(News Bulletin 247) – Oddo BHF confirms its Outperformance rating on Ryanair stock and its target price of 20E.
“The ramping up of market share gains and the good resilience of capacities plead in favor of a positive evolution of prices which should offset the inflation of unit costs excluding fuel”, estimates the analyst.
Given the generation profile of FCF, Oddo BHF believes that the objective of returning to zero net debt by April 2024 is ‘more than credible’ and models a regular dividend from financial year 2024 ‘with a rate distribution equivalent to 30%’.
“The valuation is attractive in view of the fundamentals of the company with an EV/EBITDA multiple of 6.3x in 2023-24 falling to 4.8x in 2024-25”, adds the analyst.
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