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Essay / Research Paper Abstract
This 32 page paper compares two companies that are both dominant players in the European low cost airline industry; Easyjet and Ryanair. Bucking the recent trends both have performed well, however, Ryanair has suffered due to the recent court case where it was found to have gained uncompetitive advantages when being given subsidies by a Brussels airport. Conversely Easyjet has gained by making the acquisition of GO. The paper looks at the performance of both companies, where Ryanair is growing faster but is also more stretched, with a lower interest rate coverage and also a lower EPS. Easyjet are growing through acquisition, but are also growing at a fast rate. The paper assesses the many factors and then using both efficient market hypothesis and Warren Buffets method try to identify the best potential long term investment. The bibliography cites 14 sources.
Page Count:
32 pages (~225 words per page)
File: TS14_TEeasyryan.rtf
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Unformatted sample text from the term paper:
court case where it was found to have gained uncompetitive advantages when being given subsidies by a Brussels airport. The paper looks at the performance, where Ryanair is growing faster
but is also more stretched, with a lower interest rate coverage and also a lower EPS. Easyjet are growing though acquisition, but are also growing at a fast rate. The
paper assesses the many factors and then using both efficient market hypothesis and Warren Buffets way try to identify the best potential investment.
Table of contents 1. Introduction 2 2. Background to the Industry 3 3. Easyjet 7 4. Ryanair 11 5. Financial Performance 18 6. Assessing the companies as an investment. 25 7. Conclusion 31 Table of Figures Figure 1; Ryanair Share
Performance 1999 - 2004 (Financial Times, 2004) 22 Figure 2; Easyjet Share Performance 1999 - 2004 (Financial Times, 2004) 24 1. Introduction Looking for an investment is always difficult, often it will
mean considering both an industry as well as competitors in that industry. Many industries have been faced difficult times, the airline industry is one of these troubled sectors. However, when
looking at two operators; Ryanair and Easyjet it would be difficult to see that they are in a troubles sector when looking at their results. In 2002 both companies performed
well. Profits reported for Ryanair were reported at ?172 million1 (about ?111 million), and Easyjet completed an acquisition of the former rival low cost airline Go. Therefore, these two companies
may appear to be a good target for investment, especially when both companies appear to have a rising revenue, even when the average price of a ticket is falling. However,
to consider which of these would be the best long term investment we need to considers the position of the industry in which they operate, the companies strategies and financial
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