Air France-KLM

Air France-KLM is a holding company. Through its subsidiaries, Co. is engaged in transporting passengers and cargo, aeronautics maintenance and other air-transport related activities, including catering and charter services. Co. operates in six geographical regions: Metropolitan France; Europe (except France) and North Africa; Caribbean, French Guiana and Indian Ocean; Africa, Middle East; Americas, Polynesia; and Asia and New Caledonia. Co. organizes its business around the following four segments: Passenger, providing passenger transportation services on scheduled flights; Cargo, transporting freight on flights and selling cargo capacity to third parties; Maintenance, and Other activities.
  • TickerAF
  • ISINFR0000031122
  • ExchangeEuronext Paris
  • SectorTravel & Leisure
  • CountryFrance

Analysts

Florian Béchaz

Air France- Assemblée générale des actionnaires du 28 mai 2019

Tout d'abord Proxinvest attire l'attention des actionnaires sur la montée au capital de l'Etat Néerlandais, qui devient le second actionnaire après l'Etat Français. De ce fait la société et Proxinvest requalifie Jaap de Hoop Sche?er comme membre non indépendant. Cependant représentant le second actionnaire, nous soutenons son renouvellement. Par ailleurs cette assemblée générale voit l'arrivée de Benjamin Smith comme Directeur Général. Tout d'abord Proxinvest tient à souligner et apprécie que la société ait décidé de dissocier les fonctions de Président et de Direction. Cependant, Proxinvest...

1 director bought

A director at Air France - Klm bought 50,000 shares at 8.613EUR and the significance rating of the trade was 94/100. 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 of bo...

Christophe-Raphaël Ganet ...
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Pierre Corby
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/07/2019

...

Cecile De Coincy ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Pierre Corby
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 07/05/2019

...

Olfa Taamallah ...
  • Yan Derocles

Air France-KLM : Restructuring admittedly postponed but still in prospect

>Optimism on summer unit revenues thanks to the streamlining of capacity in the industry - After a decline in unit revenues excl. forex of 1.6% in Q1 2019 (and -3.5% for Transavia), in line with our expectations, the company is counting on an upturn as of Q2, mainly buoyed by the long-haul segment thanks to a streamlining of capacity. OAG indicated that available seats in Europe are up 2.8% for the summer season vs 5.2% in 2018 for the corresponding period. The observ...

Antoine Augier de Lajallet ...
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Hana Maalej
  • Jean-François Granjon
  • Matthias Desmarais
  • Olfa Taamallah
  • Vincent Baron
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/01/2018

...

Olfa Taamallah ...
  • Yan Derocles

Air France-KLM : Governance is up in the air

After a relative underperformance of 55% since the start of the year, we are upgrading to Buy vs Reduce with a revised target price of € 9.5. Our analysis of the implications of the arrival of a new CEO indicates significant upside (€ 22.5, i.e. +221%) in a blue-sky scenario but limited downside in a worst-case scenario (€ 6.3, i.e. -10%). The risk-reward profile is becoming clearly attractive again. - >An attractive risk-reward profile with a likely blue-sky scenario of ...

Olfa Taamallah ...
  • Yan Derocles

Air France-KLM : Governance is up in the air

Après une sous-performance relative de 55% depuis le début de l’année, nous passons à Achat vs Alléger avec un OC porté à 9.5 €. Notre analyse sur les implications de l’arrivée d’un nouveau CEO fait ressortir un potentiel d’appréciation significatif (22.5€, soit +221%) dans un blue sky scenario, mais un potentiel de baisse finalement limité dans un worst case (6.3€, soit -10%). Le risk/reward redevient clairement attractif. - >Un risk/reward attractif avec un blue sky à...

Antoine Augier de Lajallet ...
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Hana Maalej
  • Jean-François Granjon
  • Matthias Desmarais
  • Olfa Taamallah
  • Vincent Baron
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/06/2018

...

Delphine Chauvin

Air France-KLM : Skies are looking brighter

Publication date 10/08/2017 15:56 - Writing date 10/08/2017 15:52 - - - AFFP bonds - / - Source : Bloomberg - - Next events - EGM : 4 September 2017 - Q3 17 results : 3 November 2017 - - Air France-KLM has posted strong results since YTD, driven by strengthening traffic and resilient unit revenue. This performance, coupled with continued favourable trends in the environment at this juncture (no oil price hikes, a drop in the dollar since April and return of demand for long-haul) guides for better results which was expected at the beginning of the year (for example, the Consensus for FY 17 ...

Cecile De Coincy ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Pierre Corby
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 07/05/2019

...

Olfa Taamallah ...
  • Yan Derocles

Air France-KLM : Restructuring admittedly postponed but still in prospect

>Optimism on summer unit revenues thanks to the streamlining of capacity in the industry - After a decline in unit revenues excl. forex of 1.6% in Q1 2019 (and -3.5% for Transavia), in line with our expectations, the company is counting on an upturn as of Q2, mainly buoyed by the long-haul segment thanks to a streamlining of capacity. OAG indicated that available seats in Europe are up 2.8% for the summer season vs 5.2% in 2018 for the corresponding period. The observ...

Olfa Taamallah ...
  • Yan Derocles

Air France-KLM : Une restructuration certes décalée mais toujours en vue

>Optimisme sur la recette unitaire estivale grâce à la rationalisation des capacités de l’industrie - Après un recul de la recette unitaire hors changes de 1.6% au T1 2019 (et -3.5% pour Transavia), en ligne avec nos anticipations, la société table sur un redressement dès le T2 porté essentiellement par le long-courrier grâce à un mouvement de rationalisation de l’offre. OAG indique que les sièges offerts en Europe affichent une progression de 2.8% sur la saison estiv...

ING
Research Department

Benelux Morning Notes

Air France-KLM: Encouraging outlook for 2Q19. ALD: Positive operating leverage maintained, but held back by Diesel RV repricing. Balta: Full year guidance reiterated, margins still under pressure. bpost: beat on 1Q19 but underlying mixed result due to weak mail volume trend. Brunel International: 10% beat on 1Q19 and accelerating revenue trends. Coima RES: remaining disciplined. Intervest Offices & Warehouses: Well on track for growth plan. Proximus: Better EBITDA despite sales miss, slight cut in 2019 sales guidance. Vastned: Belgian values 2% lower due to rents

Olfa Taamallah ...
  • Yan Derocles

Air France-KLM : Restructuring components falling into place

>Restructuring of the domestic network and development of Transavia at the heart of the strategy… - We accompanied management on a road show, enlivened by the latest developments, in London. Beyond the questions relating to the Dutch state’s surprise acquisition of a stake in the capital (see Equity Flash of 28 February), the equity story remains one of restructuring, mainly to be conducted on the Air France side. Management will unveil the details of its plan at an I...

1 director bought

A director at Air France - Klm bought 50,000 shares at 8.613EUR and the significance rating of the trade was 94/100. 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 of bo...

Christophe-Raphaël Ganet ...
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Pierre Corby
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/07/2019

...

Alain William ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Corby
  • Rémi Adam
  • Salma Bouraoui
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/01/2019

...

Alain William ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Corby
  • Rémi Adam
  • Salma Bouraoui
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/03/2019

...

Aurelien Sivignon ...
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 02/28/2019

...

Aurelien Sivignon ...
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 28/02/2019

...

AIR FRANCE-KLM is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of AIR FRANCE-KLM (FR), active in the Airlines industry. As regards its fundamental valuation, the title confirms its rating of 4 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date February 22, 2019, the closing price was EUR 11.70 and its potential was estimated at EUR 12.50.

Air France-KLM

Air France-KLM

Air France-KLM

Air France-KLM

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SAS AB - Strategy, SWOT and Corporate Finance Report

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Deutsche Lufthansa AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Deutsche Lufthansa AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Deutsche Lufthansa AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Deutsche Lufthansa AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and in...

Florian Béchaz

Air France- Assemblée générale des actionnaires du 28 mai 2019

Tout d'abord Proxinvest attire l'attention des actionnaires sur la montée au capital de l'Etat Néerlandais, qui devient le second actionnaire après l'Etat Français. De ce fait la société et Proxinvest requalifie Jaap de Hoop Sche?er comme membre non indépendant. Cependant représentant le second actionnaire, nous soutenons son renouvellement. Par ailleurs cette assemblée générale voit l'arrivée de Benjamin Smith comme Directeur Général. Tout d'abord Proxinvest tient à souligner et apprécie que la société ait décidé de dissocier les fonctions de Président et de Direction. Cependant, Proxinvest...

Jehanne Leroy

Proxy Report - 15/05/2018

Proxinvest attire l’attention des actionnaires sur les points suivants : Tout d’abord les changements qui ont eu lieu dans le conseil d’administration au cours de l’exercice 2017 sont importants avec l’arrivée de quatre nouveaux administrateurs. Un représentant de China Airlines, un autre de Delta Air Lines, une personne pour être en accord avec la loi Copé-Zimmermann et enfin un administrateur désigné par le comité d’entreprise Européen. Suite à ces changements, le taux d’indépendance du conseil a chuté à 42,11% soit en dessous de la majorité préconisé par Proxinvest (résolutions 4 à 7). Pa...

Jehanne Leroy

Etude de l'AG du 04/09/2017

Les actionnaires sont convoqués dans le cadre des partenariats stratégiques mis en place avec China Eastern Airlines d'une part et avec Delta Air Lines et Virgin Atlantic d'autre part qui prévoit notamment que China Eastern et Delta Air Lines prennent chacune une participation de 10% du capital d'Air France-KLM. Bien que ces partenariats soient tout à fait pertinents statégiquement, plusieurs aspects des opérations proposées ne sont pas totalement convaincants et, surtout, le prix retenu pour les augmentations de capital présente une décote trop importante en faveur des deux nouveaux actionna...

Jehanne Leroy

Etude de l'AG du 16/05/2017

Proxinvest attire l'attention des actionnaires sur les points suivants : La société propose deux séries d'autorisations pour les opérations sur le capital. La première exclue la possibilité de l'usage de ces autorisations en période d'offre publique alors, que la seconde série maintient cette possibilité. Si la présentation de ces deux séries peut être analysée comme un choix donné aux actionnaires de la société, Proxinvest regrette la mise en place de la deuxième série, en raison de sa possible utilisation comme arsenal anti-OPA. Par ailleurs, la société ne propose pas de rémunération à long ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunity in EM countries Our cautious outlook and expectation for continued downward pressure on global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. • Opportunity in EM. Both a top-down and bottoms-up analysis point to opportunity in EM countries despite the intact downtrend for the MSCI EM index. Additionally, t...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

Concerns over perceived central bank policy missteps have been somewhat alleviated following dovish takeaways from Fed Chair Powell's comments, proclaiming interest rates are “just below” the neutral rate, and reminding everyone that future rate hikes are not predetermined. While this is certainly an incrementally positive development, it does not completely remove the specter of future rate hikes from our list of concerns. Of course, trade remains an issue despite optimism surrounding the Trump/Xi meeting at the G20 summit this week. Therefore, our outlook remains cautious and we expect conso...

Jérôme VINERIER

Analyse court terme - AIR FRANCE-KLM : La progression des cours se poursuit.

La tendance est haussière. La progression des cours se poursuit. Les objectifs sont à 9,350 € puis 10,390 €. La rupture de 7,762 € mettrait la tendance en danger.

Jérôme VINERIER

Short term view - AIR FRANCE-KLM : Prices are making further progress.

The trend is bullish. Prices are making further progress. The targets are at €9.350 and then €10.390. The break of €7.762 would endanger the trend.

Jérôme VINERIER

Short term view - AIR FRANCE-KLM : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €7.762. The bearish trend would be challenged above €11.943.

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