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MarketScreener Homepage  >  Equities  >  Irish Stock Exchange  >  Ryanair Holdings plc    RY4C   IE00BYTBXV33

RYANAIR HOLDINGS PLC

(RY4C)
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Ryanair : boosts balance sheet with 400 million euro share placement

09/04/2020 | 02:45am EDT
FILE PHOTO: Planes seen at Dublin airport following coronavirus outbreak

Ryanair has raised 400 million euros (356.84 million pounds)from shareholders to strengthen its balance sheet as it eyes potential market opportunities in the wake of the COVID-19 pandemic, Europe's largest low-cost carrier said on Friday.

The move adds to a large cash pile at an airline that has been less badly affected by the pandemic than many of its rivals owing to its relatively low level of debt and lack of exposure to the badly hit long-haul and business-class markets.

Ryanair issued 35,242,291 shares, about 3.2% of its total share capital, at a price of 11.35 per share. That represents a discount of roughly 2.6% to its closing price on Thursday.

The airline said it was raising the funds to capitalise on opportunities created by COVID-19 disruption and to de-risk its debt repayments over the next 12 months.

"As we look beyond the next year, we expect that there will be significant growth opportunities for Ryanair's low-cost model as competitors shrink, fail or are acquired by government bailed out carriers," the airline said.

"The placing will provide Ryanair with greater financial flexibility to capture these opportunities."

Ryanair flew a little less than half as many passengers in August than in the same month last year, but it has one of the strongest balance sheets in the industry with more than 3.9 billion euros in cash at June 30 and unencumbered Boeing 737 jets worth about 7 billion euros.

However, it also has 1.9 billion euros of debt maturing next year, including an 850 million euro Eurobond and £600 million raised under Britain's Covid Corporate Financing Facility.

Bernstein analyst Daniel Roeska on Thursday described the placement as a "small raise for a big company".

"They do not need the cash and the amounts involved are small," Roeska said. "Insulating against winter chill, defending the BBB rating and getting shareholders to show their support for the group do make sense as reasons, however, given upcoming refinancing needs."

By Conor Humphries


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
RYANAIR HOLDINGS PLC -1.21% 15.875 Real-time Quote.-1.14%
THE BOEING COMPANY -0.52% 251.11 Delayed Quote.17.31%
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Financials
Sales 2021 1 629 M 1 950 M 1 950 M
Net income 2021 -1 080 M -1 293 M -1 293 M
Net Debt 2021 2 279 M 2 729 M 2 729 M
P/E ratio 2021 -16,4x
Yield 2021 -
Capitalization 17 908 M 21 426 M 21 441 M
EV / Sales 2021 12,4x
EV / Sales 2022 3,85x
Nbr of Employees 16 000
Free-Float 95,4%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 17,73 €
Last Close Price 15,88 €
Spread / Highest target 26,0%
Spread / Average Target 11,7%
Spread / Lowest Target -8,66%
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Managers and Directors
NameTitle
Michael O’Leary Group Chief Executive Officer & Executive Director
Neil Sorahan Group Chief Financial Officer
Tracey McCann Chief Financial Officer
Stan McCarthy Non-Executive Chairman
John Hurley Chief Technology Officer
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