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TUI: Oddo lowers target price

(CercleFinance.com) - Oddo confirms its underperform rating on TUI shares, having reduced its target price for them from 2.
4 euros to 2.1 euros.

The broker reports that TUI's Q3 publication was very positive at the topline, although that profitability was a little disappointing, despite a decisive contribution from the Hotels division.

Management estimates the impact of airport disruptions at 75 million euros over the quarter and says that these disruptions are expected to continue into Q4.

As such, Oddo says that it has adjusted its EPS estimates to take into account these disruptions and adjustments to financial charges. The broker is now targeting a group 2022 EBIT of 559 million euros (vs. consensus of 548 million euros) and has reduced its EPS estimate by 11% for 2022 and by 9% on average over 2022-24.

The lack of visibility explains analysts' caution about the stock, despite its overall low valuation, they say.


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