Thomas Cook: Oddo raises target price

(CercleFinance.com) - Oddo has confirmed its "buy" rating on the Thomas Cook stock, with a target price of 177 pence (against 139 pence) after the group's publication of H1 results.


A low valuation and the catch-up effect on the expected operating performance due to ongoing restructuring are the stock's main drivers, Oddo explained.

Results came in slightly above Oddo's expectations: group revenue of 3,227 million pounds was up 8% y-o-y (compared to 7% growth in Q1), in line with its analysts' expectations.

Adjusted Group EBIT was negative at -169 million pounds (due to seasonal factors Oddo specifies), representing a significant improvement relative to H1 2016/17 (-177 million pounds), and above Oddo's expectation of -171 million pounds.

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