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Questor says BUY

It was a difficult year for the industry of air transport, with the Icelandic volcano and air traffic controllers strike.

However, Ryanair has always managed to increase its profit before taxes in the six months to 30 September €482 13pc.5 m (￡ 418 m) .the revenues increased 23pc €2. 18bn that the company has continued to gain market throughout Europe share full service carriers Air France, British Airways and Lufthansa.

Based on prior reservation, Ryanair also improved its orientation throughout the year, as the average revenue per passenger looks like it will increase in the winter months.

It expects the whole net gains to be in a range of 380 million euros to EUR 400 million place old directives 350 million euros .Cependant EUR 375 million, some industry observers had been hoped more - and this is a way to explain why actions bends down hier.En effect, consensus current forecast for profit before tax of this year is EUR 408 million.

Average fares this summer rose by €44 12pc corresponds to an increase in the length of the 12pc sector new routes and bases of Faro, Malaga and Malta performé.Ryanair exceeded Iberia in July to become the carrier issue a passenger powered Spanish airports.

In the period which is an indication of how full the company aircraft load factor was when they flew, 85pc.

There is a tendency to strengthen results of all the airlines - with British Airways even management of depositing its first profit in two years, the week dernière.Air France-KLM and Lufthansa have also increased their expectations for the whole year.

In the traditional style of Michael O'Leary, the Chief Executive said it was "cautiously pessimistic" economic - but just double-recession recovery would be a boost for his company people looking for cheaper solutions.

The recovery in the sector propelled by Ryanair shares at a high two-and-a-half year last week, but Quaestor always considers that the actions provide value.

They are trading on March 2011 multiple 16 times earnings falling to 11.4 2012.La company entered a very cash-generative phase in its cycle, but investors should expect more special dividends for a few years at least.

Actions were first Bonhomme to €2.84 November 3 and they are 40pc since then compared to a market of 13pc.Acheter.

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