Institutional Initiation: Good value given quality and accelerating growth
Ryanair’s EPS growth is poised to accelerate on the back of a big expansion in capacity over the next five years, and a drive to increase load factors. We forecast its unit costs to remain low, which means that it should be able to continue to substantially undercut the rest of the industry on price. It has been improving its digital offering, become more flexible with passengers, and is introducing a new business product, which should help to drive traffic. Our forecasts for FY16 and FY17 are well ahead of consensus. Our fair value of €8.88 offers a prospective return of 41% on an 18-month view.
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