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Ryanair equity valuation
(Türk-Alman Üniversitesi Sosyal Bilimler Enstitüsü, 2022) Amirli, Rasat
Based in 1984, Ryanair is one of the largest low-cost airlines in Europe. The Company had been steadily growing since the deregulation of the aviation industry in Europe in the late 1990s. The situation with Covid-19 also had a negative impact on the Company's financial results, and it experienced losses. This work aims to evaluate, find the value of the Company, and try to explain if the management made correct decisions during the pandemic to sustain the Company's value. The outcome of this paper can also be linked to how quickly the airline industry and economy as a whole will recover from the pandemic situation. Expectation about the traffic flow in the fiscal year 2023 will be around 70% of 2019 traffic, and the Company will pursue to reduce its expenses. To evaluate the Company through financial analysis has been conducted. After evaluation, the price per share will be 15.42 EURO, and the recommendation was to sell. Sensitivity analysis revealed that once the weighted average cost of capital is reduced, the Company may have a more favorable outcome. The management undertook and continues to undertake correct decisions to sustain the growth and viability. The valuation can be affected by information disclosure and uncertainties related COVID-19 outbreak. Key investment risks are disclosed in the conclusion and risks section