Ryanair Holdings plc  (RYAAY) Trade Now »     Rate RYAAY  -  Discuss RYAAY  -  Add to Watch List        

The company has bought back shares at 5.50 Euros, or equivalent in ADR to $46.50 (assuming London shares continue to trade at 13% discount to United States ADRs), and has bought back shares all year at an average price of $42.  So either management can't see the forest for the trees, or you can currently buy the stock for 20% discount to what the CEO pays.

Capacity (seats/planes/routes) will grow 20% or greater for the next 5 years, as no airline will beat Ryan on price, and there's plenty of available opportunity for growth within Europe.  Earnings will actually grow faster than capacity, since ancilliary revenues are higher margin than seat sales. 

Ryan is solidly profitable, and grows like an internet company, so at some point in the future this will be recognized by the market, and it will get the 25-35 multiple it deserves.  But multiple expansion is not needed for the 3 year double in share price.