TUI is engaged in the tourism business, operating in some 180 countries. Co.'s segments include Hotels & Resorts, Cruises and Other Tourism. The Hotels & Resorts segment comprises all Group-owned hotels and hotel companies in TUI Group. The segment comprises majority participations in hotels, joint ventures with local partners, stakes in companies. The Cruises segment consists of Hapag-Lloyd Cruises and the joint venture TUI Cruises. Other Tourism segment comprises central functions such as destination services, IT, aviation control and the French airline Corsair.
  • TickerTUI1
  • ISINDE000TUAG000
  • SectorTravel & Leisure
  • CountryGermany
Anthony Dick ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Johanna Jourdain
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 06/19/2020

...

Alfred Glaser ...
  • Anthony Dick
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/19/2020

...

Fehmi Ben Naamane ...
  • Johanna Jourdain

ODDO : RevPAR en baisse de 91% pour l’hôtellerie européenne en mai

>Revenus en baisse de 93% en moyenne - Les revenus moyens de l’hôtellerie de chaine sont en baisse de 93% yoy sur le mois de mai, soit une performance comparable à celle d’avril. Concernant les RevPAR, ils reculent de 91% (-93% en avril). Cette chute est tirée par la forte érosion des taux d’occupation à -86% (rappelons que les taux d’occupation se calculent en référence aux hôtels en opérations), et une baisse massive des prix moyens à -39%, soit des chiffres quasim...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Squarely in the neutral camp At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. • We need to see more from cyclical value. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market (e.g., Materials, Energy, banks, major autos & parts, etc.)... see page 2. • Indicators supportive of a neutral outlook. Sever...

Jérôme VINERIER

Short term view - TUI : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €14.023, then €13.400. Passing €16.700 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - TUI : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 14,023 €, puis 13,400 €. Le franchissement de 16,700 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse court terme - TUI : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 14,023 €, puis 13,400 €. Le franchissement de 16,700 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - TUI : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €14.023, then €13.400. Passing €16.700 would question the continuation of the fall.

Anthony Dick ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Johanna Jourdain
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 06/19/2020

...

Alfred Glaser ...
  • Anthony Dick
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/19/2020

...

Fehmi Ben Naamane ...
  • Johanna Jourdain

ODDO : RevPAR en baisse de 91% pour l’hôtellerie européenne en mai

>Revenus en baisse de 93% en moyenne - Les revenus moyens de l’hôtellerie de chaine sont en baisse de 93% yoy sur le mois de mai, soit une performance comparable à celle d’avril. Concernant les RevPAR, ils reculent de 91% (-93% en avril). Cette chute est tirée par la forte érosion des taux d’occupation à -86% (rappelons que les taux d’occupation se calculent en référence aux hôtels en opérations), et une baisse massive des prix moyens à -39%, soit des chiffres quasim...

Fehmi Ben Naamane ...
  • Johanna Jourdain

ODDO : RevPAR down 91% for European hotels in May

>Revenues down 93% on average - Average revenues for chain hotels saw a decline of 93% y-o-y in May, which is along the same lines as in April. RevPAR saw a fall of 91% (-93% in April). This slump was driven by a marked erosion in occupancy rates of -86% (note that occupancy rates are calculated in reference to hotels in operation), and a massive drop in average daily rates of -39%, which is broadly on a par with the figures for April. The occupancy rate...

Anthony Dick ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Johanna Jourdain
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 19/06/2020

...

Tony Lebon

TUI AG : Support from the German government: ja, aber…

TUI announced last Friday that it received the approval of the German government for a bridging loan of EUR1.8bn from the KfW. The funds of Germany’s state-owned development bank are to be used to increase TUI's existing RCF with its banks amounting to EUR 1.75bn. The KfW bridge loan is subject to the approval of the banks. This would give TUI access to financial resources and credit lines totaling EUR 3.1bn at the present time. - Since our report published on the 3rd of March, the...

Tony Lebon

TUI AG : Support from the German government: ja, aber…

TUI announced last Friday that it received the approval of the German government for a bridging loan of EUR1.8bn from the KfW. The funds of Germany’s state-owned development bank are to be used to increase TUI's existing RCF with its banks amounting to EUR 1.75bn. The KfW bridge loan is subject to the approval of the banks. This would give TUI access to financial resources and credit lines totaling EUR 3.1bn at the present time. - Since our report published on the 3rd of March, the...

Tony Lebon

TUI AG : Recommendation raised to Buy on TUI 2021 bond on the back of the market’s overreaction in our view to the Covid-19 crisis

We upgrade our recommendation on TUI 2021 bond to Speculative Buy (from Reduce) since we think that the market is over-reacting on the impacts of the Covid-19 crisis and – to a lesser extent – the Boeing Max issue. TUI has several options in our view to improve its liquidity profile without tapping the primary bond market. - >Fall in TUI 2021 bond price on the back of the Covid-19 crisis and, to a lesser extent, the Boeing Max issue - On 24 January, at the time o...

Tony Lebon

TUI AG : Recommendation raised to Buy on TUI 2021 bond on the back of the market’s overreaction in our view to the Covid-19 crisis

We upgrade our recommendation on TUI 2021 bond to Speculative Buy (from Reduce) since we think that the market is over-reacting on the impacts of the Covid-19 crisis and – to a lesser extent – the Boeing Max issue. TUI has several options in our view to improve its liquidity profile without tapping the primary bond market. - >Fall in TUI 2021 bond price on the back of the Covid-19 crises and, to a lesser extent, the Boeing Max issue - On 24 January, at the time o...

Tony Lebon

TUI AG : The scenario of a grounding of the 737 Max beyond April 2020 seems almost certain to us

The grounding of the 737 Max beyond April 2020 seems almost certain to us since: i/ Boeing said this week that it now expects a ban lift in mid-2020, ii/ the FAA (US Federal Aviation Authority) previously said that it will take its time before approving flights, iii/ additional issues have been found on the 737 Max, and iv/ the US peer airline United Airlines said that it does not expect its Max aircraft to fly during the summer 2020. - Even our base-case scenario now would lead to...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2020

...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2020

This crisis has provided an opportunity for the telecoms sector to demonstrate its operational resilience and strategic importance. We have upgraded Proximus and Orange BE to Buy, Iliad and Deutsche Telekom remain our Top Picks whilst Telefonica is suffering from its presence in Latin America. Cf. report published today. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2020

Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - ...

Benoit Valleaux ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/16/2020

We held our fourth ODDO BHF TMT Forum in Paris. Clearly, much of the discussion, but not all of it, centred on the impact of COVID-19 for the companies represented and their sector. In an unprecedented context, we have decided to write factual feedback documents. All our scenarios will be reviewed sector by sector in separate notes in the coming days. Cf. Report published today. - ...

An increasingly favourable environment allows TUI AG to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of TUI AG (DE), a company active in the Recreational Services industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date November 29, 2019, the closing price was EUR 12.52 and its expected value was estimated at EUR 11.65.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

TUI - AGM 11 February 2020

General: Supervisory Board member Prof. Dr. Edgar Ernst is a member of the Advisory Committee of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Item 4.17: We recommend to oppose the discharge of Supervisory Board member Carmen Riu Güell due to her insufficient attendance at Supervisory Board and committee meetings during her term of office in financial year 2018/2019. Items 8.1, 8.3 and 8.4: We recommend to oppose the election of Vladimir Lukin to the Supervisory Board due to our concerns over the insufficient independent representation on the B...

Tui Group – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Tui - February 19th, 2019

General: Supervisory Board member Prof. Dr. Edgar Ernst is a member of the Advisory Committee of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Items 4.3 and 4.14: We recommend to oppose the discharge of Supervisory Board members Peter Long and Alexey Mordashov due to their insufficient attendance at Supervisory Board and committee meetings in financial year 2017/2018. Item 8: Approval is sought for the unchanged remuneration system which has been applicable since financial year 2017/2018. Disclosure is in line with market practice. The level of...

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