TUI AG : Neutral (vs Buy): very limited upside after the recent rally particularly since 2020 guidance could disappoint
>Marked re-rating over the past three months - The share price has risen sharply over the past several months (+33% in three months), for two main reasons, in our view, 1/firstly, market recognition of the quality of TUI’s business model, reflected in the operational performance in Q2 and Q3 (outperformance of 8% on average compared with consensus forecasts for adjusted EBITA), and above all, 2/ the positive impact of Thomas Cook’s bankruptcy, particularly the scope ...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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