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Thomas Cook: Oddo reduces price target

( - Thomas Cook has announced that it is in advanced discussions with Fosun and its main banks.

Following this announcement, Oddo confirms its 'Reduce' rating with a target price down to 5p (compared to 18 p), given the lack of visibility on its future strategy in a very challenging context.

The recapitalisation announced (if approved by shareholders) will enable the group to avoid bankruptcy but does not resolve the issues linked to a fragile business model (heavy focus on the tour operator activity), says Oddo.

Oddo also reports that management has announced the conversion of a significant part of the debt into equity (meaning an additional dilution).

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