Ryanair is learning to navigate a difficult environment, with losses narrowed to -€800-850m (consensus: circa -€860m) and 27.5m traffic. A slow start to FY22 sees Ryanair guiding traffic at the lower end of 80-120m and profitability close to breakeven (consensus: circa +€280m) but cash remains strong — €3.15bn, with 84% of fleet unencumbered.
Davy research
Davy ResearchBank of Ireland - Positive catalyst: material scale benefits from KBC Ireland exit
Davy ResearchGrafton Group - Announces strategic review of traditional merchanting operations in Great Britain
Davy ResearchHeidelbergCement AG - Q1 out-turn comfortably ahead of estimates
Davy ResearchMarket comment - Irish residential property price inflation accelerates to 3%
Davy ResearchWizz Air Holdings - Tough Q4 means weaker-than-expected full-year out-turn
Davy ResearchTravis Perkins plc - Big increase in underlying revenues in Q1
Davy ResearchMarket comment - Stability Programme Update puts off difficult questions