Report
Delphine Chauvin

Air France-KLM : Focus sur les legacy : vers un été ensoleillé ?

Dans cette étude sectorielle, nous nous intéressons cette fois-ci aux trois grands groupes aériens européens, Air France-KLM (NR), Lufthansa (Ba2 neg/ BB- neg) et IAG (Ba2 neg/ BB neg). Si l’horizon se dégage pour eux alors que les pays européens se rouvrent aux flux de touristes, il ne faut pas oublier que leur situation financière a été très lourdement impactée par la crise et qu’ils porteront pendant plusieurs années le poids des dettes qu’ils ont dû lever pour couvrir les mil...
Underlyings
Air France-KLM SA

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.

DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT

Deutsche Lufthansa is an aviation group based in Germany. Co. maintains global operations and a total of more than 500 subsidiaries and associated companies. Co. operates in five major business segments: scheduled passenger air traffic ("Passenger Airline Group"); scheduled airfreight services ("Logistics"); maintenance, repair and overhaul ("MRO"); information technology ("IT Services") and catering ("Catering").

International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Delphine Chauvin

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