TUI AG : The risks remain on the stock despite the operating improvement; Underperform, target price lowered to € 2.10
>Sharp upturn in demand in Q3, but profitability down - TUI’s publication was very positive for the top line in a context of a sharp upturn in demand, but profitability was slightly disappointing, despite a significant contribution from the hotels division. Indeed, even adjusted for the impacts of disruptions at airports, the EBIT margin remains negative for the markets & airlines division, impacted by fuel and ramp-up costs related to the swift upturn. These elements...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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