(News Bulletin 247) – Oddo maintains its ‘neutral’ rating on the Air France-KLM share, with a price target raised from 1.65 to 2.1 euros.
“Following the publication of Q4 and 2023 objectives, we have revised our EBIT estimates upwards by 26%/20%/16% respectively for 2023/24/25”, indicates the broker.
Oddo reports no signs of running out of steam at this point on the long haul. Filling thus stands at 80% for reservations in Q1 2023 and 39% for those in Q2 vs. 82% and 42% over the same period in 2019.
‘We have raised our yield estimates to +3% vs 2022’, adds Oddo, who believes that the very gradual reopening of lines to China should also help overall yield in the short term.
‘The only uncertainty is in fact concentrated on the freighter, which is seeing the pressure increase with the return of the holds of passenger planes’, continues the analyst. Oddo therefore indicates that it is attentive to the evolution of cargo: a decline in yield of 10% would reduce EBIT by 20%.
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