(CercleFinance.com) - Oddo says that following a conference call with the group, it anticipates a very gradual recovery with just 30% to 40% of its scheduled flights actually occurring in July, 50% in August and September and a maximum of 60% to 70% over the next 12 months, following the reopening of borders beyond Europe.
A return to the pre-crisis level is not expected for another 2 years at least.
Air France-KLM estimates that the peak in terms of cash burn was reached in March with about 1.5 billion euros, particularly penalised by WCR effects (payment of invoices at the start of the year and reimbursement of tickets).
Oddo says that at this rate, its current liquidity (6.5 billion euros at 12/03) would only enable it to hold out until the end of Q3 2020. The group is therefore looking for several billion euros (the 10billion euros cited by La Tribune has not been confirmed), although has not asked to be nationalised, Oddo adds.
Following this information, the broker confirms its neutral rating on the share, with a target price of 6.5 euros
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ze maken het nog niet zo bont als ING waar doodleuk koersdoel 8 euro wordt afgegeven.