Air France-KLM : 2017, a year of transition?
Wednesday 15 March 2017 - - AFFP bonds - / - Source : Bloomberg - - Next events: - Q1 2017 results: 04/05/2017 - Investor Day: 12/05/2017 - Q2 2017 results: 28/07/2017 - Equity data - Recommendation: Neutral - Target: € 6.60 - Equity analyst: Yan Derocles - Corporate Governance : High risk (4) - / - - - - - - Following a credit lunch with the company, we are maintaining our estimated in-house rating at 'BB/Stable' on Air France-KLM and our Neutral recommendations on the senior unsecured bonds and Buy & Hold on the hybrid perpetual note callable in 2020. Although Air France has recently won support from pilots to create a new low-cost airline, 2017 is still set to be a rich year in terms of trade union negotiations (with the associated risks of a strike) and the rollout of 'Trust Together' plan, the group’s new strategic project. Operationally, the year seems to have started somewhat better than anticipated, with lower pressure on unit revenue. - >Air France-KLM is a holding company. Through its subsidiaries, Co. is engaged in transporting passengers and cargo, aeronautics maintenance and other air-transport related activities, including catering and charter services. Co. operates in six geographical regions: Metropolitan France; Europe (except France) and North Africa; Caribbean, French Guiana and Indian Ocean; Africa, Middle East; Americas, Polynesia; and Asia and New Caledonia. Co. organizes its business around the following four segments: Passenger, providing passenger transportation services on scheduled flights; Cargo, transporting freight on flights and selling cargo capacity to third parties; Maintenance, and Other activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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