LATAM Airlines Group SA ADR (LTM) is overvalued and Ryanair Holdings Plc ADR (RYAAY) is overvalued.
Both trade above our estimate of their intrinsic value. LTM is the closer of the two: -20%, against -26% for RYAAY.
Values as of the 22 Sept 2026 close.
7.0x EV/EBITDAR, with aircraft leases counted as debt, values the shares at $44.43; the price of $53.45 is 20% above that value.
Leak Score 59/100 on 3 of 12 signals
7.0x EV/EBITDAR, with aircraft leases counted as debt, values the shares at $44.20; the price of $55.85 is 26% above that value.
Leak Score 59/100 on 3 of 12 signals
| Metric | LTM | RYAAY |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $53.45 | $55.85 |
| Intrinsic value | $44.43 | $44.20 |
| Margin of safety | -20% | -26% |
| Leak Score | 59/100 (3/12) | 59/100 (3/12) |
| Market cap | $15.3B | $28.9B |
| Revenue growth, 5 years | 29.3% | 56.7% |
| Operating margin | 15.2% | 13.6% |
| Net margin | 9.8% | 12.1% |
| Return on equity | 107.3% | 22.6% |
| Debt to equity | 4.51 | 0.02 |
| P/E | 10.0x | 13.5x |
| Forward P/E | 8.6x | 13.6x |
| P/B | 7.7x | 2.7x |
| Dividend yield | 2.0% | 1.7% |