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Air France-KLM: Oddo still a seller

( - Oddo maintains its "underperform" rating on Air France-KLM shares with a target price of 4.
5 euros.

With the company due to publish its annual results on 17 February, Oddo anticipates a "satisfactory" Q4, with EBITDA of 233 million euros, barely affected by the restrictions linked to the Omicron variant.

However, the main issue remains deleveraging and filling the negative equity (3.8 billion euros at the end of September), the aanalyst notes, for whom the risk of dilution remains significant in order to reduce adjusted net debt to just under 11 billion euros at the end of December 2021.

Analysts estimate that the company needs an injection of about 3.3 billion euros to reach an adjusted net debt/EBITDA ratio of 2.5x in 2023, which thé broker considers reasonable, the broker said.

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