(News Bulletin 247) – Royal Bank of Canada on Wednesday renewed its ‘outperformance’ opinion and its target price of 21.5 euros on Ryanair, which it considers ‘well equipped to experience a decade of growth’.
The day after the investor day organized by the ‘low-cost’ carrier, RBC notes that the group should benefit from the forthcoming delivery of its Boeing MAX-10s, which moreover leads it to anticipate annual traffic of around 300 million passengers by 2034, compared to 169 million expected this year.
The analyst explains that the MAX aircraft have 228 seats, or 21% more than the existing 737, and that they should also allow it to save 10% in its unit cost excluding fuel.
The intermediary also says that he envisages good surprises for the 2023/2024 financial year and underlines that if the title is traded on the basis of a premium compared to its comparables, it still displays a discount in terms of value. income/Net income after tax.
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