Intrinsic value of Ryanair Holdings ADR - RYAAY

Previous Close

$115.56

  Intrinsic Value

$78.30

stock screener

  Rating & Target

sell

-32%

  Value-price divergence*

-96%

Previous close

$115.56

 
Intrinsic value

$78.30

 
Up/down potential

-32%

 
Rating

sell

 
Value-price divergence*

-96%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RYAAY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 26.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.60
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  6,898
  7,036
  7,198
  7,383
  7,590
  7,821
  8,073
  8,348
  8,646
  8,966
  9,310
  9,678
  10,071
  10,490
  10,934
  11,406
  11,905
  12,435
  12,994
  13,585
  14,210
  14,868
  15,563
  16,295
  17,066
  17,879
  18,734
  19,635
  20,582
  21,579
  22,627
Variable operating expenses, $m
 
  3,701
  3,786
  3,883
  3,993
  4,114
  4,246
  4,391
  4,548
  4,716
  4,897
  5,091
  5,297
  5,517
  5,751
  5,999
  6,262
  6,541
  6,835
  7,146
  7,474
  7,821
  8,186
  8,571
  8,977
  9,404
  9,854
  10,328
  10,826
  11,351
  11,902
Fixed operating expenses, $m
 
  1,813
  1,859
  1,905
  1,953
  2,001
  2,051
  2,103
  2,155
  2,209
  2,264
  2,321
  2,379
  2,439
  2,500
  2,562
  2,626
  2,692
  2,759
  2,828
  2,899
  2,971
  3,045
  3,122
  3,200
  3,280
  3,362
  3,446
  3,532
  3,620
  3,711
Total operating expenses, $m
  5,357
  5,514
  5,645
  5,788
  5,946
  6,115
  6,297
  6,494
  6,703
  6,925
  7,161
  7,412
  7,676
  7,956
  8,251
  8,561
  8,888
  9,233
  9,594
  9,974
  10,373
  10,792
  11,231
  11,693
  12,177
  12,684
  13,216
  13,774
  14,358
  14,971
  15,613
Operating income, $m
  1,541
  1,522
  1,553
  1,594
  1,645
  1,705
  1,775
  1,854
  1,943
  2,041
  2,149
  2,267
  2,395
  2,533
  2,683
  2,844
  3,017
  3,202
  3,400
  3,611
  3,837
  4,076
  4,331
  4,602
  4,890
  5,195
  5,518
  5,861
  6,224
  6,608
  7,015
EBITDA, $m
  1,992
  1,983
  2,025
  2,079
  2,143
  2,218
  2,305
  2,402
  2,510
  2,629
  2,759
  2,901
  3,055
  3,221
  3,400
  3,592
  3,798
  4,018
  4,252
  4,502
  4,768
  5,051
  5,352
  5,671
  6,009
  6,367
  6,747
  7,149
  7,574
  8,023
  8,499
Interest expense (income), $m
  0
  132
  137
  143
  150
  158
  167
  177
  187
  199
  211
  224
  238
  254
  270
  287
  305
  324
  344
  366
  388
  412
  438
  464
  492
  522
  553
  586
  620
  657
  695
Earnings before tax, $m
  1,817
  1,390
  1,416
  1,451
  1,495
  1,547
  1,608
  1,677
  1,755
  1,842
  1,938
  2,042
  2,156
  2,280
  2,414
  2,558
  2,712
  2,878
  3,056
  3,246
  3,448
  3,664
  3,894
  4,138
  4,397
  4,673
  4,965
  5,275
  5,604
  5,951
  6,320
Tax expense, $m
  171
  375
  382
  392
  404
  418
  434
  453
  474
  497
  523
  551
  582
  616
  652
  691
  732
  777
  825
  876
  931
  989
  1,051
  1,117
  1,187
  1,262
  1,341
  1,424
  1,513
  1,607
  1,706
Net income, $m
  1,646
  1,015
  1,034
  1,059
  1,091
  1,129
  1,174
  1,224
  1,281
  1,345
  1,414
  1,491
  1,574
  1,664
  1,762
  1,867
  1,980
  2,101
  2,231
  2,369
  2,517
  2,675
  2,842
  3,021
  3,210
  3,411
  3,625
  3,851
  4,091
  4,345
  4,613

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,561
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,840
  9,282
  9,496
  9,740
  10,014
  10,317
  10,650
  11,013
  11,406
  11,829
  12,283
  12,768
  13,287
  13,838
  14,425
  15,047
  15,706
  16,404
  17,143
  17,923
  18,746
  19,615
  20,531
  21,497
  22,515
  23,587
  24,715
  25,903
  27,153
  28,468
  29,851
Adjusted assets (=assets-cash), $m
  7,279
  9,282
  9,496
  9,740
  10,014
  10,317
  10,650
  11,013
  11,406
  11,829
  12,283
  12,768
  13,287
  13,838
  14,425
  15,047
  15,706
  16,404
  17,143
  17,923
  18,746
  19,615
  20,531
  21,497
  22,515
  23,587
  24,715
  25,903
  27,153
  28,468
  29,851
Revenue / Adjusted assets
  0.948
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
Average production assets, $m
  6,241
  6,368
  6,514
  6,681
  6,869
  7,078
  7,306
  7,555
  7,824
  8,114
  8,426
  8,759
  9,115
  9,493
  9,895
  10,322
  10,774
  11,253
  11,760
  12,295
  12,860
  13,456
  14,084
  14,747
  15,445
  16,180
  16,954
  17,769
  18,627
  19,529
  20,478
Working capital, $m
  1,533
  -704
  -720
  -738
  -759
  -782
  -807
  -835
  -865
  -897
  -931
  -968
  -1,007
  -1,049
  -1,093
  -1,141
  -1,191
  -1,243
  -1,299
  -1,359
  -1,421
  -1,487
  -1,556
  -1,629
  -1,707
  -1,788
  -1,873
  -1,963
  -2,058
  -2,158
  -2,263
Total debt, $m
  4,246
  3,916
  4,093
  4,296
  4,523
  4,776
  5,053
  5,354
  5,680
  6,032
  6,409
  6,813
  7,243
  7,702
  8,189
  8,706
  9,254
  9,834
  10,448
  11,096
  11,780
  12,502
  13,264
  14,066
  14,912
  15,803
  16,740
  17,728
  18,766
  19,859
  21,009
Total liabilities, $m
  8,044
  7,714
  7,891
  8,094
  8,321
  8,574
  8,851
  9,152
  9,478
  9,830
  10,207
  10,611
  11,041
  11,500
  11,987
  12,504
  13,052
  13,632
  14,246
  14,894
  15,578
  16,300
  17,062
  17,864
  18,710
  19,601
  20,538
  21,526
  22,564
  23,657
  24,807
Total equity, $m
  3,796
  1,569
  1,605
  1,646
  1,692
  1,744
  1,800
  1,861
  1,928
  1,999
  2,076
  2,158
  2,245
  2,339
  2,438
  2,543
  2,654
  2,772
  2,897
  3,029
  3,168
  3,315
  3,470
  3,633
  3,805
  3,986
  4,177
  4,378
  4,589
  4,811
  5,045
Total liabilities and equity, $m
  11,840
  9,283
  9,496
  9,740
  10,013
  10,318
  10,651
  11,013
  11,406
  11,829
  12,283
  12,769
  13,286
  13,839
  14,425
  15,047
  15,706
  16,404
  17,143
  17,923
  18,746
  19,615
  20,532
  21,497
  22,515
  23,587
  24,715
  25,904
  27,153
  28,468
  29,852
Debt-to-equity ratio
  1.119
  2.500
  2.550
  2.610
  2.670
  2.740
  2.810
  2.880
  2.950
  3.020
  3.090
  3.160
  3.230
  3.290
  3.360
  3.420
  3.490
  3.550
  3.610
  3.660
  3.720
  3.770
  3.820
  3.870
  3.920
  3.960
  4.010
  4.050
  4.090
  4.130
  4.160
Adjusted equity ratio
  -0.105
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,646
  1,015
  1,034
  1,059
  1,091
  1,129
  1,174
  1,224
  1,281
  1,345
  1,414
  1,491
  1,574
  1,664
  1,762
  1,867
  1,980
  2,101
  2,231
  2,369
  2,517
  2,675
  2,842
  3,021
  3,210
  3,411
  3,625
  3,851
  4,091
  4,345
  4,613
Depreciation, amort., depletion, $m
  451
  461
  472
  484
  498
  513
  529
  547
  567
  588
  611
  635
  660
  688
  717
  748
  781
  815
  852
  891
  932
  975
  1,021
  1,069
  1,119
  1,172
  1,229
  1,288
  1,350
  1,415
  1,484
Funds from operations, $m
  2,163
  1,476
  1,506
  1,544
  1,589
  1,642
  1,703
  1,772
  1,848
  1,933
  2,025
  2,126
  2,235
  2,352
  2,479
  2,615
  2,761
  2,917
  3,083
  3,260
  3,449
  3,650
  3,863
  4,089
  4,329
  4,584
  4,853
  5,139
  5,440
  5,760
  6,097
Change in working capital, $m
  214
  -14
  -16
  -18
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
Cash from operations, $m
  1,949
  1,490
  1,522
  1,562
  1,610
  1,665
  1,729
  1,799
  1,878
  1,965
  2,059
  2,162
  2,274
  2,394
  2,523
  2,662
  2,811
  2,970
  3,139
  3,319
  3,511
  3,716
  3,932
  4,163
  4,407
  4,665
  4,939
  5,229
  5,535
  5,859
  6,202
Maintenance CAPEX, $m
  0
  -452
  -461
  -472
  -484
  -498
  -513
  -529
  -547
  -567
  -588
  -611
  -635
  -660
  -688
  -717
  -748
  -781
  -815
  -852
  -891
  -932
  -975
  -1,021
  -1,069
  -1,119
  -1,172
  -1,229
  -1,288
  -1,350
  -1,415
New CAPEX, $m
  -1,285
  -127
  -146
  -167
  -188
  -208
  -229
  -249
  -269
  -290
  -311
  -333
  -355
  -378
  -402
  -427
  -452
  -479
  -506
  -535
  -565
  -596
  -629
  -663
  -698
  -735
  -774
  -815
  -857
  -902
  -949
Cash from investing activities, $m
  -299
  -579
  -607
  -639
  -672
  -706
  -742
  -778
  -816
  -857
  -899
  -944
  -990
  -1,038
  -1,090
  -1,144
  -1,200
  -1,260
  -1,321
  -1,387
  -1,456
  -1,528
  -1,604
  -1,684
  -1,767
  -1,854
  -1,946
  -2,044
  -2,145
  -2,252
  -2,364
Free cash flow, $m
  1,650
  911
  914
  923
  938
  959
  987
  1,021
  1,061
  1,108
  1,160
  1,219
  1,284
  1,355
  1,433
  1,518
  1,610
  1,710
  1,817
  1,932
  2,056
  2,188
  2,329
  2,479
  2,640
  2,811
  2,992
  3,185
  3,390
  3,608
  3,838
Issuance/(repayment) of debt, $m
  -406
  145
  177
  203
  228
  252
  277
  301
  326
  352
  377
  404
  431
  459
  487
  517
  548
  580
  613
  648
  684
  722
  761
  803
  846
  891
  938
  987
  1,039
  1,093
  1,149
Issuance/(repurchase) of shares, $m
  -1,164
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1,571
  145
  177
  203
  228
  252
  277
  301
  326
  352
  377
  404
  431
  459
  487
  517
  548
  580
  613
  648
  684
  722
  761
  803
  846
  891
  938
  987
  1,039
  1,093
  1,149
Total cash flow (excl. dividends), $m
  79
  1,056
  1,092
  1,125
  1,165
  1,212
  1,264
  1,323
  1,388
  1,459
  1,537
  1,622
  1,714
  1,814
  1,921
  2,035
  2,158
  2,290
  2,431
  2,580
  2,740
  2,910
  3,090
  3,282
  3,485
  3,701
  3,930
  4,172
  4,429
  4,700
  4,988
Retained Cash Flow (-), $m
  463
  -32
  -36
  -41
  -46
  -51
  -56
  -61
  -66
  -71
  -77
  -82
  -88
  -93
  -99
  -105
  -111
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -211
  -222
  -234
Prev. year cash balance distribution, $m
 
  2,260
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  3,282
  1,055
  1,084
  1,119
  1,160
  1,208
  1,261
  1,321
  1,388
  1,460
  1,540
  1,627
  1,720
  1,821
  1,930
  2,047
  2,172
  2,306
  2,449
  2,601
  2,763
  2,935
  3,119
  3,313
  3,520
  3,739
  3,972
  4,218
  4,478
  4,754
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  3,147
  966
  943
  921
  899
  876
  852
  826
  797
  766
  731
  694
  654
  611
  567
  520
  473
  425
  377
  330
  286
  244
  204
  169
  137
  109
  85
  65
  49
  36
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Ryanair Holdings plc, together with its subsidiaries, provides scheduled-passenger airline services in Ireland, the United Kingdom, continental Europe, Morocco, and Israel. It also offers various ancillary services, such as non-flight scheduled services and Internet-related services; and markets accommodation services and travel insurance through its Website, as well as engages in the in-flight sale of beverages, food, and merchandise. In addition, the company sells bus and rail tickets onboard its aircraft and through its Website; and markets car parking, attractions, and activities, as well as gift vouchers through its Website. It operates a fleet of 350 Boeing 737-800 aircraft and 43 leased aircraft; and offers approximately 2,000 scheduled short-haul flights per day serving approximately 200 airports primarily in Europe. The company was founded in 1985 and is headquartered in Swords, Ireland.

FINANCIAL RATIOS  of  Ryanair Holdings ADR (RYAAY)

Valuation Ratios
P/E Ratio 90.6
Price to Sales 21.6
Price to Book 39.3
Price to Tangible Book
Price to Cash Flow 76.5
Price to Free Cash Flow 224.6
Growth Rates
Sales Growth Rate 15.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 54.4%
Cap. Spend. - 3 Yr. Gr. Rate 31.4%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 99.3%
Total Debt to Equity 111.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.3%
Ret/ On Assets - 3 Yr. Avg. 9.2%
Return On Total Capital 19.4%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 40.9%
Return On Equity - 3 Yr. Avg. 26.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 37.9%
EBITDA Margin 32.9%
EBITDA Margin - 3 Yr. Avg. 25.2%
Operating Margin 22.3%
Oper. Margin - 3 Yr. Avg. 17.9%
Pre-Tax Margin 26.3%
Pre-Tax Margin - 3 Yr. Avg. 18.5%
Net Profit Margin 23.9%
Net Profit Margin - 3 Yr. Avg. 16.5%
Effective Tax Rate 9.4%
Eff/ Tax Rate - 3 Yr. Avg. 10.9%
Payout Ratio 0%

RYAAY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RYAAY stock intrinsic value calculation we used $6898 million for the last fiscal year's total revenue generated by Ryanair Holdings ADR. The default revenue input number comes from 2016 income statement of Ryanair Holdings ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RYAAY stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for RYAAY is calculated based on our internal credit rating of Ryanair Holdings ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ryanair Holdings ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RYAAY stock the variable cost ratio is equal to 52.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1769 million in the base year in the intrinsic value calculation for RYAAY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Ryanair Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Ryanair Holdings ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RYAAY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RYAAY are equal to 90.5%.

Life of production assets of 13.8 years is the average useful life of capital assets used in Ryanair Holdings ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RYAAY is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3796 million for Ryanair Holdings ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 227.822 million for Ryanair Holdings ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ryanair Holdings ADR at the current share price and the inputted number of shares is $26.3 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Drinking problem: Ryanair wants UK airports to curb alcohol   [Aug-14-17 11:40AM  Associated Press]
▶ [$$] Ryanair chief warns of post-Brexit summer holiday chaos   [Aug-02-17 11:31AM  Financial Times]
▶ Ryanair warns UK: brace for Brexit   [10:25AM  Reuters Videos]
▶ [$$] Alitalia insists on bids for whole company   [Aug-01-17 12:16PM  Financial Times]
▶ [$$] Ryanair Willing to Pay to Keep Cash in Banks   [04:22AM  The Wall Street Journal]
▶ [$$] Ryanair Has 'Serious' Interest in Alitalia   [Jul-25-17 01:05PM  The Wall Street Journal]
▶ Ryanair posts 1Q profit   [Jul-24-17 09:45PM  Associated Press]
▶ [$$] Business Watch   [07:46PM  The Wall Street Journal]
▶ [$$] Ryanair: altitude sickness   [10:24AM  Financial Times]
▶ [$$] Ukraine urges Ryanair to resume flight talks   [Jul-11-17 12:50PM  Financial Times]
▶ [$$] Lufthansa: acrophobia   [Jun-26-17 11:51AM  Financial Times]
▶ Boeing Is Crushing Airbus On Orders At Paris Air Show; Stock Tops 200   [Jun-20-17 11:37AM  Investor's Business Daily]
▶ Boeing Continues to Stack Up Orders in Paris   [08:10AM  24/7 Wall St.]
▶ [$$] O'Leary lands £63m Ryanair stake sale   [Jun-16-17 11:37AM  Financial Times]
▶ [$$] U.K. Election Result Piles Up Divorce Uncertainty for Business   [Jun-09-17 10:43PM  The Wall Street Journal]
▶ After Getting Grounded, Can These 2 Airline Stocks Take Flight Again?   [Jun-06-17 01:09PM  Investor's Business Daily]
▶ Airline Industry News And Stocks To Watch   [Jun-02-17 04:02PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [09:10AM  Investor's Business Daily]
▶ Brexit Bulletin: Alone and Naked   [02:45AM  Bloomberg]
▶ Ryanair Wants More Boeing Jets To Fuel Global Growth   [May-30-17 04:09PM  Investor's Business Daily]
▶ [$$] Ryanair: restricted leg room   [08:19AM  Financial Times]
▶ [$$] Ryanair Profit Edges Up   [01:00AM  The Wall Street Journal]
▶ [$$] UK election, Modi visits Germany, Ryanair results   [May-28-17 05:56AM  Financial Times]
▶ Oil Down, Everything Else Up on the Day   [May-25-17 06:50PM  Zacks]
▶ Ryanair flight diverted to Austria, unruly passenger removed   [May-17-17 12:32PM  Associated Press]
▶ [$$] Seven European pension schemes ditch Ryanair stock   [May-07-17 12:02AM  Financial Times]
▶ 11 Cheapest Places To Fly Into Europe From US   [Apr-18-17 03:41PM  Insider Monkey]
▶ Your Evening Briefing   [Apr-06-17 11:52AM  Bloomberg]
▶ Europes Airline Majors Are Having a Great 2017   [Apr-03-17 12:00AM  Bloomberg]
▶ No quick aviation deal risks no flight   [Mar-30-17 06:01PM  AAP]
▶ 5 UK Stocks That Dropped on Brexit Launch   [Mar-29-17 06:19PM  GuruFocus.com]
Stock chart of RYAAY Financial statements of RYAAY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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