TUI AG : A good Q1, positive outlook
>Quarterly results slightly above expectations - TUI AG just released its Q1 2023 results (end-December). Figures came in slightly above expectations; group sales amounted € 3,750m, up 5% vs css (i.e., Visible Alpha) and 3% above our estimates, in line with pre-pandemic levels. Q1 group underlying EBIT stood at -€ 153.0m, almost half the loss reported in Q1 2022 (€-273.6m), exactly in line with our estimates at -€ 155m while css has expected a loss at -€ 165m. Results...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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