TUI AG : Disappointment at margins, update of our 2018 estimates, Neutral, new target price of € 18.60 (vs € 19.40)
>Adjusted EBITA shy of forecasts - TUI AG's Q3 results disappointed the market. Although revenues were in line with forecasts, adjusted EBITA was significantly shy of estimates, coming to € 193m (vs our forecast of € 208m and consensus at € 210m), compared with € 222m in Q3 2017. This weakness stems from impacts already factored in by the majority of analysts, notably the € 22m in additional EBITA in 2017 resulting from when Easter fell, along with forex effects (ster...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.