Thomas Cook : Q1 short of expectations, momentum still tough going – Neutral (vs Buy)
>Q1 results short of expectations - Thomas Cook's Q1 results (to end-December) came in lower than expected. Revenue showed growth of 1% y-o-y (pro forma data) and adjusted group EBITA came in at -£ 60m (-£ 14m vs Q1 2018), vs our estimate of -£ 53m. The reasons given for this deterioration (particularly profitability) are not new and relate to the residual effect of an abnormally warm summer in 2018 in Europe and pricing pressures in Spain (particularly the Canary Isl...Thomas Cook Group is a travel company. Co.'s segments include: Group Tour Operator, which includes tour operations and associated activities within Co.'s 17 source markets; and Group Airline, which provides airline-related services, including both scheduled and charter services, and associated activities within Co.'s four airlines.
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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