Deutsche Lufthansa AG

Deutsche Lufthansa is an aviation group based in Germany. Co. maintains global operations and a total of more than 500 subsidiaries and associated companies. Co. operates in five major business segments: scheduled passenger air traffic ("Passenger Airline Group"); scheduled airfreight services ("Logistics"); maintenance, repair and overhaul ("MRO"); information technology ("IT Services") and catering ("Catering").
  • Ticker823212
  • ISINDE0008232125
  • SectorTravel & Leisure
  • CountryGermany

Analysts

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2019

While the 2019 Paris Air Show ended on a lacklustre note in terms of orders, it was marked by the launch of the A321XLR (which complicates the equation for the NMA) and the shelving of a rapid increase in production rates to 70 aircraft per month (a relief for the supply chain). Our hierarchy of recommendations is unchanged and we continue to prefer engine makers with MTU our Top Pick (Buy - € 220). Cf. report published this morning. - ...

Olfa Taamallah ...
  • Yan Derocles

Lufthansa : Profitability depends on self-help but also the strength of competition

>An ambitious FCF target … in 3-5 years’ time - At the CMD in Frankfurt yesterday, Lufthansa laid the groundwork for achieving ambitious targets… in 3-5 years’ time. The company is aiming to generate FCF of over € 1bn/year on average beyond 2020 vs. € 0.8bn on average in the last five years (ODDO BHF: € 860m) despite gross capex of € 3.5bn per year (the company is set to take delivery of 234 new aircraft in the period 2019-23 of which just 32 for growth). Beyond the i...

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2019

...

Olfa Taamallah ...
  • Yan Derocles

Lufthansa : Une rentabilité dépendante du self-help mais aussi de la vigueur de la compétition

>Un objectif de FCF ambitieux… à horizon 3-5 ans - Lors de son CMD organisé hier à Francfort, Lufthansa a posé les bases pour atteindre des objectifs ambitieux… à horizon 3-5 ans. La société table sur la génération d’un FCF supérieur à 1 Md€/an en moyenne au-delà de 2020 vs 0.8 Md€ en moyenne sur les 5 derniers exercices (ODDO BHF : 860 M€) en dépit de Capex bruts de 3.5 Md€ par an (réception de 234 nouveaux avions sur la période 2019-2023 dont seulement 32 pour de la...

Alfred Glaser ...
  • Delphine Brault
  • Florent Laroche-Joubert
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/18/2019

After an eventful year for small caps in 2018 marked by a reversal of trend in inflows, 2019 seems set to be a year of transition with a slight upturn in the markets but also ongoing uncertainty and high risk aversion. Growth and visibility will still be the watchwords for H2 2019: we are including Claranova, SES-imagotag (Buy vs Neutral), Mediawan, BigBen Interactive, Groupe Gorgé and Manutan International in our convictions list and maintaining Visiativ. - - ...

Deutsche Lufthansa Aktiengesellschaft - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Deutsche Lufthansa Aktiengesellschaft: Lufthansa's stronger than expected 2017 results are credit positive; deleveraging much faster than anticipated

Lufthansa's 2017 financial results significantly improved compared to 2016 and were stronger than we anticipated.

Deutsche Lufthansa Aktiengesellschaft - September 2017 (LTM): Peer Snapshot

Peer Snapshot:  Deutsche Lufthansa Aktiengesellschaft - September 2017 (LTM) 14 December 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Dec-15 FYE Dec-16 LTM Sep-17

Deutsche Lufthansa Aktiengesellschaft : Acquisition of parts of Air Berlin's business is credit positive as it improves Lufthansa's scale and market position

CORPORATES ISSUER COMMENT 16 October 2017 Contacts Mario Santangelo +44.20.7772.8623 Associate Managing Director [email protected] Sven Reinke +44.20.7772.1057 Senior Vice President [email protected] CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 Deutsche Lufthansa Aktiengesellschaft Acquisition of parts of Air Berlin

Deutsche Lufthansa Aktiengesellschaft - June 2017 (LTM): Peer Snapshot

Peer Snapshot:  Deutsche Lufthansa Aktiengesellschaft - June 2017 (LTM) 30 August 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-15 FYE Dec-16 LTM Jun-17

Olfa Taamallah ...
  • Yan Derocles

Lufthansa : Profitability depends on self-help but also the strength of competition

>An ambitious FCF target … in 3-5 years’ time - At the CMD in Frankfurt yesterday, Lufthansa laid the groundwork for achieving ambitious targets… in 3-5 years’ time. The company is aiming to generate FCF of over € 1bn/year on average beyond 2020 vs. € 0.8bn on average in the last five years (ODDO BHF: € 860m) despite gross capex of € 3.5bn per year (the company is set to take delivery of 234 new aircraft in the period 2019-23 of which just 32 for growth). Beyond the i...

Olfa Taamallah ...
  • Yan Derocles

Lufthansa : Une rentabilité dépendante du self-help mais aussi de la vigueur de la compétition

>Un objectif de FCF ambitieux… à horizon 3-5 ans - Lors de son CMD organisé hier à Francfort, Lufthansa a posé les bases pour atteindre des objectifs ambitieux… à horizon 3-5 ans. La société table sur la génération d’un FCF supérieur à 1 Md€/an en moyenne au-delà de 2020 vs 0.8 Md€ en moyenne sur les 5 derniers exercices (ODDO BHF : 860 M€) en dépit de Capex bruts de 3.5 Md€ par an (réception de 234 nouveaux avions sur la période 2019-2023 dont seulement 32 pour de la...

Olfa Taamallah ...
  • Yan Derocles

Lufthansa : Dead money for a few months at best

>An untenable strategic position on Eurowings… - We were particularly surprised by the scale of the warning issued by Lufthansa on Eurowings. To explain the decline in its unit revenue in FY 2019 (-6%e vs +0.5%e previously), the company emphasised a tougher competitive environment on the European network and particularly on routes in head-on competition with low-cost carriers (Austria, Düsseldorf, Stuttgart, Berlin Tegel, etc.) with a visible deterioration over the la...

Olfa Taamallah ...
  • Yan Derocles

Lufthansa : Dead-money au mieux pendant quelques mois

>Une position stratégique intenable sur Eurowings… - Nous avons été particulièrement surpris par l’ampleur de l’avertissement lancé par Lufthansa sur Eurowings. Pour expliquer le recul de sa recette unitaire sur l’exercice 2019 (-6%e vs. +0.5%e précédemment), la société met l’accent sur l’accroissement de la compétition sur le réseau européen et tout particulièrement sur les routes en frontal avec les compagnies à bas coûts (Autriche, Düsseldorf, Stuttgart, Berlin Teg...

Olfa Taamallah ...
  • Yan Derocles

Lufthansa : Defence of the domestic and European networks is proving too costly

>Warning on 2019 earnings – heading for an adjustment of -11% to -26% for the consensus adjusted EBIT forecast - Lufthansa warned yesterday evening that it now expects a 2019 operating margin between 5.5% and 6.5% versus 6.5% to 8% previously, i.e. adjusted EBIT between € 2,000m and € 2,400m versus the FactSet consensus forecast of € 2,696m and our estimate of € 2,869m. This strong adjustment is due to the deterioration in prices on the European market and particularl...

1 director bought

A director at Deutsche Lufthansa Ag bought 12,500 shares at 22.680EUR and the significance rating of the trade was 80/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names...

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2019

While the 2019 Paris Air Show ended on a lacklustre note in terms of orders, it was marked by the launch of the A321XLR (which complicates the equation for the NMA) and the shelving of a rapid increase in production rates to 70 aircraft per month (a relief for the supply chain). Our hierarchy of recommendations is unchanged and we continue to prefer engine makers with MTU our Top Pick (Buy - € 220). Cf. report published this morning. - ...

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2019

...

Alfred Glaser ...
  • Delphine Brault
  • Florent Laroche-Joubert
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/18/2019

After an eventful year for small caps in 2018 marked by a reversal of trend in inflows, 2019 seems set to be a year of transition with a slight upturn in the markets but also ongoing uncertainty and high risk aversion. Growth and visibility will still be the watchwords for H2 2019: we are including Claranova, SES-imagotag (Buy vs Neutral), Mediawan, BigBen Interactive, Groupe Gorgé and Manutan International in our convictions list and maintaining Visiativ. - - ...

Alfred Glaser ...
  • Delphine Brault
  • Florent Laroche-Joubert
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/06/2019

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/17/2019

...

DEUTSCHE LUFTHANSA AG sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of DEUTSCHE LUFTHANSA AG (DE), a company active in the Airlines industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 16, 2019, the closing price was EUR 22.16 and its potential was estimated at EUR 24.63.

Deutsche Lufthansa

Deutsche Lufthansa

Deutsche Lufthansa

Deutsche Lufthansa

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Expert Corporate Governance Service (ECGS)

Deutsche Lufthansa - AGM 07 May 2019

Item 6: Approval is sought for the new remuneration system for the Management Board which is applicable since financial year 2019. The new remuneration system is considered as an improvement compared to the previous remuneration system due to a reduction of complexity and the introduction of share ownership guidelines. However, we have concerns over the increase in the base salary of the CEO by 18%, which we consider as inadequately high, as well as over the absolute level and structure of remuneration being paid to Management Board members: The maximum total remuneration (excluding pension be...

Lufthansa – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jérôme VINERIER

Short term view - LUFTHANSA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €17.30. The background trend would be questioned should prices rise above €23.50.

Jérôme VINERIER

Analyse court terme - LUFTHANSA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 17,30 €. La tendance de fond serait remise en cause en cas de franchissement de 23,50 €.

Jérôme VINERIER

Analyse court terme - LUFTHANSA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 17,300 €. La tendance de fond serait remise en cause en cas de franchissement de 23,500 €.

Jérôme VINERIER

Short term view - LUFTHANSA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €17.300. The background trend would be questioned should prices rise above €23.500.

Jérôme VINERIER

Medium term view - LUFTHANSA : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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