Air France-KLM : Un retour optimiste des capacités mais une consommation de cash toujours soutenue
>Optimisme sur le retour des capacités - Après avoir offert c46% de la capacité de 2019 au T1 2021, Air France-KLM table sur un niveau de 50% au T2 avant de monter à 55-65% au T3, soit un niveau considérablement plus élevé que celui d’IAG (25% au T2) ou de Lufthansa (30-35% au T2 et environ 40% sur FY21 tout en se disant prêt à monter jusqu’à 70% cet été). Ce seuil est à notre avis crédible et atteignable grâce à la levée progressive des restrictions et compte tenu de...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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