Air France-KLM : Surperformance vs Neutre – Yield, effet de levier et restauration du bilan
>La restructuration de la base de coût apporte un effet de levier - Les effets de la restructuration nous semblent sous-estimés. Au T2 2022, le CASK hors carburant corrigé de l’APLD était certes légèrement au-delà de 2019 mais la capacité était encore 15% inférieure à celle de 2019 alors que les recrutements additionnels pour opérer une offre équivalente à 2019 sont limités (objectif de -12% FTE vs. 2019 contre -13% à KLM et -16% à AF aujourd’hui). La variabilité des ...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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