Air France-KLM : FY2019 : une visibilité certes limitée mais un newsflow soutenu et un consensus trop conservateur
>Un T4 2018 finalement solide - Nous tablons sur un T4 2018 finalement relativement solide en dépit des perturbations des gilets jaunes en France. L’EBIT devrait s’élever à 125 M€ (vs. 241 M€ au T4 2017 et +45 M€ pour le consensus FactSet) pour des ventes de 6.5 Md€, soit une marge de 1.9%. La progression attendue de la recette unitaire hors change (+0.4%e sur le Passage et +4.1%e sur Transavia en dépit d’un mois de décembre en recul) ne permettra pas de com...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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