TUI AG : Downward revision to our 2021 estimates, underperform recommendation maintained
>Interim results broadly in line - TUI’s interim results contained no major surprises, the 89% decline in the group’s sales y-o-y is broadly in line with the decline capacity for the winter season and consistent with expectations and the scale of the contraction in Q1. The adjusted EBIT loss was ultimately smaller than expected thanks to cost-cutting efforts, but remains colossal at -€ 1.3bn. The net loss of € 1.5bn is equally hefty, almost double the figure recorded ...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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