Lufthansa : Enough liquidity but the road to cash generation will be a long one
>Sufficient liquidity to navigate the crisis but leverage remains an issue - At € 10.1bn at end-September (including € 6.3bn not drawn with almost complete flexibility), the level of liquidity is, we think, adequate to navigate the crisis based on our scenario for traffic to recover from H2 2021. On the one hand, the bulk of the reimbursement of the stock of tickets is now behind us. We model an adjusted FCF of -€ 1.5bn in Q4 after -€ 2.1bn in Q3 and -€ 1.1bn in Q2. ...Deutsche Lufthansa is an aviation group based in Germany. Co. maintains global operations and a total of more than 500 subsidiaries and associated companies. Co. operates in five major business segments: scheduled passenger air traffic ("Passenger Airline Group"); scheduled airfreight services ("Logistics"); maintenance, repair and overhaul ("MRO"); information technology ("IT Services") and catering ("Catering").
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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