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This document provides background information on Ryanair, known for its aggressive cost-cutting approach and hard-bargaining style in negotiations. Ryanair maintains a dominant position in the European airline market through tactics like minimizing personnel costs, offering low customer service, and maximizing aircraft and fuel efficiency. The document examines Ryanair's negotiations in two key areas: negotiating for new aircraft where it leverages its size, and negotiating airport fees where it threatens to cancel routes if fees are not lowered. Overall, Ryanair aims to extract maximum value from negotiations using its market power to get favorable terms from external stakeholders.
Ryanair business model_enote_airobserverairobserver
This document provides a new perspective on analyzing Ryanair's business model. It argues that subsidies are a major, overlooked source of revenue for Ryanair, representing about 22% of its revenues. The document cites examples of millions of euros in subsidies Ryanair has received from airports and local authorities across Europe to operate routes. It claims that without these subsidies, Ryanair would have reported losses. The key insight is that subsidies allow Ryanair to sell seats at a loss by fulfilling passenger commitments in exchange for subsidies. This challenges the conventional view that Ryanair's low costs alone explain its business model.
Ryanair Airline Case study
Europe's cheapest airline, best services at the lowest rates
Customer Strategic MAnagement, SWAT Analysis, TAWS analysis, PESTEL Analysis, porters 5 force analysis, Value Chain, BCG Matrix,
Today, most of the organizations quite advanced in involving multiple applications of strategic management.
In this paper I have tried to describe an effective and working Ryanair’s competitive strategy, approach and factors have accounted for Ryanair’s success. I also analyzed what are Ryanair’s distinctive capabilities and how they are implementing various strategies to attract and retain customers.
This document analyzes Ryanair, Europe's largest low-cost airline. It summarizes that Ryanair has a competitive advantage through its extremely low operating costs, which allow it to offer the lowest fares. Over the past decade, Ryanair has tripled its fleet to 299 aircraft while generating over €7.9 billion in operating cash flow and high profit margins. However, risks include potential regulatory changes and the retirement of longtime CEO Michael O'Leary. Under different scenarios, the analyst values Ryanair at €14.88-€17.64 per share with expected returns of 5.8-7.6% annually over 10 years.
Analysis of the profit function of Ryanair, Europe's biggest airline and a worldwide innovator on cost leadership.
For this analysis I first built a revenue and a cost function. Then, I used some real life examples to back up how the airline's pricing system works.
This document provides background information on Ryanair, known for its aggressive cost-cutting approach and hard-bargaining style in negotiations. Ryanair maintains a dominant position in the European airline market through tactics like minimizing personnel costs, offering low customer service, and maximizing aircraft and fuel efficiency. The document examines Ryanair's negotiations in two key areas: negotiating for new aircraft where it leverages its size, and negotiating airport fees where it threatens to cancel routes if fees are not lowered. Overall, Ryanair aims to extract maximum value from negotiations using its market power to get favorable terms from external stakeholders.
Ryanair business model_enote_airobserverairobserver
This document provides a new perspective on analyzing Ryanair's business model. It argues that subsidies are a major, overlooked source of revenue for Ryanair, representing about 22% of its revenues. The document cites examples of millions of euros in subsidies Ryanair has received from airports and local authorities across Europe to operate routes. It claims that without these subsidies, Ryanair would have reported losses. The key insight is that subsidies allow Ryanair to sell seats at a loss by fulfilling passenger commitments in exchange for subsidies. This challenges the conventional view that Ryanair's low costs alone explain its business model.
Ryanair Airline Case study
Europe's cheapest airline, best services at the lowest rates
Customer Strategic MAnagement, SWAT Analysis, TAWS analysis, PESTEL Analysis, porters 5 force analysis, Value Chain, BCG Matrix,
Today, most of the organizations quite advanced in involving multiple applications of strategic management.
In this paper I have tried to describe an effective and working Ryanair’s competitive strategy, approach and factors have accounted for Ryanair’s success. I also analyzed what are Ryanair’s distinctive capabilities and how they are implementing various strategies to attract and retain customers.
This document analyzes Ryanair, Europe's largest low-cost airline. It summarizes that Ryanair has a competitive advantage through its extremely low operating costs, which allow it to offer the lowest fares. Over the past decade, Ryanair has tripled its fleet to 299 aircraft while generating over €7.9 billion in operating cash flow and high profit margins. However, risks include potential regulatory changes and the retirement of longtime CEO Michael O'Leary. Under different scenarios, the analyst values Ryanair at €14.88-€17.64 per share with expected returns of 5.8-7.6% annually over 10 years.
Analysis of the profit function of Ryanair, Europe's biggest airline and a worldwide innovator on cost leadership.
For this analysis I first built a revenue and a cost function. Then, I used some real life examples to back up how the airline's pricing system works.
Ryanair is a low-cost airline founded in 1985 that operates short-haul, point-to-point flights within Europe. Its business strategy focuses on minimizing costs through the use of standardized Boeing 737 aircraft, secondary regional airports, and charging fees for services like checked bags. Ryanair aims to establish itself as Europe's most profitable low-cost airline by offering low fares and expanding ancillary services online. While Ryanair has experienced growth in recent years, it faces threats from rising fuel costs, stricter emissions regulations, and increased competition from other forms of travel.
Ryanair SWOT - Professional Communications Final ProjectClaudiel Tejeda
This document provides a SWOT analysis and marketing/financial strategy for bringing the European airline Ryanair to the United States. It begins with an executive summary that outlines the purpose of establishing low-cost Ryanair operations in major US cities like Atlanta, Chicago, and Los Angeles. It then analyzes Ryanair's strengths as Europe's largest low-cost carrier, weaknesses like seasonality issues, opportunities in the growing US market, and threats from established US airlines. The document also covers Ryanair's history, leadership, and proposes marketing and financial plans to launch operations stateside.
Ryanair performs simple fleet operations using secondary airports with excellent aircraft turnaround times and simplified operations to increase efficiency. Management contributed to Ryanair's growth by cutting costs in response to the 1990 Gulf War, removing free services to transform into a budget airline. Managers changed the organization by expanding flight routes, implementing online booking, and negotiating directly with Boeing.
This report analyses the financial performance of British Airways (BA) and Air France (AF) between 2009 and 2012 based on their audited annual reports.
Ryanair entered the airline industry in 1985 with the goal of becoming a low-cost leader through maintaining low fares and operating efficiencies. To achieve this, Ryanair focused on three key strategies: 1) Offering fares that were significantly lower than competitors to stimulate demand, 2) Prioritizing reliable customer service to distinguish itself, and 3) Providing frequent short-haul flights to regional airports to maximize profitability. Ryanair aimed to keep costs low by avoiding fees associated with baggage transfers and connecting flights, having direct routes, and tightly controlling expenses related to customer service, personnel, and aircraft.
This document discusses Ryanair's business strategy and operations. It outlines that Ryanair has the lowest fares in Europe, the largest traffic and route coverage of any airline in Europe, and aims to provide the best customer service through low costs and on-time flights. Ryanair is focusing on improving the customer experience through initiatives like quieter flights and allocated seating, while also improving its digital offerings and website usability. Cost control remains a key part of Ryanair's strategy to offer the lowest fares in Europe.
Aer Lingus operates in a highly competitive global aviation market. It analyzes its business across four key segments: short haul, long haul, cargo, and retail. Short haul currently generates the majority of Aer Lingus' revenues but faces intense low-cost carrier competition. Long haul offers the greatest profit margins but Aer Lingus has a small market share. The report recommends Aer Lingus pursue partnership and route expansion opportunities to increase long haul revenues. It also suggests cost reduction strategies across all segments, such as fuel hedging and improving aircraft utilization, to improve competitiveness.
Aer Lingus is an Irish airline undergoing restructuring with a new CEO. It needs a strategic direction change and faces high competition from Ryanair. An MSc group was tasked with assisting Aer Lingus in strategic analysis, formulation and achieving profitable growth while focusing on customers. The document provides an in-depth analysis of Aer Lingus' internal resources and capabilities as well as the external environment including industry trends, competitors and opportunities/threats. Benchmarking is done to compare Aer Lingus' performance metrics to competitors EasyJet and Ryanair.
Ryanair - Accounting, finance & control projectfilippo cheli
This presentation shows our work on the most important low fares company for the accounting, finance & control project.
There are three sections:
1. financial analysis
2. benchmarking
3. conclusion
In this slidecast, you will find some financial news about a company called Air France KLM. Results, statistics and tables will give you a better view about their financial status.
This document provides an overview of Air France-KLM, which was formed through the merger of Air France and KLM Royal Dutch Airlines in 2004. It discusses the history and operations of both airlines, details of the merger that created the largest airline group by revenue, and developments since the merger, including restructuring efforts in response to financial losses. The merger brought together Air France, the French flag carrier, and KLM, the flag carrier of the Netherlands, under a single holding company while they continue to operate distinct airline brands.
This document is a group report on Ryanair that includes an overview of the company, its vision, mission, long-term strategy, and operating activities. The key points are:
- Ryanair is the largest European low-cost carrier, operating over 1,600 daily flights between 186 destinations across 30 countries.
- Its vision is to be Europe's largest airline in the next six years. Its mission is to provide the lowest fares and friendly, efficient service that satisfies customers.
- Ryanair's long-term strategy focuses on maintaining low fares, improving customer service, frequent point-to-point flights on short routes, and having the lowest operating costs through strategies like purchasing used aircraft and negotiating
Ryanair was founded in 1985 and has become a pioneer of low-cost airline travel in Europe. Through strategic analysis tools like PESTEL, Porter's Five Forces, and evaluating its resources and competencies, Ryanair has pursued a strategy of ultra-low fares by operating efficiently and cutting costs. This strategy has been successfully implemented under the leadership of CEO Michael O'Leary. However, Ryanair faces some critical issues like low customer satisfaction due to reduced services and vulnerability to rising fuel prices that it must continue addressing to maintain its competitive advantage.
This document provides an analytical note on Kenya Airways Ltd. It begins with an investment summary that recommends a "SPECULATE" rating for the stock based on price volatility and liquidity. Various financial analyses are then summarized, showing declining returns and signs the company may be facing bankruptcy. Key risks like competition, fuel costs, and weak codeshare partnerships are also discussed. Strategies are proposed for Kenya Airways to reduce costs, improve revenue management, and leverage its brand as the "Pride of Africa".
DCF valuation of Ryanair as of May 2018. The project was part of the final assignment of the Corporate Financial Modelling course at Brandeis University.
Ryanair was founded in 1985 and has grown to become one of Europe's largest airlines. It operates over 1,600 daily flights across 1,600 routes to 180 destinations. Ryanair's strategy has been to offer low fares through cost containment and operational efficiencies. While profitability remains core, Ryanair's vision and mission have evolved to also focus on improving customer service and experience. Ryanair faces competition from other low-cost carriers like EasyJet but aims to strengthen its position through continued growth and defending its low-cost model.
Ryanair’s objective is to firmly establish itself as Europe’s leading low-fares scheduled passenger airline through continued improvements and expanded offerings of its low-fares service.
Ryanair aims to offer low fares that generate increased passenger traffic while maintaining a continuous focus on cost-containment and operating efficiencies.
The document discusses the low cost carrier (LCC) model in the airline industry and strategies to develop uncontested market space beyond the LCC model. It references strategies like the Blue Ocean Strategy which focuses on creating new market space rather than competing directly. The LCC model aims to achieve significantly lower costs than traditional carriers through measures like more efficient labor costs, direct sales, and operating a homogeneous fleet. However, the document advocates going "beyond the LCC model" to develop new approaches to the industry.
Ryanair - Market Analysis and online presence (2016)Hussain Arif
As a part of my academic curriculum. Prepared a brief Marketing Analysis of Ryanair; main focus to online presence of company. Software tools implemented to gauge company's activity and user engagement.
Ryanair is a low-cost airline founded in 1985 that operates short-haul, point-to-point flights within Europe. Its business strategy focuses on minimizing costs through the use of standardized Boeing 737 aircraft, secondary regional airports, and charging fees for services like checked bags. Ryanair aims to establish itself as Europe's most profitable low-cost airline by offering low fares and expanding ancillary services online. While Ryanair has experienced growth in recent years, it faces threats from rising fuel costs, stricter emissions regulations, and increased competition from other forms of travel.
Ryanair SWOT - Professional Communications Final ProjectClaudiel Tejeda
This document provides a SWOT analysis and marketing/financial strategy for bringing the European airline Ryanair to the United States. It begins with an executive summary that outlines the purpose of establishing low-cost Ryanair operations in major US cities like Atlanta, Chicago, and Los Angeles. It then analyzes Ryanair's strengths as Europe's largest low-cost carrier, weaknesses like seasonality issues, opportunities in the growing US market, and threats from established US airlines. The document also covers Ryanair's history, leadership, and proposes marketing and financial plans to launch operations stateside.
Ryanair performs simple fleet operations using secondary airports with excellent aircraft turnaround times and simplified operations to increase efficiency. Management contributed to Ryanair's growth by cutting costs in response to the 1990 Gulf War, removing free services to transform into a budget airline. Managers changed the organization by expanding flight routes, implementing online booking, and negotiating directly with Boeing.
This report analyses the financial performance of British Airways (BA) and Air France (AF) between 2009 and 2012 based on their audited annual reports.
Ryanair entered the airline industry in 1985 with the goal of becoming a low-cost leader through maintaining low fares and operating efficiencies. To achieve this, Ryanair focused on three key strategies: 1) Offering fares that were significantly lower than competitors to stimulate demand, 2) Prioritizing reliable customer service to distinguish itself, and 3) Providing frequent short-haul flights to regional airports to maximize profitability. Ryanair aimed to keep costs low by avoiding fees associated with baggage transfers and connecting flights, having direct routes, and tightly controlling expenses related to customer service, personnel, and aircraft.
This document discusses Ryanair's business strategy and operations. It outlines that Ryanair has the lowest fares in Europe, the largest traffic and route coverage of any airline in Europe, and aims to provide the best customer service through low costs and on-time flights. Ryanair is focusing on improving the customer experience through initiatives like quieter flights and allocated seating, while also improving its digital offerings and website usability. Cost control remains a key part of Ryanair's strategy to offer the lowest fares in Europe.
Aer Lingus operates in a highly competitive global aviation market. It analyzes its business across four key segments: short haul, long haul, cargo, and retail. Short haul currently generates the majority of Aer Lingus' revenues but faces intense low-cost carrier competition. Long haul offers the greatest profit margins but Aer Lingus has a small market share. The report recommends Aer Lingus pursue partnership and route expansion opportunities to increase long haul revenues. It also suggests cost reduction strategies across all segments, such as fuel hedging and improving aircraft utilization, to improve competitiveness.
Aer Lingus is an Irish airline undergoing restructuring with a new CEO. It needs a strategic direction change and faces high competition from Ryanair. An MSc group was tasked with assisting Aer Lingus in strategic analysis, formulation and achieving profitable growth while focusing on customers. The document provides an in-depth analysis of Aer Lingus' internal resources and capabilities as well as the external environment including industry trends, competitors and opportunities/threats. Benchmarking is done to compare Aer Lingus' performance metrics to competitors EasyJet and Ryanair.
Ryanair - Accounting, finance & control projectfilippo cheli
This presentation shows our work on the most important low fares company for the accounting, finance & control project.
There are three sections:
1. financial analysis
2. benchmarking
3. conclusion
In this slidecast, you will find some financial news about a company called Air France KLM. Results, statistics and tables will give you a better view about their financial status.
This document provides an overview of Air France-KLM, which was formed through the merger of Air France and KLM Royal Dutch Airlines in 2004. It discusses the history and operations of both airlines, details of the merger that created the largest airline group by revenue, and developments since the merger, including restructuring efforts in response to financial losses. The merger brought together Air France, the French flag carrier, and KLM, the flag carrier of the Netherlands, under a single holding company while they continue to operate distinct airline brands.
This document is a group report on Ryanair that includes an overview of the company, its vision, mission, long-term strategy, and operating activities. The key points are:
- Ryanair is the largest European low-cost carrier, operating over 1,600 daily flights between 186 destinations across 30 countries.
- Its vision is to be Europe's largest airline in the next six years. Its mission is to provide the lowest fares and friendly, efficient service that satisfies customers.
- Ryanair's long-term strategy focuses on maintaining low fares, improving customer service, frequent point-to-point flights on short routes, and having the lowest operating costs through strategies like purchasing used aircraft and negotiating
Ryanair was founded in 1985 and has become a pioneer of low-cost airline travel in Europe. Through strategic analysis tools like PESTEL, Porter's Five Forces, and evaluating its resources and competencies, Ryanair has pursued a strategy of ultra-low fares by operating efficiently and cutting costs. This strategy has been successfully implemented under the leadership of CEO Michael O'Leary. However, Ryanair faces some critical issues like low customer satisfaction due to reduced services and vulnerability to rising fuel prices that it must continue addressing to maintain its competitive advantage.
This document provides an analytical note on Kenya Airways Ltd. It begins with an investment summary that recommends a "SPECULATE" rating for the stock based on price volatility and liquidity. Various financial analyses are then summarized, showing declining returns and signs the company may be facing bankruptcy. Key risks like competition, fuel costs, and weak codeshare partnerships are also discussed. Strategies are proposed for Kenya Airways to reduce costs, improve revenue management, and leverage its brand as the "Pride of Africa".
DCF valuation of Ryanair as of May 2018. The project was part of the final assignment of the Corporate Financial Modelling course at Brandeis University.
Ryanair was founded in 1985 and has grown to become one of Europe's largest airlines. It operates over 1,600 daily flights across 1,600 routes to 180 destinations. Ryanair's strategy has been to offer low fares through cost containment and operational efficiencies. While profitability remains core, Ryanair's vision and mission have evolved to also focus on improving customer service and experience. Ryanair faces competition from other low-cost carriers like EasyJet but aims to strengthen its position through continued growth and defending its low-cost model.
Ryanair’s objective is to firmly establish itself as Europe’s leading low-fares scheduled passenger airline through continued improvements and expanded offerings of its low-fares service.
Ryanair aims to offer low fares that generate increased passenger traffic while maintaining a continuous focus on cost-containment and operating efficiencies.
The document discusses the low cost carrier (LCC) model in the airline industry and strategies to develop uncontested market space beyond the LCC model. It references strategies like the Blue Ocean Strategy which focuses on creating new market space rather than competing directly. The LCC model aims to achieve significantly lower costs than traditional carriers through measures like more efficient labor costs, direct sales, and operating a homogeneous fleet. However, the document advocates going "beyond the LCC model" to develop new approaches to the industry.
Ryanair - Market Analysis and online presence (2016)Hussain Arif
As a part of my academic curriculum. Prepared a brief Marketing Analysis of Ryanair; main focus to online presence of company. Software tools implemented to gauge company's activity and user engagement.
1. Air France-KLM aims to develop its low-cost airline Transavia across Europe to better compete with Ryanair and EasyJet. However, pilot unions have opposed the expansion, staging strikes that cost Air France-KLM over 500 million euros.
2. Air France-KLM abandoned plans to expand Transavia Europe after the pilot strikes. However, the company still aims to grow Transavia's fleet to over 100 aircraft by 2017 to remain competitive in the low-cost market in Europe.
3. Developing a low-cost airline within a larger carrier group is challenging due to cultural differences from the parent company. Rivals like Ryanair have much lower costs, and customers are sensitive to price and benefits when choosing
This document provides an analysis of Ryanair, including:
- An overview of the company's history and operations.
- An external environmental analysis using PESTEL and Porter's Five Forces frameworks to examine political, economic, social, technological, environmental, and legal factors impacting Ryanair as well as competitive rivalry, supplier and customer bargaining power, and barriers to entry.
- Identification of critical issues and a recommendation for Ryanair.
IBA Newswatch Volume 11 issue 37 - september 30benjacques
- WestJet and Emirates have signed a cooperation agreement allowing seamless connections between WestJet flights to Toronto and Emirates flights from Toronto to Dubai. Bags will be transferred.
- The deal comes after Emirates was refused additional landing rights in Canada last year due to government policy restricting Emirates.
- The partnership will give travelers easier access to Emirates' global network of destinations through connections on WestJet flights.
Air france international strategy analysis (2014)Steph Nass
Air France international strategy is driven by two external threats: the pressure of low-cost competitors on short and medium haul, and the competition from emerging countries' airline on long haul.
Air France response includes : (1) external growth, (2) partnerships and (3) segmentation.
Made with love by a team of students from EMLYON Business School.
Aer Lingus is an Irish airline that provides both passenger and cargo air transportation services. It operates short-haul routes within Europe and long-haul routes to the United States. A SWOT analysis identifies Aer Lingus' strengths as its strong foothold in the European market and large fleet size. Weaknesses include alleged strained employee relations and limited international presence. Opportunities exist to expand routes and destinations with its new fleet. Threats include increasing fuel costs, changing regulations, and competition. Aer Lingus' ability to effectively execute its low-cost business model and coordinate with suppliers is critical to its success, especially in an economic downturn where demand for travel is reduced.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
2. FINANCIAL ANALYSIS
Student’s Name
Course Code
Class
Institution
Date
Financial Analysis
A share is an amount of money one deposit into a corporation in order to entitle that
person's ownership rights. Price per share is therefore the amount of money a shareholder would
pay for a unit share. In the current world, business has taken another dimension. If company
realizes that its performance is dwindling, it invites other companies to bid on its shares so that in
3. FINANCIAL ANALYSIS
can surrender its operations to the highest bidder. To the highest bidder, this is a strategic move
since it will acquire all the assets belonging to that company including workforce and customers.
This paper will therefore discuss the appropriate price per share bid that Air Europe should place
on Aer Lingus and the reasons why it is appropriate to do place such a bid. But before discussing
the appropriate price per share (PPS) that Air Europe should make to Aer Lingus, it is good have
a look at the background information related to Aer Lingus and Air Europe.
On the Irish and London stock exchange, Aer Lingus is among the airlines that is listed
under the ticker EIL1 and AERL listings respectively. According to this listing, its current price
per share is €2.34. It is important to note that in most cases, most companies find it difficult to
sell their shares while in the market, buyers may find it hard to buy shares from other companies.
This is because shares are high-risk investments whose past performance cannot be used as a
base to determine their future performance. Their prices are subject to fluctuation. As a result,
companies are urged to seek professional assistance should it make the decision of making such
an investment.
Air Europe is a Spain airline, owned by a travel and tourism company (Globalia).
Currently, the company has a total of 51 in-service aircrafts having placed an order for 42 more
aircrafts. It is also planning to expand its network and destination to Madrid and Latin America.
Following the harsh economic circumstances in Spain, the airlines are, however facing hard
times as far as its management and expansion is concerned. In order to reduce their high
operating cost, the company is planning to engage on a restructuring plan that aims at reducing
pilots’ salary by 30%. Though this may sound a good move to them, it is highly unacceptable
and that is the reason why it should think of placing a price per share to Aer Lingus.
4. FINANCIAL ANALYSIS
Reports indicate that there exists stiff competition by other airliners to take over the
operations and management of this Irish airline. Ryanair for instance, has tried taking over.
However, Aer Lingus has considered Ryanair price per share of €2.40, too little as it only values
the company at €1.1 billion. The International Airline Group consisting of British Airways,
Iberia and Vueling, has also ventured into this field and want to take over Aer Lingus. The report
indicates that Aer Lingus is in the process of accepting the IAG bid of €2.55 price per share
(RTE. IE 2015). This deal is meant to value Aer Lingus at approximately €1.4 billion.
Statistically and according to the listings of Irish and London stock exchange, the
government of Irish owns 25% shares of Aer Lingus valued at €1.34 billion, Ryanair 30% valued
at €1.6 billion while the rest is owned by another investor including workers who own around
€50000 worth of shares. Totally, Aer Lingus is valued at a 534040090 worth of shares. Out of
the above listed shareholders, Air Europe is not among them. This means that if it has to make a
bid, then it has to high enough to be successful.
Mathematically, price per share
𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇
𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇
From the information provide above, the highest bidder so far it IAG, with a bid of €2.55 price
per share. This means that the total amount of money IAG is willing to invest in this deal is
𝑇𝑇𝑇𝑇𝑇𝑇 = 𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇
2.55𝑇534040090
€1.36𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇
5. FINANCIAL ANALYSIS
If Air Europe has to make a bid therefore, it must quote a price per share that is above €2.55
billion (JOE BEN HOYLE 2012). Considering the fact that Air Europe is the third largest flight
in Spain, after Iberia and Vueling, it should make a bid of €2.808 billion.
This bid is appropriate because, it is the highest bid and it is likely to be accepted by Aer
Lingus. According to reports, Aer Lingus turned down Ryanair’s bid because the level of this bid
“fundamentally undervalued” Aer Lingus. In other words, the value of this bid was too low. Air
Europe should therefore offer Aer Lingus a bid that would not “undervalue” the airline.
Additionally, bidding at this price per share value will still enable Air Europe to stand
financially. It would not be incapacitated in case the bid succeeds. Currently, the company’s
revenue from sales is €2.13 billion. If the bid succeeds, it will have to pay Aer Lingus a total sum
of approximately €1.5 billion as calculated below (Chron.com 2015):
𝑇𝑇𝑇𝑇𝑇𝑇 = 𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇
2.080𝑇534040090
1499584573≈ 1.5 billion
As seen from the above investment, Air Europe will still have a balance of €0.68 billion (2.13 –
1.5) to run its daily operations. Furthermore, this will be an opportunity for Air Europe to
expand. It is the third largest airline in Europe, it this deal goes through, it may become the
second leading airline in Spain. This is derived from the fact that Aer Lingus has a total fleet of
48 planes while Air Europe has 51. If the bid goes well, Air Europe will have a total of 99 fleets.
Though Iberia will still remain to be the number one flight, owing to its large number of fleets
6. FINANCIAL ANALYSIS
(128), this will be a huge advancement for Air Europe. It will therefore have the capability to
expand its coverage and make more profit.
On the other hand, Ireland, as a nation is looking forward to increase its services and
offer long-haul to destinations like Heathrow. Also, it was also reported that Aer Lingus is would
want to sell its shares to a company that will enable them do long-haul flights. However, the
current conditions of Aer Lingus cannot allow them to offer such services as an airline. They will
therefore accept this deal since, Air Europe, as an airline, has long-haul flights.
Profit-wise, Air Europe won't directly benefit by making a low bid, but they will benefit
from the outcome of the deal. According to reports from BBC News (2015), this new deal
though in the short-run, it may lead to loss of employment, it is expected to create approximately
500 more jobs in the next five years, both for Air Europe and Aer Lingus. This is just a
conservative figure and an approximating, the actual figure quoted by industry analysts is the
creation of around 1000. Additionally, this taking over is also expected to boost tourism sectors.
Some parts are not accessible through the planes. However, if the with acquisition of Aer Lingus
by Air Europe, traffic within the transatlantic will increase, leading to growth of destinations thus
facilitating tourist travel.
Acquisition of Aer Lingus by Air Europe will reduce competition significantly. This is
because once the two airlines merge, they will be working as a single entity under the umbrella
of Air Europa. Though this move may lead to high fare for passengers, it will enable Air Europe
gain high operating margins. Reports also indicate that is planning it increase its frequency of
Madrid and San Juan air routes which were left by Iberia. However, it is undergoing the same
financial challenges that Iberia underwent. As a result, it has to shoulder this responsibility alone.
7. FINANCIAL ANALYSIS
Making this bid therefore will be important to the company because if it wins in purchasing Aer
Lingus, it will have more than enough fleet to cover this Caribbean air route with ease.
Furthermore, the value of this bid, if it wins, is incomparable to Air Europa’s current
plans. According to this website Air Europa to add frequencies on the Puerto Rico route (2015),
it is has already placed an order for a total of 50 jets: 10 Airbuses and 40 Boeings. This is far
much expensive for the firm. A single Boeing B787 cost $200 million, meaning 40 of them will
cost $8000 million (200 x 40). On the other hand, one Airbus cost $115 million, 10 will cost
$1150 million. This gives a total sum of $9150 million ($8000 + $1150). A rough estimation of
this amount is $9.15 billion. Converting this amount into sterling pounds, with the current rate of
1.07, this gives €8.551 billion. If the company was to succeed in the bid, it will only spend €2.08
billion. This means that Air Europa will save €6.471 billion (8.551 - 2.08) besides acquiring 48
Airbuses currently owned by Aer Lingus.
It has been reported in the ReutersUK (2015), that the Irishgovernmentisunwillingtoallow
IAG take overAerLingus.Accordingto the government,thistakingoverwill result ineconomicloss.A
largerpercentage of employeesfromAerLinguswill lose theirjobyetIAGdoesnothave the capacity to
employthem.Additionally,the governmentallegesthatinthe pastfew years,since 2014, AerLingushas
recordedan 18% increase inprofitmarginandtherefore sellingitwouldbe agreat lossto Ireland.In
otherwords,whatthe Irishgovernmentwantsisatakeoverthatwill make more financialsense thanthe
one IAG isoffering.
If Air Europe,therefore placestheir€2.808 bid, theywill be ina positiontoeasilytake overAer
Lingus.Moreover,ithasbeennotedthatAir Lingusisan airline thatiscomingup comparedtoIAG (a
mergerof three airlines).Thismeansthatitas it longstoexpand,itwill needmore workforceonboard.
8. FINANCIAL ANALYSIS
A large percentage,if notall,of workerswhowill lose theirjobs,bythe virtue of the takeover,mayhave
the opportunitytoworkfor AirEurope.Giventhe fact thatthis whatthe Irishgovernmentwants,Air
Europe shouldconsidermakingthisprice-per-sharebid.
It is good to understand that bidding is a game of probabilities and many things may go
wrong. Discussed in the subsequent paragraphs and sentences are some of the key areas to watch
when bidding for another company. One key thing to watch and avoid is early bidding. A
company may be interested in acquiring something and they place a bid as soon as an
opportunity arises. This is not recommended at all. This is because, through bidding, a company
makes its intentions known to the other companies who will then be attracted to the deal. They
will may end up placing higher bids which may eventually win as it happened to Ryanair. They
had placed an earlier bid of €2.20 which was later overtaken by IAG’s bid of €2.55. It is
therefore good to wait until the time has gone to make a bid (Procurementclassroom.com 2015).
This will not only eliminate unnecessary competition, but it may enable the company in question
acquire what they want at a lower bid.
Another key area to watch is the level of the bid. In most cases, initial bid quotations are
very low. This may tempt and investor who really want to acquire something. This is because
they may end up placing a low bid without considering the value of whatever they want to
acquire. It is therefore not advisable to quote a low bid for another company may arise and quote
a high bid for the same leading to a loss.
Furthermore, a company should do a lot of research before attempting to make any bid.
Many are the times companies have acquired something at a high bid yet its value isn’t worth
that much. This usually happens when a company lacks prior information about what they are
9. FINANCIAL ANALYSIS
bidding for. Therefore, prior research should be done so that a proper bid is placed. Even if the
bid is outbid, it won’t have major impacts since it is better to lose something that is less worth
that gain it yet it will never make substantial gains of the company.
Another important thing to watch is escalating bidding. This occurs if the item in
question is too popular. In such a scenario, many bidders will be attracted and the level of
bidding will continue to rise. Since companies really want to acquire the item, they will continue
placing new and higher bids in an attempt to stay ahead of other bidders. The consequences are,
a company may end up acquiring something at a higher price than expected. The
recommendation is to set a maximum amount that a company is able and willing to bid and no
matter what happens, one should stick to this amount even though it calls for loosing. It is better
to lose, for this is normal in bidding environments, than pay too much for a bid.
References
02B, (2015). Air Europa to add frequencies on the Puerto Rico route. [Online] Available at:
http://www.02b.com/en/notices/2014/01/air_europa_to_add_frequencies_on_the_puerto_rico_ro
ute_6411.php [Accessed 10 Apr. 2015].
BBC News, (2015). Aer Lingus 'to accept' bid from British Airways owner IAG. [Online]
Available at: http://www.bbc.com/news/business-30967346 [Accessed 10 Apr. 2015].
JOE BEN HOYLE, T. (2012). Fundamentals of advanced accounting. [S.l.]: McGraw hill higher
educat.
Procurementclassroom.com, (2015). The Bid Security and Its Purpose. [online] Available at:
http://www.procurementclassroom.com/the-bid-security-and-its-purpose/ [Accessed 10 Apr.
2015].
RTE.ie, (2015). Aer Lingus board set to recommend IAG takeover bid. [online] Available at:
http://www.rte.ie/news/2015/0126/675584-aer-lingus/ [Accessed 9 Apr. 2015].
10. FINANCIAL ANALYSIS
Small Business - Chron.com, (2015). How to Calculate Market Price Per Share of Common
Stock. [online] Available at: http://smallbusiness.chron.com/calculate-market-price-per-share-
common-stock-3396.html [Accessed 9 Apr. 2015].
ReutersUK,(2015). Aer LinguspressesIrish governmenton IAGtakeover.[online]Available at:
http://uk.reuters.com/article/2015/02/24/uk-aerlingus-results-idUKKBN0LS0IP20150224 [Accessed10
Apr.2015].
Finance - Zacks, (2015). Why Do StockPrices IncreaseAftera Takeover?.[online] Availableat:
http://finance.zacks.com/stock-prices-increase-after-takeover-6973.html [Accessed10Apr.2015].