LIBERUM: Morning Comment

Commodity snapSHOT, Renewi, Gateley, The Artisanal Spirits Company, Market Highlights

LIBERUM: Morning Comment

Ryanair, ConvaTec, Topps Tiles, Mining LOWdown, Market Highlights

LIBERUM: UK Small & Mid Cap Dispatches

Topps Tiles, Mining LOWdown, SMID Market Highlights

LIBERUM: Ryanair - Capacity constraints seen persisting

Ryanair appears to be at the more cautious end of the industry spectrum on the short-term outlook for this summer. However, its suggestion that industry capacity growth could remain constrained through to 2030 are very bullish on the long term. We have raised our forecasts slightly, keeping us consistent with management’s guidance. Our recommendation remains BUY and we increase our target price to €20.5 from €19, still based on a calendarised 2023E EV/IC / ROIC/WACC of 1.0x, in line with fair va...

LIBERUM: Morning Comment

Research Reels - Essentra, rockSHOT - The Mining Podcast, AFC Energy - Initiation, Experian, Ryanair, easyJet, Wincanton, Inspired, Knights, Ilika, Helium One, ATOME Energy, Market Highlights

LIBERUM: Ryanair - FY results slightly ahead, 2024E guidance cautious ...

A clear return to profitability with FY results at the top end of management’s guidance range, 2% ahead of consensus. Net cash on the balance sheet was a surprise, a year ahead of target. FY guidance (modest profit growth) is more cautious than current consensus, although summer 2023 demand remains robust with fares tracking higher than last year. Our recommendation remains BUY with an unchanged target price of €19.

LIBERUM: Airlines - Fuelled for further recovery

We still see headroom for the airline earnings recovery to continue. Demand is proving resilient, despite a weak macro outlook. Capacity on European routes looks restrained relative to other regions. Discipline is being enforced by constraints on new aircraft deliveries. Weaker fuel prices are supportive of earnings estimates. We retain BUY recommendations on IAG (TP 350p), easyJet (TP 690p from 650p) and Ryanair (TP €19 from €17).

LIBERUM: Morning Comment

rockSHOT - The Mining Podcast, Infrastructure, Tracsis, Shanta Gold, tinyBUILD, Mining LOWdown, Market Highlights

LIBERUM: Morning Comment

Fevertree Drinks, Bytes Technology Group, Pollen Street, XPS Pensions, Alliance Pharma, Atlantic Lithium, Safestyle, Mining LOWdown, Market Highlights

LIBERUM: Morning Comment

Tech & Media Conference, SAS All Cap Monthly, Pets At Home, Advanced Medical Solutions, Atlantic Lithium, Gemfields, ATOME, Safestyle, Market Highlights

LIBERUM: Morning Comment

Commodity redEYE, IDS, Ryanair, SThree, On the Beach, Sylvania Platinum, Trident Royalties, DP Eurasia, Market Highlights

LIBERUM: Ryanair - Strong Q3 results flattered by FX gains

The strong Q3 figures were driven by resilient demand as previously flagged and were marginally ahead of expectations. Positive sentiment may be moderated by the FX gain that flattered the figures. However, this should not detract from the underlying strength and management appears optimistic about summer bookings. Our recommendation remains BUY with an unchanged target price of €17 (calendarised 2023E EV/IC / ROIC/WACC 1.0x).

LIBERUM: Airlines - Headroom despite macro risks

The airline industry is in the early stages of recovery from the pandemic. Positives are relatively careful capacity growth plans, stabilising jet fuel prices and encouraging forward booking commentary. However, macro indicators are deteriorating. We see headroom for the demand/supply balance to remain favourable with capacity mostly still below 2019 levels. We increase our target prices on easyJet (500p from 430p), IAG (220p from 145p) and Ryanair (€17 from €16) and retain our BUY recommendatio...

GROWING DESTINATION

​Ryanair Holdings PLC provides low fare passenger airline services to destinations in Europe. It is an Irish low-cost airline founded in 1984, headquartered in Swords, Dublin, Ireland, with its primary operational bases at Dublin and London Stansted airports. In 2016, Ryanair was the largest European airline by scheduled passengers flown, and carried more international passengers than any other airline. We divide our report in 3 sectors:- Ratio summary- Peer group confrontation- Next 90/180 da...

Institutional Comment: Daily comment

Institutional Comment: Daily comment

Institutional Initiation: Good value given quality and accelerating gr...

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...