Market PositionRyanair is the largest (in passenger volumes) and most competitive low-cost carrier in Europe; robust balance sheet to support fleet growth and market share gains.
Shareholder ReturnsThere is scope for significant cash returns in the next four years, with a base case of 26% of the market cap being returned to shareholders.
ValuationRyanair shares trade at 9x FY25E, well below their historical 13x average, which is considered unjustified, given market share gains and 8% p.a. earnings growth in FY24-28.