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Air France KLM's stock rose 1.8% following mixed Wall Street reactions, with UBS downgrading it from Buy to Neutral, citing challenges like a €160 million cost from the Paris Olympics. Conversely, Redburn upgraded the stock to Buy, emphasizing the airline's transformation and potential for improved cash generation. UBS adjusted its EPS forecasts significantly for 2025 and 2026, while Redburn highlighted the stock's attractive valuation at 1.8x the forecasted P/E for fiscal year 2025.
SAS AB, emerging from bankruptcy, is seeking to enhance its role in European airline consolidation by encouraging Air France-KLM to increase its stake. The airline reports a recovery to 95% of pre-pandemic corporate travel levels, with a full return expected next year. SAS is emphasizing its premium offerings, with Copenhagen as its main hub and plans to reintroduce business class on intra-Europe flights, featuring hot meals and blocked middle seats.
Air France-KLM is negotiating to acquire up to a 20% stake in Air Europa, following the collapse of the Spanish carrier's takeover by IAG SA due to regulatory issues. The deal, valued at over €100 million, would not require approval from the European Union. An Air France representative confirmed ongoing discussions for commercial cooperation with Air Europa.
Air France-Klm reported a decline in third-quarter profits to 1.18 billion euros, down from 1.34 billion euros, primarily due to rising costs at KLM and regulatory restrictions at Schiphol Airport. Despite a 4% revenue increase to 9 billion euros, net income fell to 824 million euros, prompting the launch of the "Back on Track" program to enhance productivity and long-haul operations. The airline faces ongoing challenges from rising operating costs and market uncertainties, necessitating strategic adaptations to regain competitiveness.
Analysts have updated their recommendations and price targets for several companies. Notable changes include Jefferies lowering Adecco's target to CHF 29, Barclays reducing Air France-KLM's to EUR 8.50, and Stifel cutting Capgemini's to EUR 225. Rheinmetall's target was raised to EUR 640 by BNP Paribas Exane, while Exosens saw an increase to EUR 28.50 from Bernstein. Other adjustments include reductions for Engie, Legrand, and Solvay, reflecting varied market sentiments.
Air France-KLM, a leading global airline, reported that in 2023, it transported 72.1 million passengers and 0.9 million tons of freight, with passenger and cargo transport accounting for 85.4% of its sales. The group also operates low-cost carrier Transavia, which served 21.5 million passengers, and offers maintenance services. By year-end, the fleet will consist of 551 aircraft, including 271 owned and 280 leased, distributed among Air France, KLM, and Transavia.
UBS has maintained a 'Buy' rating for Air France-KLM, setting a target price of 12.75 euros. Analyst Jarrod Castle noted that rising costs and a negative outlook for the airline could pressure its shares, particularly with upcoming French aviation taxes posing additional challenges.
UBS has maintained a 'Buy' rating for Air France-KLM, setting a target price of 12.75 euros. Analyst Jarrod Castle noted that rising costs and a more negative outlook for the airline could pressure its shares, particularly with upcoming French aviation taxes posing additional challenges.
UBS has maintained a 'Buy' rating for Air France-KLM with a target price of €12.75, despite rising costs and a negative outlook that may pressure the stock. Analyst Jarrod Castle highlighted challenges ahead, including proposed French aviation taxes. As of November 7, 2024, the stock was trading at €7.962, reflecting a significant decline of 10.42%.
France's government has reaffirmed its commitment to reducing carbon emissions and advancing clean energy, despite facing fiscal constraints and political challenges following recent elections. Energy and Climate Minister Agnes Pannier-Runacher emphasized the significant hurdles in cutting emissions from transportation as the country embarks on a public consultation for its 10-year energy plan.
Air France-KLM SA
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