Michael Murray: Ryanair well placed for decent growth

Carrier looks in a good place despite intensifying competition and risk of excess capacity

As businesses reach maturity, management often struggle to find profitable new pathways to growth - especially when competition is intensifying. A common ‘solution’ to this problem has been for a company to try to sustain earnings per share growth by buying back its own shares. But Ryanair’s latest share buyback programme was not motivated by lack of growth opportunities.

Half of the most recent buyback proceeds came from the sale of its minority ...