Air France-KLM : Neutral vs Underperform - an underestimated transformation
>A solid summer while autumn underpinned by pent-up demand - We are revising up our estimates, especially for FY 2022 (+11% EBITDA and +9% vs consensus, EPS down following the capital increase) to incorporate improved yields in Q2 and Q3. In April, the ticket price index on the French market (all airlines included) showed a 10.8% increase on the same month in 2019 and we expect this trend to be accentuated in the following months. We are expecting a yield 6% above the...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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