(News Bulletin 247) – Oddo maintains its Outperformance recommendation on the Lufthansa share and raises its price target to 12.5E (against 10.5E).

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‘No sign that yields are running out of steam’, notes the analyst before noting that deleveraging continues… ‘and is paving the way for a normalization of the dividend’.

In the end, Oddo raised its EPS by 10.8%/6.6%/4.8% over 2023/24/25.

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‘ On this basis, the stock would trade on a 2024 EV/EBITDA multiple of 4x and a PE of 9.4x. Lufthansa has reduced its debt faster, which allows the group to seize opportunities that its peers are forced to pass up. ‘

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