Introduction
Ryanair (RYAAY) is the lowest cost provider of air transportation in Europe. Lowest cost wins in a commodity market, and despite years of attempting to differentiate flight services with food, movies, legroom, etc., the vast majority of air travelers are cost conscious more than anything else. This is especially true for short haul flights where Ryanair competes. Ryanair has plans to expand capacity—despite 737 Max delays—which will improve its future cost structure and expand the number of passengers it flies and airports it serves. Ryanair’s biggest threats are labor and fuel costs,