Tui Group - RATING REPORT
Our rating acknowledges Tui’s strong performance in FY16/17, a year with substantially fewer in-dustry shocks compared with FY15/16 (terrorism in France, Turkish coup…). Volumes rose sharply while gross margin remained broadly stable, only down 30bps at 10.8%. In fact, Tui’s favourable perfor-mance in terms of content offering (hotels, cruises) and relative stability on most “source markets” countered profitability pressures mainly stemming from the UK.
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.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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