Growth opportunities for Ryanair also appear compelling as fleet additions allow increased penetration of existing markets, mainstream airports are considering low-cost carrier terminals and employee agreements potentially open new markets in France and Scandinavia. Ryanair continues to have a massive cost advantage against all competitors, not only the bloated legacy airlines but also the other low-cost providers. This contributes to making the company's core business model very powerful and extremely difficult for anyone to replicate or fend off. Despite recent challenges, management has firmly established itself as best-in-class. This is underscored by the company's attractive profitability, returns on capital, high cash conversion and net cash balance sheet. The business shows financial strength: fleet additions, for example, are mainly funded through cash flow, rather than financed, and net debt remains modest. Ryanair isn't your typical airline and we see long-term value.