TUI AG : Cruising speed for an improved business model!

The current valuation of the share continues to raise questions as it seems to completely overlook the transformation of the business model. The contribution of the Holiday Experiences division vs Markets & Airline is now more significant, and the strategic developments detailed recently appear relevant, execution risk notwithstanding. Despite the natural uncertainties associated with the cycle, we believe that leisure demand will remain buoyant in the medium term. Outperform rating confirmed, target price raised to € 13.0 (vs € 10.5).

Credit Morning 11/13/2025

Carrefour: Saadé family acquires stake, Peninsula exits|Emeria: an equity fundraising to enable bond refinancing?|Advanz Q3 25 results: Adj. EBITDA drops yoy and net leverage increases further – but not surprising|grenke Q3 25 results: Good operational performance YTD, but loss rate and NPLs increase|Finnair: no surprises on the FY 2026-2029 targets at first sight|

Vallourec : Bon T3 et une guidance FY 2025 sur laquelle nous sommes alignés

Acciona : Mixed set of news: ANE operating EBITDA guidance down, while ‘stub’ up

Siemens Energy AG : Solid Q4 results, slightly below on the margin. But the market will focus on the 2026 (in line) and 2028 (higher than expected) targets