Initiating Coverage on RYA ADR

Research evidence excerpt

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M

Update

August 14, 2026 08:30 PM GMT

Morgan Stanley & Co. International plc+

Ryanair Holdings | Europe

Axel Stasse

Equity Analyst

Initiating Coverage on RYA ADR

Ryanair Holdings (RYA.I, RYA ID)

What’s Changed

Transport | United Kingdom

Ryanair Holdings (RYAAY.O)

From

To

Rating

NA

Overweight

Price Target

US$0.00

US$62.90

We are initiating on RYA's ADR at Overweight with a US$62.9

Price Target. We mark-to-market FX and fuel but estimates on

underlying stock remain roughly unchanged. Our fundamental

views for RYA's ADR are fully aligned with those we have on the

underlying stock

Exhibit 1:

Valuation

FY28E

Base case

Implied EV

Net Debt/(Cash)

Minorities

Implied Equity Value

Dilluted Shares Outstanding

Implied Value per Share

Discounted by 1Y at 10%

Blended PT

Source: Morgan Stanley Research estimates

EBITDA

7

4,217

31,118

(2,332)

NI

12

2,362

29,293

33,450

1,048

31.9

29,293

1,048

28.0

29.0

25.4

27.2

Bull

36.1

RYA ID

Base

27.2

Bear

13.3

Bull

83.3

RYAAY

Base

62.9

Bear

30.8

Stock Rating

Industry View

Price target

Shr price, close (Aug 13, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (03/27e) (mn)*

EV, curr (mn)*

Overweight

In-Line

€27.20

€24.65

€30.15-21.12

€28,091

€(2,436)

€26,037

* = GAAP or approximated based on GAAP

Fiscal Year Ending

03/26 03/27e 03/28e 03/29e

Sales / Revenue

(€mn)**

EBITDA (€mn)**

EBIT (€mn)**

EPS (€)**

Prior EPS (€)**

EPS (€)§

P/E**

EV/revenue*

EV/EBITDA**

EV/EBIT**

DPS (€)

Div yld (%)

FCF yld ratio (%)**

Net debt (€mn)*

Net debt/EBITDA**

RNOA (%)**

ROE (%)**

15,544 15,950 17,086 18,317

3,748

3,499

4,217

5,052

2,374

1,952

2,577

3,356

2.04

1.74

2.30

3.06

1.74

2.30

3.06

2.08

1.75

1.93

2.41

11.7

14.2

10.7

8.1

1.5

1.6

1.5

1.4

6.2

7.4

6.1

4.9

9.8

13.2

10.0

7.5

0.42

0.52

0.69

0.92

1.7

2.1

2.8

3.7

7.1

2.0

5.3

8.0

(2,159) (2,436) (2,427) (3,190)

NM

37.0

21.9

27.8

32.2

30.2

17.9

22.1

26.2

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

* = GAAP or approximated based on GAAP

e = Morgan Stanley Research estimates

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