Lufthansa : Volatility on fuel masks the leverage effect
>A favourable tariff environment - After a Q1 during which the passenger yield came in just 2.5% below the 2019 level, we expect an additional improvement in Q2 and Q3 driven by i/ a recent acceleration in bookings which, as a result, includes rising tariffs (with a shorter leadtime to transfer the increase in fuel costs to the end client than the traditional 6-9 months), ii/ the catch-up of premium but also the strength of leisure with the refocusing of the network t...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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