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Air France-KLM: Oddo raises target price

( - Oddo maintains its underperform rating on Air France-KLM shares, while increasing its target price for them from 3.
8 euros to 4.5 euros (current price: 4.2, +3.6%), with the broker stressing "clear" and "faster than expected" progress.

In particular the analyst highlights the extent of operating leverage in the third quarter. Therefore, taking FY 2019 as a reference, Q3 Opex excluding fuel (ex-D&A) fell by 34% compared to Q3 2019 for a 40% drop in revenues, i.e. 84% cost variability, accelerating compared to Q1 and Q2, the broker notes.

Against this backdrop, Oddo has increased its earnings estimates upwards, now expecting EBITDA to reach 59 million euros in 2021, followed by 2,546 million euros in 2022, 3,892 million euros in 2023, before exceeding the level in 2019 in 2024.

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