Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TRANSPORTATION
IPT +170 vs. FV +125
- Its pointed out its the only full IG rated network carrier- a fair point to note & means for IG mandates there is now spread pick up against EasyJet 31s to a larger scale (though weaker near term outlook) sector comp.
- Nothing new in roadshow with our key takes from recent below. Not much trades wide of IG airlines in consumer/transport - which we think is fair - no firm view from us on Lufty from here.
Key points from us to reiterate; we don't see near-term rating risk, FCF guidance has been revised down to >€1b (from >€1.5b, c€1.2b), capacity expected at 92% of '19 levels this yr, 8% EBIT margin target not expected to be reached in near-future by consensus, FY Guidance has a recovery baked in through the year, dividends restarted at ~€360m this year (€0.3/share), leverage net 1.7x.
1Q Earnings; https://marketnews.com/lufthansa-lhagr-baa3-bbb-bb...
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok