1. Analysis of
Ryanair Holdings Plc.
By
Ben o’Connor
Cian O’Brien
Darragh Wright
Sam mcEvoy

2. Introduction

3. Ryanair
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Established in 1985
Michael O’Leary
€4.9bn Revenue 2013
180 airports
29 countries
1,611 routes
1,500+ daily departures
81.5m passengers p.a.

5. Profitability Ratios

6. Gross Profit Margin
2013
2012
2011
27.9%
29.1%
28.3%
In comparison to Aer Lingus
N/A
20.73%
17.9%
Gross Profit = Gross Profit x 100
Revenue

7. NET PROFIT
2013
2012
Before Tax
13.3%
14.4%
After Tax
11.7%
12.8%
In comparison to Aer Lingus
Before Tax
After Tax
2011
11.6%
10.3%
N/A
2.9%
6.6%
N/A
2.4%
5.5%
Net Profit = Net Profit before tax x100
Revenue

8. Return on Capital Employed
(ROCE)
2013
2012
2011
Before Tax
10.21%
9.51%
6.86%
(After Tax)
8.94%
8.41%
6.1%
In comparison, Aer Lingus recorded a
ROCE (Before Tax) of 4.88% in 2012
*ROCE (Before Tax) =
EBIT
Capital Employed

9. Growth Ratio

10. GROWTH IN REVENUE
2013
2012
2011
11.2%
21%
21.5%
8.1%
5.9%
In comparison to Aer Lingus
N/A
*Growth in Revenue = Revenue Year 1– Year 2 x100
Revenue Year 2

11. Liquidity Ratios

12. Current Ratio and Acid Test Ratio

13. Activity Ratios

14. Receivable And Payable Days

15. Gearing Ratios

16. Capital Gearing
2013
2012
2011
53.46%
53.98%
56.3%
Aer Lingus (2012) – 41.03%
Capital Gearing =
Non Current Liabilities
Capital Employed

17. Interest Cover
2013
2012
2011
7.23 times
6.26 times
5.2 times
In comparison to Aer Lingus’ Financial Report 2012: 4.03 times
Interest Cover = EBIT
Interest Expense

18. Investor Ratios

19. Dividend Cover and Dividend
per Share
Dividend Cover
Div. Per Share
2013
2012
1.16 times
N/A
34.05 cents N/A
2011
0.75 times
33.65 cents
Ryanair have only paid out a dividend twice.
First in 2011, and then again in 2013.
Compared to Aer Lingus who recorded a DPS of 3 cents in
2012
* Dividend Cover = Profit After Tax – Pref Div.
Dividend Paid (Ord. Shares)
*DPS =
Div. Paid (Ord.)
Ord. Shares

20. Earnings Per Share
2013
2012
2011
39.45 cents
38.03 cents
25.21 cents
Aer Lingus recorded EPS at 6.4 cents in 2012
EPS = Net Profit after tax
Ordinary Shares

21. Price/Earnings Ratio
2013
2011
15.08%
Share Price
2012
11.77%
13.32%
€5.95
€4.47
€3.36
Aer Lingus - 17.27% (2012)
(share price €1.105)
PE Ratio = Market Share Price
EPS
* Market Share Price refers to share price at financial
year end

22. Comparison Within the Industry

23. Year to Date Share Price Chart

24. THANKS FOR LISTENING