TUI AG : Very poor Q3 2020, outlook fairly negative; Reduce recommendation maintained
>Major impacts on Q3 - TUI AG this morning reported its Q3/9M 2019-20 results, to end-June, and they clearly reflect a marked contraction given the context. For Q3, group revenues are down 98% to € 75m, compared with our forecast of € 245m and group adjusted EBITA was negative to the tune of -€ 1 100m vs our estimates at -€ 825m. No particular comment from management on the quarter, activity has virtually been at a standstill since the end of H1.The group announ...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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