TUI AG : Challenging end to the first half, but Q3 is likely to be worse; Neutral, target price adjusted to € 4.2
>TUI hit by the COVID-19 impact at the end of the first half - H1 2019-20 (to 31 March 2020) got off to a good start for the group, but the travel restrictions in Europe and the group’s decision to suspend travel operations in mid-March had a big impact on the operating performance. For H1, TUI reported virtually stable revenues (y-o-y), but a hefty operating loss of € 827m (versus negative EBIT of € 302m a year ago), with -€ 680m in Q2 (January to March). The operat...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.
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