TUI AG : Déception sur les niveaux de marge, actualisation de nos estimations sur 2018e ; Neutre, OC ramené à 18.6 € (vs. 19.40 €)
>EBITA ajusté au-dessous des attentes - Les résultats du T3 de TUI AG ont déçu le marché. Si le CA ressort en ligne avec les attentes, l’EBITA ajusté est largement en deçà des anticipations à 193m€ (vs. nos attentes à 208m€ et celles du consensus à 210m€), comparé à 222m€ au T3 2017. Cette faiblesse tient à la fois à des effets que la plupart des analystes intégraient déjà , notamment les 22m€ d’EBITA additionnel en 2017 lié au timing de pâques ainsi que les effets de ...TUI is engaged in the tourism business, operating in some 180 countries. Co.'s segments include Hotels & Resorts, Cruises and Other Tourism. The Hotels & Resorts segment comprises all Group-owned hotels and hotel companies in TUI Group. The segment comprises majority participations in hotels, joint ventures with local partners, stakes in companies. The Cruises segment consists of Hapag-Lloyd Cruises and the joint venture TUI Cruises. Other Tourism segment comprises central functions such as destination services, IT, aviation control and the French airline Corsair.
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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