(News Bulletin 247) – Oddo BHF confirms its ‘outperformance’ opinion and its target price of 22 euros on Ryanair, believing that thanks to its fleet plan, the Irish airline benefits from better visibility compared to its peers.
‘Even if the inflation of personnel costs should accelerate in order to secure operations, the emphasis placed on operational efficiency is clear and the opportunities offered by yield management give credit to a better absorption of this inflation’, judge- he.
“The valuation is attractive given the fundamentals of the company and the average EPS growth of 23% over 2023-2026. The title is traded with a 12-month rolling EV/EBITDA multiple of 4.8 times against a five-year history of 10.8 times, ”continues the analyst.
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