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AFLYY.PK

ISIN: US0091191082
SEDOL: B010FK3

Rating:

BUY

Target Price:

11.59 USD

Investment Horizon:

6 to 12 months
21st Jan 2009 View Report   Download

Company News Alert

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Air France-KLM’s common stock has depreciated significantly since our last update report dated 05 January 2009, as investors reacted to news that the company expects to report an operating loss in 3Q 09 as discussed in company news alert dated 20 January 2009. However, we reiterate our BUY rating for the common stock as we believe the stock is undervalued at current price levels. We will reassess the common stock rating and target price in…

20th Jan 2009 View Report   Download

Company News Alert

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On 20 January 2009, Air France-KLM revealed that it expects to incur an operating loss in 3Q 09 given slowing passenger traffic, a strong decline in cargo revenue as well as significant fuel hedging losses incurred during the quarter. However, we reiterate our BUY rating for the common stock as we believe the stock is undervalued at current price levels. We will reassess the common stock rating and target price in our 3Q 09 update report....

5th Jan 2009 View Report   Download

2Q 09 Update Report

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During 2Q 09, Air France-KLM’s revenues increased in-line with market expectations. However, operating and adjusted net income declined significantly, primarily due to higher growth in fuel expenses and aircraft maintenance expenses. Going forward, we anticipate flat growth in FY 2009 and FY 2010 revenues, while profitability is anticipated to be constrained given Air France-KLM’s higher hedging levels in light of the expected…

20th Nov 2008 View Report   Download

2Q 09 News Alert

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Air France-KLM reported a significant decline in its profitability during 2Q 09 given falling levels of passenger traffic and a significant increase in its fuel expenses during the quarter. As we expect to reduce our estimates in our next update report, we do not anticipate a change in our current common stock rating, although current price levels suggest a BUY. Given our weak fundamental outlook and…

24th Oct 2008 View Report   Download

Company News Alert

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Air France-KLM’s common stock has declined significantly since our last update report given current economic conditions and following media reports that the company expects flat growth over the next two financial years. Furthermore, the company today stated that they will face difficulties attaining their operating profit target of €1 bn for FY 2009. Although current levels now support a BUY, we are maintaining our HOLD rating for the…