Ryanair shares in ‘fab 15’ list

Investment bank Morgan Stanley have included Ryanair on a list of 15 European companies that it believes will ride out the current bear market. Its 'Fabulous 15' are companies that are industry leaders trading on cheap valuations and look set to provide good returns over the medium term.

A spokesman for the bank said: ‘A bear market provides an opportunity to buy strong franchises at unusually low multiples. With the help of our analysts, we have identified 15 names of respectable franchises or industry leaders on unusually low multiples, which we think will provide good returns on a two- to five-year view, despite an uncertain six- to 12-month view.’

The other companies included in the list are cruise operator Carnival; power group Centrica; Credit Suisse; French utilities giant EDF; Swedish clothes retailer Hennes & Mauritz; and Franco-German aerospace, defence giant EADS, Publishing group Pearson, software company SAP, and Swiss Re.