Financials Ryanair Holdings plc Nasdaq

Equities

RYAAY

US7835132033

Airlines

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-17 pm EDT			5-day change	1st Jan Change
125.6 ^USD	-0.66%		-2.91%	-5.83%

May. 16	How easyJet's bet on holidays paid off	RE
May. 14	On The Beach declares first dividend since Covid as moves upmarket	AN

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,221	9,858	18,657	15,418	16,943	21,171	-	-
Enterprise Value (EV) ¹	13,671	10,016	20,934	16,869	16,385	19,805	17,823	15,459
P/E ratio	15.2 x	15.9 x	-18.1 x	-63.8 x	12.9 x	11.1 x	8.24 x	7.63 x
Yield	-	-	-	-	-	1.77%	2.79%	3.1%
Capitalization / Revenue	1.72 x	1.16 x	11.4 x	3.21 x	1.57 x	1.58 x	1.42 x	1.29 x
EV / Revenue	1.78 x	1.18 x	12.8 x	3.51 x	1.52 x	1.48 x	1.2 x	0.94 x
EV / EBITDA	7.49 x	5.34 x	-78 x	44.4 x	6.56 x	6.3 x	4.46 x	3.64 x
EV / FCF	26.1 x	11 x	-7.63 x	22.2 x	8.29 x	20.2 x	6.75 x	4.57 x
FCF Yield	3.82%	9.09%	-13.1%	4.5%	12.1%	4.95%	14.8%	21.9%
Price to Book	2.54 x	2.08 x	4.02 x	2.78 x	3 x	2.85 x	2.22 x	1.81 x
Nbr of stocks (in thousands)	1,133,395	1,070,635	1,127,657	1,134,481	1,138,665	1,140,046	-	-
Reference price ²	11.66	9.208	16.54	13.59	14.88	18.57	18.57	18.57
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: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,697	8,495	1,636	4,801	10,775	13,420	14,899	16,409
EBITDA ¹	1,824	1,876	-268.4	379.8	2,496	3,143	3,994	4,244
EBIT ¹	1,189	1,127	-839.4	-339.6	1,573	2,052	2,798	2,969
Operating Margin	15.44%	13.27%	-51.31%	-7.07%	14.6%	15.29%	18.78%	18.09%
Earnings before Tax (EBT) ¹	948.1	670.3	-1,109	-429.8	1,573	2,140	2,823	3,055
Net income ¹	885	648.7	-1,015	-240.8	1,314	1,912	2,540	2,687
Net margin	11.5%	7.64%	-62.06%	-5.02%	12.19%	14.25%	17.05%	16.37%
EPS ²	0.7665	0.5793	-0.9142	-0.2130	1.153	1.676	2.254	2.433
Free Cash Flow ¹	522.8	910.5	-2,743	758.9	1,976	980	2,639	3,383
FCF margin	6.79%	10.72%	-167.67%	15.81%	18.34%	7.3%	17.72%	20.61%
FCF Conversion (EBITDA)	28.66%	48.53%	-	199.82%	79.17%	31.18%	66.09%	79.7%
FCF Conversion (Net income)	59.07%	140.36%	-	-	150.43%	51.26%	103.93%	125.9%
Dividend per Share ²	-	-	-	-	-	0.3285	0.5189	0.5764
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 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	2,123	4,048	5,427	2,951	2,282
EBITDA ¹	-	455.9	-	76.9	17.2	466	1,645	374.4	10.6	986.1	1,988	2,975	244.5	-75.98	1,171	2,305	365.4	-93
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	-339.2	847.4	1,986	98.5	-356.2
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%	-15.98%	20.93%	36.6%	3.34%	-15.61%
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	-309.8	780	1,939	149	-309
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	-273.3	743.6	1,771	105.7	-281
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%	-12.87%	18.37%	32.62%	3.58%	-12.31%
EPS ²	-0.3752	0.1975	-	-0.0847	-0.0860	0.1646	0.9456	-	-0.1345	0.5794	1.324	-	0.0129	-0.2025	0.6792	1.552	0.0659	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	0.1750	-	-	0.2907	0.2907
Announcement Date	11/2/20	11/1/21	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	1,366	3,348	5,711
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	2,639	3,383
ROE (net income / shareholders' equity)	21.2%	19.7%	-17.1%	-6.97%	23.5%	28.7%	29.5%	25.5%
ROA (Net income/ Total Assets)	8%	7.16%	-6.02%	-2.58%	8.33%	11.2%	13.1%	12.6%
Assets ¹	11,062	9,062	16,854	9,319	15,778	17,114	19,373	21,290
Book Value Per Share ²	4.600	4.440	4.120	4.890	4.950	6.510	8.370	10.30
Cash Flow per Share ²	0.3700	1.880	-2.200	1.720	3.410	3.120	3.620	3.910
Capex ¹	1,542	1,196	295	1,182	1,915	2,563	1,462	986
Capex / Sales	20.03%	14.08%	18.02%	24.61%	17.77%	19.1%	9.82%	6.01%
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

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

18.57 EUR

Average target price

26.26 EUR

Spread / Average Target

+41.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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