TUI AG : No major surprises in results - Guidance for 2020 softer than expected - Neutral recommendation and target price adjusted to € 11.8
>Full-year results a shade above forecasts - Dividend down (as of 2020) - TUI has reported 2019 results, which came in a shade above our forecasts, particularly at the EBITDA level, with the group having already issued a number of indications at the trading update in September. In detail, group sales were € 18,928m, up 2% y-o-y, driven by the Holidays division, which accounts for 65% of adjusted EBITA at group level (sales growth of 37% y-o-y driven by destination ser...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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