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Ryanair (NR, BBB+, BBB+) April Traffic

CONSUMER CYCLICALS
  • Passengers at 17.3m (+8%yoy), Load factor at 92% (-2ppt yoy).
  • Says 700 flights cancelled from Israel conflict & 340 from French ATC strike last week. 98,400 flown (so around ~1% impacted).
  • FY24 results come on the 20th.
  • easyJet (Baa2, BBB P) reported firm results 2 weeks ago with early signs of healthy summer bookings (it said) & non-fuel costs staying flat for now. Two trade in-line & relatively tight - sector looks tight & compressed (some reversal on AFFP).

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