-8.93%

Jul. 10	EU approves Air France-KLM pandemic aid after lengthy legal wrangle	RE
Jul. 10	Markets Powered by Alternating Current

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	9,858	18,657	15,418	16,943	23,972	19,510	-	-
Enterprise Value (EV) ¹	10,016	20,934	16,869	16,385	22,599	17,250	15,215	13,561
P/E ratio	15.9 x	-18.1 x	-63.8 x	12.9 x	12.6 x	8.81 x	7.71 x	7.4 x
Yield	-	-	-	-	1.68%	2.7%	3.06%	3.39%
Capitalization / Revenue	1.16 x	11.4 x	3.21 x	1.57 x	1.78 x	1.33 x	1.2 x	1.14 x
EV / Revenue	1.18 x	12.8 x	3.51 x	1.52 x	1.68 x	1.17 x	0.94 x	0.8 x
EV / EBITDA	5.34 x	-78 x	44.4 x	6.56 x	7.24 x	4.8 x	3.89 x	3.31 x
EV / FCF	11 x	-7.63 x	22.2 x	8.29 x	29.5 x	9.51 x	4.93 x	4.63 x
FCF Yield	9.09%	-13.1%	4.5%	12.1%	3.39%	10.5%	20.3%	21.6%
Price to Book	2.08 x	4.02 x	2.78 x	3 x	3.15 x	2.21 x	1.85 x	1.56 x
Nbr of stocks (in thousands)	1,070,635	1,127,657	1,134,481	1,138,665	1,139,908	1,125,452	-	-
Reference price ²	9.208	16.54	13.59	14.88	21.03	17.34	17.34	17.34
Announcement Date	5/18/20	5/17/21	5/16/22	5/22/23	5/20/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	8,495	1,636	4,801	10,775	13,444	14,702	16,263	17,048
EBITDA ¹	1,876	-268.4	379.8	2,496	3,120	3,593	3,914	4,095
EBIT ¹	1,127	-839.4	-339.6	1,573	2,061	2,372	2,671	2,759
Operating Margin	13.27%	-51.31%	-7.07%	14.6%	15.33%	16.14%	16.43%	16.18%
Earnings before Tax (EBT) ¹	670.3	-1,109	-429.8	1,573	2,128	2,477	2,805	2,842
Net income ¹	648.7	-1,015	-240.8	1,314	1,917	2,234	2,508	2,605
Net margin	7.64%	-62.06%	-5.02%	12.19%	14.26%	15.19%	15.42%	15.28%
EPS ²	0.5793	-0.9142	-0.2130	1.153	1.674	1.968	2.249	2.343
Free Cash Flow ¹	910.5	-2,743	758.9	1,976	766	1,814	3,086	2,930
FCF margin	10.72%	-167.67%	15.81%	18.34%	5.7%	12.34%	18.98%	17.19%
FCF Conversion (EBITDA)	48.53%	-	199.82%	79.17%	24.55%	50.5%	78.84%	71.55%
FCF Conversion (Net income)	140.36%	-	-	150.43%	39.96%	81.23%	123.03%	112.5%
Dividend per Share ²	-	-	-	-	0.3530	0.4672	0.5300	0.5868
Announcement Date	5/18/20	5/17/21	5/16/22	5/22/23	5/20/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	1,176	-	1,470	1,176	2,602	4,015	2,312	1,847	3,649	4,926	8,575	2,699	2,170	3,866	5,477	3,030	2,318	-
EBITDA ¹	-	-	76.9	17.2	466	1,645	374.4	10.6	986.1	1,988	2,975	244.5	-98.9	800.3	2,264	412.6	-82.89	-
EBIT ¹	-176.8	-	-116.7	-172.4	239.6	1,419	161.7	-226.8	711.2	1,705	2,416	-18.9	-336.2	585.7	1,908	94.73	-352.9	-
Operating Margin	-15.03%	-	-7.94%	-14.66%	9.21%	35.34%	6.99%	-12.28%	19.49%	34.6%	28.17%	-0.7%	-15.49%	15.15%	34.83%	3.13%	-15.22%	-
Earnings before Tax (EBT) ¹	-432.3	-	-132.8	-197.1	203	1,220	212.8	-62.6	740.7	1,718	2,458	2.7	-333.2	627.6	1,854	73.43	-323.3	-
Net income ¹	-410.5	-47.6	-95.8	-97.4	187.5	1,076	202.1	-151.7	662.9	1,515	2,178	14.8	-275.8	522.5	1,702	108.4	-283.7	-
Net margin	-34.9%	-	-6.52%	-8.28%	7.21%	26.8%	8.74%	-8.21%	18.17%	30.76%	25.4%	0.55%	-12.71%	13.51%	31.08%	3.58%	-12.24%	-
EPS ²	-0.3752	-	-0.0847	-0.0860	0.1646	0.9456	-	-0.1345	0.5794	1.324	-	0.0129	-0.2400	0.5131	1.416	0.0775	-0.2536	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	0.1780	-	-	0.002090	0.002090	-
Announcement Date	11/2/20	11/1/21	1/31/22	5/16/22	7/25/22	11/7/22	1/30/23	5/22/23	7/24/23	11/6/23	11/6/23	1/29/24	5/20/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	157	2,277	1,452	-	-	-	-	-
Net Cash position ¹	-	-	-	559	1,373	2,260	4,294	5,949
Leverage (Debt/EBITDA)	0.0838 x	-8.482 x	3.822 x	-	-	-	-	-
Free Cash Flow ¹	911	-2,743	759	1,976	766	1,815	3,086	2,930
ROE (net income / shareholders' equity)	19.7%	-17.1%	-6.97%	23.5%	28.9%	26.3%	25.1%	22.9%
ROA (Net income/ Total Assets)	7.16%	-6.02%	-2.58%	8.33%	11.4%	11.4%	11.2%	11.5%
Assets ¹	9,062	16,854	9,319	15,778	16,791	19,641	22,454	22,729
Book Value Per Share ²	4.440	4.120	4.890	4.950	6.680	7.860	9.390	11.10
Cash Flow per Share ²	1.880	-2.200	1.720	3.410	2.760	3.240	3.580	3.690
Capex ¹	1,196	295	1,182	1,915	2,392	2,196	1,036	1,257
Capex / Sales	14.08%	18.02%	24.61%	17.77%	17.79%	14.94%	6.37%	7.38%
Announcement Date	5/18/20	5/17/21	5/16/22	5/22/23	5/20/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ryanair Holdings plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.34 EUR

Average target price

24.1 EUR

Spread / Average Target

+39.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Airlines

	1st Jan change	Capi.
INTERGLOBE AVIATION LIMITED	+45.61%	19.79B
SINGAPORE AIRLINES LIMITED	+7.47%	18.69B
UNITED AIRLINES HOLDINGS, INC.	+10.62%	15.5B
AIR CHINA LIMITED	-25.10%	13.57B
TÜRK HAVA YOLLARI ANONIM ORTAKLIGI	+35.61%	12.8B
CHINA SOUTHERN AIRLINES COMPANY LIMITED	-7.25%	12.44B
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.	+14.77%	11.19B
CHINA EASTERN AIRLINES CORPORATION LIMITED	+1.29%	10.12B
ANA HOLDINGS INC.	-1.27%	8.78B

Other Airlines