Air France-KLM : A very gradual reconstruction of the network, but liquidity is sufficient in our view
>A faster recovery in flights over H2 but return to 2019 level unlikely before 2024 - Air France-KLM expects a faster return for its capacities with a new target decline limited to -55% in Q3 relative to Q3 2019 (vs. -80% announced previously and -74% at IAG), -35% in Q4 (vs. -60% previously and -46% at IAG) before returning to a decline of -20% in 2021 (unchanged at -24% for IAG). However, visibility remains poor with i/ far later bookings (bookings for September sh...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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