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Air France-KLM

  AF FP

Airlines
 /  France 
The best and worst in valuation.
Updates
03/09/2010Target Change
03/09/2010EPS change
06/08/2010Other news/commentsTraffic in July 2010: fairly disappointin...
29/07/2010Earnings/sales releasesQ1 10/11 (ended 30 June 10): four poi...
07/07/2010Other news/commentsTraffic in June 2010: following good st...
03/06/2010Other news/commentsGood news at last relating to traffic, un...
21/05/2010Earnings/sales releasesFY 09/10 earnings (ending 31 March 1...
10/05/2010Other news/commentsTraffic in April 2010 was severely affe...
Summary Key Data
Updated :
  03/09A
03/10A
03/11E
03/12E
03/13E
AlphaValue P/E (x) -4.44 -2.40
Dividend yield (%) 0.00 0.00
EV/EBITDA (x) 7.21 12.5
AlphaValue EPS (€) -3.01 -4.39
Dividend (€) 0.00 0.00
Sales (€M) 23,970 20,994
EBITDA (€M) 1,094 290
Attributable net profit (€M) -814 -1,559
ROE (after tax) (%) -10.1 -28.4
ROCE (%) 1.14 -3.00
Gearing (%) 63.0 100
Target
Price (€) 11.0
Target Price (€)
Market Cap (€M) 3,296
Perf. 1W: 2.09 %
Perf. 1M: -5.79 %
Perf. 3M: 14.9 %
Perf Ytd: -0.18 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
VALUE
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Businesses & Trends
Air France-KLM is one of the largest European airlines operating from the intercontinental hubs of Roissy-Charles de Gaulle and A... Read More
Money Making
Group revenue and operating income are driven by economic growth and the oil price. The cost structure (high fixed-cost) is unfavo... Read More
Valuation
Air France-KLM is expected to reduce losses in 2010/11 then to return to operating and net profit in 2011/12, continuing to support ... Read More
Analyst: Hélène Coumes
Concepts
Business concepts
  • Structural growth
  • Structural overcapacity
  • Shareholder is last stak...
  • Government power plays
  • Marginal capacity play
Investment Concepts
  • Acquisition based growth
  • Execution risk
Story Trigger
  • M&A related
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