Air France-KLM


Looking more convincing now; execution required to bridge the credibility gap

19/02/26 -"AFKLM delivered consensus-beating 2025 results with a record operating profit, primarily driven by strategic capacity discipline, successful premiumisation, and resilient unit cost control amidst a ..."

Pages
66
Language
English
Published on
19/02/26
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19/02/26
AFKLM delivered consensus-beating 2025 results with a record operating profit, primarily driven by strategic capacity discipline, successful ...

09/02/26
The air is getting thinner. We downgrade our rating to Add (prev.: Buy) but raise our TP to CHF 320 (prev.: CHF 265)

06/02/26
The group delivered FY2025 results in line with guidance, despite a challenging macroeconomic and geopolitical environment. Ocean and Terminals ...

06/02/26
We have downgraded our overall peer-based valuations by applying deeper discounts (P/E from +30% to -5%; EV/EBITDA from -25% to -45%; and P/Book from ...

EXECUTIVE SUMMARY

Updates Pension Risks
Target & Opinion Governance & Management
Business & Trends Graphics : Momentum
Money Making Graphics : MACD & Volumes
Debt Graphics : Sensitivities
Valuation Sector: Performance
DCF Sector: Key data
NAV/SOTP Sector: Ratios & Valorisation
Worth knowing Sector: Peers
Financials Sector: Analysis

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