TUI AG : Confident stance on the summer season, but the organic deleveraging process looks very complicated at this stage; Underperform rating confirmed, target price adjusted to € 2.3
>Results broadly in line with expectations - TUI’s Q1 results were broadly unsurprising. Revenues matched expectations and the EBIT loss was slightly deeper than expected (-€ 273m vs consensus of -€ 258m). As forecast, business levels reflect the situation regarding the restrictions put in place by European governments (largely eased recently), with an upturn in continental Europe in the markets & airlines segment. The hotel segment was also in relatively good shape (...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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