TUI: Oddo still a seller after Q3 results
(CercleFinance.com) - Oddo BHF confirms its "reduce" rating on the TUI share, along with its target price of 3.
8 euros, after the tourism group published Q3 results (to end-June) that the broker says were obviously down sharply, given the current context.
Over the past quarter, revenues were wiped out, collapsing 98% to 75 million euros, well below the broker's expectation of 245 million euros, while adjusted EBITA came in at -1,100 million euros, again below Oddo's estimate of -825 million euros.
The analyst said that these results therefore reflect all the bad news that has stacked up over several months now. The impact of the halt to business is colossal and the long-awaited recovery should take a very long time to materialise, he says, who fears that a negative newsflow is ahead.
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