The group’s reported a consensus-meeting Q3 adjusted EBIT and an above-consensus margin, while the adjusted FCF was 13% weaker than the market’s expectations. As the only flag carrier group providing concrete financial objectives, Lufthansa’s maintained 2023 guidance was marginally below the pre-publication estimates. Today’s positive share price performance might be explained by the considerable lag between the unchanged 2024 margin target and the pre-publication consensus (6.9%, vs 8% guided). ....
