Air France-KLM : Outperform vs Neutral – Yield, leverage effect and a restored balance sheet
>Efforts to restructure the cost base are creating a leverage effect - The effects of the group’s restructuring seem to be underestimated. In Q2 2022, CASK excluding fuel and adjusted for the APLD (long-term partial activity) scheme was admittedly slightly higher than in 2019 but capacity was still 15% below that of 2019 and additional hires to operate a similar offer as in 2019 have been limited (targeting -12% FTE vs. 2019 compared with -13% at KLM and -16% at AF cu...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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