Financials Ryanair Holdings plc Nasdaq

Equities

RYAAY

US7835132033

Airlines

Real-time Estimate Cboe BZX Other stock markets 20:04:23 26/06/2024 BST			5-day change	1st Jan Change
114.5 ^USD	-3.30%		+1.66%	-14.13%

06-25	Volotea teams up with Abra for slots from combined IAG-Air Europa	RE
06-24	RYANAIR HLDGS : UBS sticks Neutral	ZD

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,221	9,858	18,657	15,418	16,943	19,124	-	-
Enterprise Value (EV) ¹	13,671	10,016	20,934	16,869	16,385	23,972	16,859	14,827
P/E ratio	15.2 x	15.9 x	-18.1 x	-63.8 x	12.9 x	12.6 x	8.43 x	7.38 x
Yield	-	-	-	-	-	1.94%	2.82%	3.18%
Capitalization / Revenue	1.72 x	1.16 x	11.4 x	3.21 x	1.57 x	1.78 x	1.3 x	1.17 x
EV / Revenue	1.78 x	1.18 x	12.8 x	3.51 x	1.52 x	1.78 x	1.14 x	0.91 x
EV / EBITDA	7.49 x	5.34 x	-78 x	44.4 x	6.56 x	7.68 x	4.65 x	3.74 x
EV / FCF	26.1 x	11 x	-7.63 x	22.2 x	8.29 x	18.1 x	9.27 x	4.77 x
FCF Yield	3.82%	9.09%	-13.1%	4.5%	12.1%	5.52%	10.8%	20.9%
Price to Book	2.54 x	2.08 x	4.02 x	2.78 x	3 x	2.6 x	2.14 x	1.78 x
Nbr of stocks (in thousands)	1,133,395	1,070,635	1,127,657	1,134,481	1,138,665	1,129,899	-	-
Reference price ²	11.66	9.208	16.54	13.59	14.88	16.92	16.92	16.92
Announcement Date	20/05/19	18/05/20	17/05/21	16/05/22	22/05/23	20/05/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,697	8,495	1,636	4,801	10,775	13,444	14,729	16,320
EBITDA ¹	1,824	1,876	-268.4	379.8	2,496	3,120	3,628	3,966
EBIT ¹	1,189	1,127	-839.4	-339.6	1,573	2,061	2,408	2,725
Operating Margin	15.44%	13.27%	-51.31%	-7.07%	14.6%	15.33%	16.35%	16.7%
Earnings before Tax (EBT) ¹	948.1	670.3	-1,109	-429.8	1,573	2,128	2,499	2,834
Net income ¹	885	648.7	-1,015	-240.8	1,314	1,917	2,281	2,553
Net margin	11.5%	7.64%	-62.06%	-5.02%	12.19%	14.26%	15.49%	15.64%
EPS ²	0.7665	0.5793	-0.9142	-0.2130	1.153	1.674	2.008	2.294
Free Cash Flow ¹	522.8	910.5	-2,743	758.9	1,976	980	1,819	3,106
FCF margin	6.79%	10.72%	-167.67%	15.81%	18.34%	7.3%	12.35%	19.03%
FCF Conversion (EBITDA)	28.66%	48.53%	-	199.82%	79.17%	31.18%	50.15%	78.32%
FCF Conversion (Net income)	59.07%	140.36%	-	-	150.43%	51.26%	79.74%	121.68%
Dividend per Share ²	-	-	-	-	-	0.3285	0.4769	0.5380
Announcement Date	20/05/19	18/05/20	17/05/21	16/05/22	22/05/23	20/05/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2022 Q2	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
Net sales ¹	1,176	1,784	-	1,470	1,176	2,602	4,015	2,312	1,847	3,649	4,926	8,575	2,699	2,170	3,916	5,453	3,033	2,310
EBITDA ¹	-	455.9	-	76.9	17.2	466	1,645	374.4	10.6	986.1	1,988	2,975	244.5	-98.9	896.7	2,231	414.4	-90.04
EBIT ¹	-176.8	254	-	-116.7	-172.4	239.6	1,419	161.7	-226.8	711.2	1,705	2,416	-18.9	-336.2	652.9	1,879	86.84	-360.3
Operating Margin	-15.03%	14.23%	-	-7.94%	-14.66%	9.21%	35.34%	6.99%	-12.28%	19.49%	34.6%	28.17%	-0.7%	-15.49%	16.67%	34.45%	2.86%	-15.6%
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	717.4	1,854	73.43	-323.3
Net income ¹	-410.5	225	-47.6	-95.8	-97.4	187.5	1,076	202.1	-151.7	662.9	1,515	2,178	14.8	-275.8	612.5	1,677	102.1	-290.4
Net margin	-34.9%	12.61%	-	-6.52%	-8.28%	7.21%	26.8%	8.74%	-8.21%	18.17%	30.76%	25.4%	0.55%	-12.71%	15.64%	30.75%	3.37%	-12.57%
EPS ²	-0.3752	0.1975	-	-0.0847	-0.0860	0.1646	0.9456	-	-0.1345	0.5794	1.324	-	0.0129	-0.2400	0.5228	1.416	0.0778	-0.2533
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	0.1750	-	-	0.002090	0.002090
Announcement Date	02/11/20	01/11/21	01/11/21	31/01/22	16/05/22	25/07/22	07/11/22	30/01/23	22/05/23	24/07/23	06/11/23	06/11/23	29/01/24	20/05/24	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	450	157	2,277	1,452	-	-	-	-
Net Cash position ¹	-	-	-	-	559	1,366	2,265	4,296
Leverage (Debt/EBITDA)	0.2464 x	0.0838 x	-8.482 x	3.822 x	-	-	-	-
Free Cash Flow ¹	523	911	-2,743	759	1,976	980	1,819	3,106
ROE (net income / shareholders' equity)	21.2%	19.7%	-17.1%	-6.97%	23.5%	28.7%	26.6%	25.4%
ROA (Net income/ Total Assets)	8%	7.16%	-6.02%	-2.58%	8.33%	11.2%	11.5%	11.2%
Assets ¹	11,062	9,062	16,854	9,319	15,778	17,115	19,855	22,704
Book Value Per Share ²	4.600	4.440	4.120	4.890	4.950	6.510	7.920	9.530
Cash Flow per Share ²	0.3700	1.880	-2.200	1.720	3.410	3.120	3.220	3.610
Capex ¹	1,542	1,196	295	1,182	1,915	2,588	2,201	1,036
Capex / Sales	20.03%	14.08%	18.02%	24.61%	17.77%	19.28%	14.94%	6.35%
Announcement Date	20/05/19	18/05/20	17/05/21	16/05/22	22/05/23	20/05/24	-	-

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

16.92 EUR

Average target price

24.36 EUR

Spread / Average Target

+43.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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