Ryanair : Inflation in unit costs excl. fuel offset by solid pricing and better fuel hedge
>Pricing in good shape for the summer - Despite the delisting by OTA early December (10-15% of sales according to Ryanair), we find the yield performance solid in Q3 with growth of 12% y-o-y. For Q4, management declined to give guidance on pricing but expects good trends particularly for March and around the Easter weekend. For the summer, bookings and yields show an increase relative to last year and given the capacity discipline expected on intra-European route...Ryanair Holdings is a holding company. Through its subsidiaries, Co. operates an ultra-low cost, scheduled-passenger airline serving short-haul, point-to-point routes between Ireland, the U.K., Continental Europe, and Morocco. Co. offers over 2,000 scheduled short-haul flights per day serving approximately 210 airports throughout Europe, and flying approximately 1,600 routes. In addition, Co. provides various ancillary services and engages in other activities connected with its core air passenger service, including non-flight scheduled services, Internet-related services, and the in-flight sale of beverages, food, and merchandise.
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