Air France-KLM : Neutre vs Sous-performance – Une transformation sous-estimée
>Un été solide et une arrière-saison tenue par la demande refoulée - Nous relevons nos estimations, tout particulièrement sur l’exercice 2022 (+11% au niveau de l’EBITDA et +9% vs consensus, BPA en baisse suite à l’augmentation de capital), afin d’intégrer une amélioration des yields au T2 et T3. Sur le mois d’avril, l’indice des prix des billets sur le marché français (toutes compagnies aériennes confondues) affichait une augmentation de 10.8% par rapport au même moi...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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