Intrinsic value of Ryanair Holdings ADR - RYAAY

Previous Close

$121.83

  Intrinsic Value

$117.57

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  Rating & Target

hold

-3%

Previous close

$121.83

 
Intrinsic value

$117.57

 
Up/down potential

-3%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.71
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  7,016
  7,219
  7,444
  7,690
  7,956
  8,245
  8,555
  8,887
  9,242
  9,620
  10,023
  10,451
  10,905
  11,385
  11,894
  12,431
  12,999
  13,598
  14,231
  14,897
  15,600
  16,340
  17,120
  17,940
  18,804
  19,712
  20,668
  21,674
  22,731
  23,842
  25,011
Variable operating expenses, $m
 
  2,447
  2,524
  2,607
  2,697
  2,795
  2,900
  3,013
  3,133
  3,261
  3,398
  3,543
  3,697
  3,860
  4,032
  4,214
  4,407
  4,610
  4,824
  5,050
  5,288
  5,539
  5,804
  6,082
  6,374
  6,683
  7,007
  7,347
  7,706
  8,083
  8,479
Fixed operating expenses, $m
 
  3,171
  3,251
  3,332
  3,415
  3,501
  3,588
  3,678
  3,770
  3,864
  3,961
  4,060
  4,161
  4,265
  4,372
  4,481
  4,593
  4,708
  4,826
  4,946
  5,070
  5,197
  5,327
  5,460
  5,596
  5,736
  5,880
  6,026
  6,177
  6,332
  6,490
Total operating expenses, $m
  5,397
  5,618
  5,775
  5,939
  6,112
  6,296
  6,488
  6,691
  6,903
  7,125
  7,359
  7,603
  7,858
  8,125
  8,404
  8,695
  9,000
  9,318
  9,650
  9,996
  10,358
  10,736
  11,131
  11,542
  11,970
  12,419
  12,887
  13,373
  13,883
  14,415
  14,969
Operating income, $m
  1,619
  1,601
  1,670
  1,751
  1,844
  1,949
  2,066
  2,196
  2,339
  2,495
  2,665
  2,848
  3,047
  3,260
  3,490
  3,736
  3,999
  4,281
  4,581
  4,901
  5,242
  5,604
  5,989
  6,399
  6,833
  7,294
  7,782
  8,300
  8,848
  9,428
  10,042
EBITDA, $m
  2,144
  2,143
  2,229
  2,328
  2,441
  2,568
  2,709
  2,864
  3,033
  3,217
  3,417
  3,633
  3,865
  4,115
  4,383
  4,669
  4,975
  5,301
  5,649
  6,019
  6,413
  6,831
  7,275
  7,746
  8,245
  8,774
  9,334
  9,927
  10,554
  11,218
  11,920
Interest expense (income), $m
  0
  145
  151
  160
  169
  179
  189
  201
  213
  227
  241
  256
  272
  288
  306
  325
  345
  366
  389
  412
  437
  463
  491
  520
  550
  583
  616
  652
  689
  729
  770
Earnings before tax, $m
  1,552
  1,456
  1,519
  1,591
  1,675
  1,770
  1,877
  1,995
  2,126
  2,269
  2,424
  2,593
  2,775
  2,972
  3,184
  3,411
  3,654
  3,914
  4,192
  4,489
  4,805
  5,141
  5,499
  5,879
  6,283
  6,711
  7,166
  7,648
  8,159
  8,699
  9,272
Tax expense, $m
  163
  393
  410
  430
  452
  478
  507
  539
  574
  613
  654
  700
  749
  802
  860
  921
  987
  1,057
  1,132
  1,212
  1,297
  1,388
  1,485
  1,587
  1,696
  1,812
  1,935
  2,065
  2,203
  2,349
  2,503
Net income, $m
  1,389
  1,063
  1,109
  1,162
  1,223
  1,292
  1,370
  1,457
  1,552
  1,656
  1,770
  1,893
  2,026
  2,170
  2,324
  2,490
  2,667
  2,857
  3,060
  3,277
  3,507
  3,753
  4,014
  4,292
  4,586
  4,899
  5,231
  5,583
  5,956
  6,351
  6,769

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,357
  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
  12,654
  8,534
  8,799
  9,089
  9,405
  9,745
  10,112
  10,504
  10,924
  11,372
  11,848
  12,353
  12,890
  13,458
  14,059
  14,694
  15,365
  16,074
  16,821
  17,609
  18,440
  19,315
  20,236
  21,206
  22,227
  23,301
  24,431
  25,619
  26,869
  28,183
  29,564
Adjusted assets (=assets-cash), $m
  8,297
  8,534
  8,799
  9,089
  9,405
  9,745
  10,112
  10,504
  10,924
  11,372
  11,848
  12,353
  12,890
  13,458
  14,059
  14,694
  15,365
  16,074
  16,821
  17,609
  18,440
  19,315
  20,236
  21,206
  22,227
  23,301
  24,431
  25,619
  26,869
  28,183
  29,564
Revenue / Adjusted assets
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
Average production assets, $m
  7,161
  7,371
  7,600
  7,851
  8,123
  8,418
  8,734
  9,073
  9,436
  9,822
  10,234
  10,670
  11,134
  11,624
  12,143
  12,692
  13,272
  13,884
  14,529
  15,210
  15,928
  16,683
  17,479
  18,317
  19,199
  20,126
  21,102
  22,129
  23,208
  24,343
  25,536
Working capital, $m
  1,788
  -2,151
  -2,218
  -2,291
  -2,371
  -2,457
  -2,549
  -2,648
  -2,754
  -2,867
  -2,987
  -3,114
  -3,250
  -3,393
  -3,544
  -3,704
  -3,874
  -4,052
  -4,241
  -4,439
  -4,649
  -4,869
  -5,102
  -5,346
  -5,604
  -5,874
  -6,159
  -6,459
  -6,774
  -7,105
  -7,453
Total debt, $m
  4,627
  4,321
  4,560
  4,821
  5,105
  5,412
  5,742
  6,095
  6,473
  6,875
  7,304
  7,759
  8,242
  8,753
  9,294
  9,866
  10,470
  11,107
  11,780
  12,489
  13,237
  14,024
  14,853
  15,726
  16,645
  17,612
  18,629
  19,698
  20,823
  22,005
  23,248
Total liabilities, $m
  7,986
  7,680
  7,919
  8,180
  8,464
  8,771
  9,101
  9,454
  9,832
  10,234
  10,663
  11,118
  11,601
  12,112
  12,653
  13,225
  13,829
  14,466
  15,139
  15,848
  16,596
  17,383
  18,212
  19,085
  20,004
  20,971
  21,988
  23,057
  24,182
  25,364
  26,607
Total equity, $m
  4,668
  853
  880
  909
  940
  975
  1,011
  1,050
  1,092
  1,137
  1,185
  1,235
  1,289
  1,346
  1,406
  1,469
  1,537
  1,607
  1,682
  1,761
  1,844
  1,931
  2,024
  2,121
  2,223
  2,330
  2,443
  2,562
  2,687
  2,818
  2,956
Total liabilities and equity, $m
  12,654
  8,533
  8,799
  9,089
  9,404
  9,746
  10,112
  10,504
  10,924
  11,371
  11,848
  12,353
  12,890
  13,458
  14,059
  14,694
  15,366
  16,073
  16,821
  17,609
  18,440
  19,314
  20,236
  21,206
  22,227
  23,301
  24,431
  25,619
  26,869
  28,182
  29,563
Debt-to-equity ratio
  0.991
  5.060
  5.180
  5.300
  5.430
  5.550
  5.680
  5.800
  5.930
  6.050
  6.160
  6.280
  6.390
  6.500
  6.610
  6.710
  6.810
  6.910
  7.000
  7.090
  7.180
  7.260
  7.340
  7.420
  7.490
  7.560
  7.630
  7.690
  7.750
  7.810
  7.860
Adjusted equity ratio
  0.037
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,389
  1,063
  1,109
  1,162
  1,223
  1,292
  1,370
  1,457
  1,552
  1,656
  1,770
  1,893
  2,026
  2,170
  2,324
  2,490
  2,667
  2,857
  3,060
  3,277
  3,507
  3,753
  4,014
  4,292
  4,586
  4,899
  5,231
  5,583
  5,956
  6,351
  6,769
Depreciation, amort., depletion, $m
  525
  542
  559
  577
  597
  619
  642
  667
  694
  722
  752
  785
  819
  855
  893
  933
  976
  1,021
  1,068
  1,118
  1,171
  1,227
  1,285
  1,347
  1,412
  1,480
  1,552
  1,627
  1,706
  1,790
  1,878
Funds from operations, $m
  2,157
  1,605
  1,667
  1,739
  1,820
  1,911
  2,012
  2,124
  2,246
  2,378
  2,522
  2,677
  2,845
  3,024
  3,217
  3,423
  3,643
  3,878
  4,129
  4,395
  4,678
  4,980
  5,299
  5,638
  5,998
  6,379
  6,783
  7,210
  7,662
  8,141
  8,646
Change in working capital, $m
  123
  -61
  -67
  -73
  -79
  -86
  -92
  -99
  -106
  -113
  -120
  -127
  -135
  -143
  -152
  -160
  -169
  -179
  -188
  -199
  -209
  -221
  -232
  -245
  -257
  -271
  -285
  -300
  -315
  -331
  -348
Cash from operations, $m
  2,034
  1,665
  1,734
  1,812
  1,900
  1,997
  2,105
  2,223
  2,351
  2,491
  2,642
  2,805
  2,980
  3,167
  3,368
  3,583
  3,812
  4,057
  4,317
  4,594
  4,888
  5,200
  5,531
  5,883
  6,255
  6,650
  7,068
  7,510
  7,977
  8,472
  8,995
Maintenance CAPEX, $m
  0
  -527
  -542
  -559
  -577
  -597
  -619
  -642
  -667
  -694
  -722
  -752
  -785
  -819
  -855
  -893
  -933
  -976
  -1,021
  -1,068
  -1,118
  -1,171
  -1,227
  -1,285
  -1,347
  -1,412
  -1,480
  -1,552
  -1,627
  -1,706
  -1,790
New CAPEX, $m
  -1,530
  -211
  -229
  -251
  -272
  -294
  -317
  -339
  -363
  -386
  -411
  -437
  -463
  -491
  -519
  -549
  -580
  -612
  -646
  -681
  -717
  -756
  -796
  -838
  -882
  -928
  -976
  -1,026
  -1,079
  -1,135
  -1,193
Cash from investing activities, $m
  -1,362
  -738
  -771
  -810
  -849
  -891
  -936
  -981
  -1,030
  -1,080
  -1,133
  -1,189
  -1,248
  -1,310
  -1,374
  -1,442
  -1,513
  -1,588
  -1,667
  -1,749
  -1,835
  -1,927
  -2,023
  -2,123
  -2,229
  -2,340
  -2,456
  -2,578
  -2,706
  -2,841
  -2,983
Free cash flow, $m
  672
  928
  963
  1,003
  1,050
  1,106
  1,169
  1,241
  1,322
  1,411
  1,509
  1,616
  1,732
  1,858
  1,995
  2,142
  2,299
  2,469
  2,651
  2,845
  3,052
  3,273
  3,509
  3,760
  4,027
  4,310
  4,612
  4,931
  5,271
  5,630
  6,012
Issuance/(repayment) of debt, $m
  365
  175
  239
  261
  284
  307
  330
  353
  378
  403
  428
  455
  483
  511
  541
  572
  604
  638
  673
  709
  747
  787
  829
  873
  919
  967
  1,017
  1,070
  1,125
  1,183
  1,243
Issuance/(repurchase) of shares, $m
  -1,074
  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  
  -709
  175
  239
  261
  284
  307
  330
  353
  378
  403
  428
  455
  483
  511
  541
  572
  604
  638
  673
  709
  747
  787
  829
  873
  919
  967
  1,017
  1,070
  1,125
  1,183
  1,243
Total cash flow (excl. dividends), $m
  -37
  1,103
  1,202
  1,264
  1,334
  1,412
  1,499
  1,595
  1,700
  1,813
  1,937
  2,071
  2,215
  2,369
  2,536
  2,713
  2,904
  3,107
  3,323
  3,554
  3,800
  4,061
  4,338
  4,633
  4,946
  5,277
  5,629
  6,001
  6,395
  6,813
  7,255
Retained Cash Flow (-), $m
  -872
  -61
  -27
  -29
  -32
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -138
Prev. year cash balance distribution, $m
 
  3,876
  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
 
  4,918
  1,175
  1,235
  1,302
  1,378
  1,463
  1,556
  1,658
  1,769
  1,889
  2,020
  2,161
  2,313
  2,475
  2,650
  2,836
  3,036
  3,248
  3,475
  3,716
  3,973
  4,246
  4,536
  4,843
  5,170
  5,516
  5,882
  6,270
  6,682
  7,117
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
 
  4,715
  1,076
  1,075
  1,072
  1,068
  1,061
  1,051
  1,036
  1,016
  991
  959
  922
  879
  831
  778
  721
  661
  598
  535
  472
  411
  352
  297
  247
  201
  161
  126
  97
  73
  54
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 (Ryanair Holdings) is a holding company for Ryanair Limited (Ryanair). Ryanair operates an ultra-low fare, scheduled-passenger airline serving short-haul, point-to-point routes between Ireland, the United Kingdom, Continental Europe, Morocco and Israel. Ryanair provides various ancillary services and engages in other activities connected with its core air passenger service, including non-flight scheduled services, Internet-related services, and the in-flight sale of beverages, food and merchandise. Ryanair markets accommodation services and travel insurance through its Website. It provides hotel and accommodation services. Ryanair provides its own aircraft and passenger handling and ticketing services at Dublin Airport. As of June 30, 2016, Ryanair had a principal fleet of over 350 Boeing 737-800 aircraft and offered over 2,000 scheduled short-haul flights per day serving approximately 200 airports throughout Europe.

FINANCIAL RATIOS  of  Ryanair Holdings ADR (RYAAY)

Valuation Ratios
P/E Ratio 106.8
Price to Sales 21.1
Price to Book 31.8
Price to Tangible Book
Price to Cash Flow 72.9
Price to Free Cash Flow 294.4
Growth Rates
Sales Growth Rate 1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.1%
Cap. Spend. - 3 Yr. Gr. Rate 23.4%
Financial Strength
Quick Ratio 9
Current Ratio 0.1
LT Debt to Equity 88.8%
Total Debt to Equity 99.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 11%
Return On Total Capital 16%
Ret/ On T. Cap. - 3 Yr. Avg. 15.7%
Return On Equity 32.8%
Return On Equity - 3 Yr. Avg. 32.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 37.4%
Gross Margin - 3 Yr. Avg. 34.9%
EBITDA Margin 29.6%
EBITDA Margin - 3 Yr. Avg. 28.8%
Operating Margin 23.1%
Oper. Margin - 3 Yr. Avg. 21.3%
Pre-Tax Margin 22.1%
Pre-Tax Margin - 3 Yr. Avg. 21.9%
Net Profit Margin 19.8%
Net Profit Margin - 3 Yr. Avg. 19.7%
Effective Tax Rate 10.5%
Eff/ Tax Rate - 3 Yr. Avg. 10.6%
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 $7016 million for the last fiscal year's total revenue generated by Ryanair Holdings ADR. The default revenue input number comes from 2017 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 2.9% 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 33.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3094 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 102.1%.

Life of production assets of 13.6 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 -29.8%. 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 - $4668 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 201.171 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 $24.5 billion.

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COMPANY NEWS

▶ Primecap Management's Biggest New 4th Quarter Buys   [Feb-13-18 04:13PM  GuruFocus.com]
▶ [$$] Ryanair Profit Jumps on Traffic Increase   [01:55AM  The Wall Street Journal]
▶ Ryanair formally recognizes UK pilots union   [Jan-30-18 05:40AM  Associated Press]
▶ [$$] Ryanair and Union Agree Pilot Deal   [02:44AM  The Wall Street Journal]
▶ Adelphi Capital LLP Buys Ryanair Holdings PLC   [Jan-19-18 11:38AM  GuruFocus.com]
▶ PRESS DIGEST- Financial Times - Jan 19   [Jan-18-18 07:51PM  Reuters]
▶ Ryanair Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Boeing Co Stock Is Flying Too High to Benefit New Investors   [Jan-12-18 12:56PM  InvestorPlace]
▶ PRESS DIGEST- Financial Times - Jan 3   [Jan-02-18 08:24PM  Reuters]
▶ Ryanair hit with first ever pilots strike   [Dec-22-17 07:07AM  Reuters Videos]
▶ Ryanair unions lift Christmas strike threat   [Dec-18-17 08:20AM  Reuters Videos]
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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