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Ryanair (NR/BBB+/BBB+) August Traffic

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It moved the whole sector last week when it said airfares were not falling as fast as expected. It's followed that with in-line traffic metrics this morning; August passengers +8% yoy, keeping up with YTD growth, and a unch (yoy) load factor of 96%.

Reminder margins came under pressure in 1Q (3m to June) as airfares fell double digits while costs rose a similar magnitude. It's still the sector leader on margins and we don't expect supply - wants to be debt free eventually (unfortunately).

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It moved the whole sector last week when it said airfares were not falling as fast as expected. It's followed that with in-line traffic metrics this morning; August passengers +8% yoy, keeping up with YTD growth, and a unch (yoy) load factor of 96%.

Reminder margins came under pressure in 1Q (3m to June) as airfares fell double digits while costs rose a similar magnitude. It's still the sector leader on margins and we don't expect supply - wants to be debt free eventually (unfortunately).