Air France-KLM : Ambitious 2028 guidance subject to execution risks and question mark over phasing
>Ambitious 2028 guidance - At its CMD, Air France-KLM unveiled its strategy to improve EBIT by € 2bn between 2023 and 2028, which is expected to see it achieve c€ 3.9bn, or upside of 44% vs the current Visible Alpha consensus. The press release indicates that the group anticipates an EBIT margin of over 8% by then but an analysis of the different slides suggests that the target is more like 10%. The group identifies five key sources of improvement: 1/ measures on unit...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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