Air France-KLM : Q3 preview – No sign of a downturn in demand and wage agreement in sight vs rise in fuel costs
>Fine summer season buoyed by the return of capacity and firm yields - In Q3 2023, we expect EBIT of € 1,303m (€ 1,360m according to Visible Alpha), up 27.3% versus Q2 2022 and 43.2% vs Q3 2019, on sales of € 8.7bn. One has to go back as far as 2017 to find a higher level of operating margin (14.9% vs 15.7%). The main drivers of growth are i/ a fall in the fuel bill estimated at 19% vs Q3 2022 thanks to the high level of hedging (c70%); ii/ a return of capacity for th...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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