TUI AG : Pace of recovery weaker than expected, marginal adjustment to our 2021 estimates Underperform rating maintained
>Weak operating performance in Q3 - The level of group revenue in Q3 2020-21 reflects a marked increase on the corresponding period of 2019-20, but is particularly poor compared with FY 2018-19, down by over 85%. No really marked difference by business was observed over the period as the majority of revenues are generated by the Markets & Airlines division, which corresponds to the tour operator and airline activity. The contribution from the cruise ship business is v...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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