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Air France: stock slumps further - an analyst not convinced

( - The Air France stock is cominuing to fall, down about 4% just before lunch (-12% in one week), having fallen by up to 7% at one moment.

Oddo this morning confirmed its neutral rating on the stock, while shaving 10 cents off its target price to 4.2 euros (vs. 4.3 euros).

Air France-KLM accelerated the return of its capacity with a new target of a 55% decline in Q3 2020 compared to Q3 2019 (vs. -80% previously announced and -74% at IAG), a 35% decline in Q4 (vs. -60% previously and -46% at IAG) before returning to a decline of -20% in 2021 (unchanged and -24% for IAG).

The airline still does not expect to return to a pre-crisis offering before 2024 (compared to 2023 for IAG for example). It anticipates another negative EBITDA in H2 2020 (but at first glance, less than in H1) Oddo says.

We expect an adjusted FCF of -4.7 billion euros, which brings net debt to 7.1 billion euros (10.1 billion euros without retaining the shareholder loan as an equity contribution), it adds.

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