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