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Air France-KLM (NR, BB+, BBB-) {AIR FP Equity} 1Q Results

CONSUMER CYCLICALS

Similar issues to Lufthansa driving EBIT margin to -7.4%. Guidance for unit costs to be up +1-2% this year is left unch, only change was small revision down in Capex. AFFP has moved wider of Airport retailer Dufry (on the 28s, screen cheap view was on Dufry 27s) - no firm view to fight AFFP widening - we see it remaining crossover rated this year.


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Similar issues to Lufthansa driving EBIT margin to -7.4%. Guidance for unit costs to be up +1-2% this year is left unch, only change was small revision down in Capex. AFFP has moved wider of Airport retailer Dufry (on the 28s, screen cheap view was on Dufry 27s) - no firm view to fight AFFP widening - we see it remaining crossover rated this year.


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