Financials Ryanair Holdings plc

Equities

RYA

IE00BYTBXV33

Airlines

Market Closed - Irish S.E. 11:55:00 2024-02-23 am EST 5-day change 1st Jan Change
20.45 EUR +1.14% Intraday chart for Ryanair Holdings plc +1.24% +7.21%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 13,221 9,858 18,657 15,418 16,943 23,310 - -
Enterprise Value (EV) 1 13,671 10,016 20,934 16,869 16,385 22,085 19,934 17,563
P/E ratio 15.2 x 15.9 x -18.1 x -63.8 x 12.9 x 12.3 x 9.39 x 8.65 x
Yield - - - - - 1.6% 2.52% 2.77%
Capitalization / Revenue 1.72 x 1.16 x 11.4 x 3.21 x 1.57 x 1.74 x 1.57 x 1.43 x
EV / Revenue 1.78 x 1.18 x 12.8 x 3.51 x 1.52 x 1.65 x 1.34 x 1.08 x
EV / EBITDA 7.49 x 5.34 x -78 x 44.4 x 6.56 x 7.05 x 5.06 x 4.22 x
EV / FCF 26.1 x 11 x -7.63 x 22.2 x 8.29 x 24.5 x 7.37 x 5.54 x
FCF Yield 3.82% 9.09% -13.1% 4.5% 12.1% 4.09% 13.6% 18.1%
Price to Book 2.54 x 2.08 x 4.02 x 2.78 x 3 x 3.15 x 2.45 x 2.01 x
Nbr of stocks (in thousands) 1,133,395 1,070,635 1,127,657 1,134,481 1,138,665 1,139,836 - -
Reference price 2 11.66 9.208 16.54 13.59 14.88 20.45 20.45 20.45
Announcement Date 5/20/19 5/18/20 5/17/21 5/16/22 5/22/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,697 8,495 1,636 4,801 10,775 13,423 14,841 16,325
EBITDA 1 1,824 1,876 -268.4 379.8 2,496 3,134 3,937 4,167
EBIT 1 1,189 1,127 -839.4 -339.6 1,573 2,046 2,749 2,918
Operating Margin 15.44% 13.27% -51.31% -7.07% 14.6% 15.25% 18.52% 17.87%
Earnings before Tax (EBT) 1 948.1 670.3 -1,109 -429.8 1,573 2,136 2,765 3,023
Net income 1 885 648.7 -1,015 -240.8 1,314 1,903 2,475 2,648
Net margin 11.5% 7.64% -62.06% -5.02% 12.19% 14.18% 16.68% 16.22%
EPS 2 0.7665 0.5793 -0.9142 -0.2130 1.153 1.665 2.179 2.363
Free Cash Flow 1 522.8 910.5 -2,743 758.9 1,976 902.3 2,704 3,172
FCF margin 6.79% 10.72% -167.67% 15.81% 18.34% 6.72% 18.22% 19.43%
FCF Conversion (EBITDA) 28.66% 48.53% - 199.82% 79.17% 28.79% 68.68% 76.12%
FCF Conversion (Net income) 59.07% 140.36% - - 150.43% 47.42% 109.24% 119.76%
Dividend per Share 2 - - - - - 0.3270 0.5150 0.5657
Announcement Date 5/20/19 5/18/20 5/17/21 5/16/22 5/22/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 S1 2022 Q2 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 2,143 3,955 5,280 2,971 2,368
EBITDA 1 - 455.9 76.9 17.2 466 1,645 374.4 10.6 986.1 1,988 2,975 244.5 -79.37 1,046 2,095 408 35
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 -322 767.5 1,861 128.2 -291.6
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% -15.03% 19.4% 35.25% 4.32% -12.32%
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 -276.8 784 1,933 148 -308
Net income 1 -410.5 225 -95.8 -97.4 187.5 1,076 202.1 -151.7 662.9 1,515 2,178 14.8 -252.3 714 1,759 135 -280
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% -11.77% 18.05% 33.31% 4.54% -11.83%
EPS 2 -0.3752 0.1975 -0.0847 -0.0860 0.1646 0.9456 - -0.1345 0.5794 1.324 - 0.0129 -0.2152 - - - -
Dividend per Share 2 - - - - - - - - - - - - 0.1750 - - 0.2904 0.2904
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 - - - - -
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 1,224 3,376 5,747
Leverage (Debt/EBITDA) 0.2464 x 0.0838 x -8.482 x 3.822 x - - - -
Free Cash Flow 1 523 911 -2,743 759 1,976 902 2,704 3,172
ROE (net income / shareholders' equity) 21.2% 19.7% -17.1% -6.97% 23.5% 29% 29.4% 25.1%
ROA (Net income/ Total Assets) 8% 7.16% -6.02% -2.58% 8.33% 11.1% 12.5% 11.2%
Assets 1 11,062 9,062 16,854 9,319 15,778 17,205 19,731 23,589
Book Value Per Share 2 4.600 4.440 4.120 4.890 4.950 6.500 8.350 10.20
Cash Flow per Share 2 0.3700 1.880 -2.200 1.720 3.410 3.110 3.540 3.890
Capex 1 1,542 1,196 295 1,182 1,915 2,663 1,347 941
Capex / Sales 20.03% 14.08% 18.02% 24.61% 17.77% 19.84% 9.08% 5.77%
Announcement Date 5/20/19 5/18/20 5/17/21 5/16/22 5/22/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
20.45 EUR
Average target price
25.69 EUR
Spread / Average Target
+25.63%
Consensus
+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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