(CercleFinance.com) – Oddo expects a good second quarter of 2022 (publication 07/29) with an Adjusted EBIT coming out at 193 ME (+945 ME vs Q2 2021 and +543 ME sequentially) for a turnover of 6,320 ME.
‘ This recovery is explained in particular by i/ a return of capacity to 80% of the 2019 level for Network and nearly 110% for Transavia ii/ a strong increase in the yield Passage which we model up 9% compared to 2019 carried by Asia and South America but also North America ‘indicates the analysis office.
‘We see the published net income coming out at 32 ME, only c65 ME less than in Q2 2019. Towards a very good generation of FCF in Q2’.
‘ After taking into account the slight decline in fuel prices and a more sustained price effect, we are raising our 2022 and 2023 EBIT by 60% and 13% respectively (98 ME and 136 ME).
The analyst expects a return to 85% of the 2019 level in Q3 and then to 80% in Q4.
Oddo confirms its neutral advice on the value with a price target of €1.45 reiterated.
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