Air France-KLM : Weak pricing in the short term vs consolidation opportunity to be seized
>Weakness of pricing in August = difficult to maintain RASK stable in Q3 - With the publication of disappointing data for August in terms of tariffs, we think that the target of stable unit revenues excl. forex for Q3 2019 in the passenger business now looks like it will be difficult to meet. We therefore prefer to adjust our unit revenue assumption excl. forex to a decline of -0.7% in Q3 and of -0.2% in Q4 (vs 0% and +0.8% previously anticipated). Our EBIT estimate ...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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