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  • 02 Nov 23
Consensus is expected to move closer to the guidance

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).

Companies: Deutsche Lufthansa AG

AlphaValue
  • 04 Aug 23
In-line Q2 and FY guidance but concerns about FCF generation

The group reported record and consensus-matching Q2 earnings, noting that the outperformance in passenger airlines was partially offset by the larger-than-expected normalization-led fallback in cargo. The share price performance was affected by the considerably-higher unit costs and the consensus-missing FCF generation. More concrete FY financial targets have been provided and are consistent with the consensus, despite a less-favourable traffic schedule. We have upgraded our 2023 estimates to al

Companies: Deutsche Lufthansa AG

AlphaValue
  • 03 May 23
Robust passenger activities to compensate for the decelerating cargo business

The group posted consensus-missing revenue in Q1, while its adjusted EBIT was more or less in line with the consensus in all segments. The passenger activities performed vigorously, for which the momentum should extend into the upcoming summer and offset cargo’s fall-back. The guidance for the following two FYs has been reconfirmed and a dividend distribution is hoped to be resumed in 2023, one year earlier than previously anticipated. We expect an upgrade in the consensus and our estimates.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 04 Mar 23
A clear path to a rally

The group’s 2022 results met the consensus and particularly were a strong endorsement of the company’s mid-term ambitions which had previously won over little confidence. The market reacted positively to the buoyant performance and the strengthened balance sheet, despite the 2023 capacity schedule which lags the peers and the lack of financial guidance. We expect to cut our 2023 estimates to include the expected external disruption and the later recovery but there may be scope to increase our 20

Companies: Deutsche Lufthansa AG

AlphaValue
  • 21 Feb 23
Challenging external support

The IT and airport disruptions last week are likely to have cost Lufthansa ten to twenty million euros. Additionally, the group might have to trim its summer capacity by up to 10% due to a lack of staff at German airports, while European rivals are enjoying a robust restoration of capacity/activities. We will integrate these negatives when more precise guidance is available next Friday on the group’s release of FY22 results.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 04 Nov 22
The recovery continues while the threat of industrial action is reduced

On top of a supportive Q3, the group enjoys an encouraging booking outlook for Q4, despite a capacity schedule that continues to lag. The recently-upgraded FY22 guidance was maintained, hence we expect no major change in either the consensus or our valuation.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 05 Aug 22
Workforces draw first blood amidst pay fights

The group has reached an agreement with ver.di on a noticeable remuneration increase for ground staff, while further strike actions and/or weighing staff costs remain a concern as negotiations with other unions are still in place.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 04 Aug 22
Crystallising mid-term achievements

The stockmarket welcomed the group’s supportive Q2 results, which returned to positive for the first time since the pandemic. An unchanged FY22 capacity schedule, despite airport chaos and a clear FY22 financial outlook (roughly in line) demonstrated its solid operational management and confidence in making the group great again. The hiring plans look aspiring but the risks of further strikes and/or heavier labour costs remain. We expect an upgrade in the consensus and our estimates.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 09 May 22
Rising fuel prices might weigh on profits, despite the upgraded capacity schedule

For the past quarter, the Lufthansa group delivered a weaker-than-expected adjusted EBIT. Despite the lack of precise financial guidance for the FY, the upgraded capacity schedule and the well-furnished workforce are encouraging. The lower-than-peers fuel hedging remains a concern at the margin level.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 04 Mar 22
Consensus-missing FY21, geopolitical uncertainties weigh

The Lufthansa Group’s FY21 profitability missed analysts’ expectations and the geopolitical uncertainties are expected to weigh considerably on the FY22 performance, leading to a negative market reaction. Our valuation update will be a mixed result of the geopolitics-driven downward adjustments and a more favourable FY24 forecast.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 03 Nov 21
Meaningful help from the cost-savings advancement

Despite the weaker-than-anticipated revenue in Q3, the Lufthansa group recorded consensus-beating adjusted EBIT thanks to efficient cost management. The capacity schedule for Q4 was reconfirmed, despite a reopening of the TransAtlantic routes earlier than the group had expected. The dilution risk has been eliminated following the €2.14bn capital increase in early October.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 05 Oct 21
Long-haul activities set to restore

Following the progressive reopening in many countries, the Lufthansa Group is hoping to see a meaningful increase in bookings from Q4. It is also worth mentioning the group’s good trading performance in short-haul activities seen recently. The share price has increased by 16% since mid-September and the uptick narrowed from a week to +10.5% due to the €2.1bn capital increase. We consider Lufthansa as an investment opportunity after gradually improving its net debt profile.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 20 Sep 21
Lufthansa to raise €2.1bn to repay the state bailout earlier

The group has announced a capital increase of €2,140m, of which the scale is smaller than our assumption of €2,500m but the 597.7m increase in the number of new shares is larger than our assumption of 340m. We expect a lower target price due to a larger-than-expected dilution effect.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 05 Aug 21
Balance sheet strengthening needs to be concretised

The group’s H1 results came in above the market’s expectations, along with a first-time positive adjusted FCF, narrowed net debt and faster-than-expected staff cost downsizing. However, the market did not applaud these, due to the unsurprising H2 guidance, despite a seemingly better forecast, and no meaningful update on the critical capital increase plans and the projected divestitures.

Companies: Deutsche Lufthansa AG

AlphaValue
  • 15 Jun 21
Mid-term ambitions set, recap being prepared

The Lufthansa Group announced its mid-term guidance for 2024, which is above consensus and our estimates, and communicated preparatory actions for a potential capital increase.

Companies: Deutsche Lufthansa AG

AlphaValue

Deutsche Lufthansa AG

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Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Deutsche Lufthansa AG. We currently have 1 research reports from 4 professional analysts.

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Date Source Announcement
05Aug21 11:39 RNS Credit Suisse SecsSV - Post Stab Notice - Deutsche Lufthansa Nts 2024/29
07Jul21 10:23 RNS Credit Suisse SecsSV - Pre Stabilisation Notice - Deutsche Lufthansa AG
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  • 17 Apr 24
Hybridan Small Cap Feast - 17 April 24

17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

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Hybridan
  • 03 May 24
Zeus Building Products and Construction Round-Up - 3 May 2024

Market sentiment turned more cautious in the month of April, particularly regarding interest rates, with economic data producing mixed results. Despite housing transactions and net mortgage approvals continuing an upward trend, with the latter at an 18-month high and +20.1% YoY and +1.4% MoM to 61.3k (seasonally adjusted), Nationwide’s House Price Index dropped 0.4% MoM (seasonally adjusted) in April, below the +0.2% expected. This comes as mortgage lenders nudge rates up to factor in the potent

Companies: TPT EPWN VANL NXR LIKE

Zeus Capital
  • 16 Apr 24
Domino's Pizza - Growing the base

Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.

Companies: Domino's Pizza Group plc

Edison
  • 12 Jan 24
Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW

Hardman & Co
  • 26 Mar 24
PROGRESSIVE: Zoo Digital: Recovery underway and a significant contract

Today’s trading statement from ZOO highlights a ramp-up in demand following the end to the industry-wide strikes of last year. ZOO struck a note of caution in its January update regarding the timing of orders. However new productions are starting to translate into a healthy order pipeline, with a good recovery in revenue anticipated in H1 FY25. The update guides to revenue of at least $40m for the year to March 2024, ahead of our estimate at $36.8m. We have improved our adjusted EBITDA loss marg

Companies: ZOO Digital Group plc

Progressive Equity Research
  • 24 Apr 24
PROGRESSIVE: Gear4music: FY24 trading in-line and debt reduction ahead of market expectations

At its FY23 results in June 2023, G4M announced its intention to focus on product margins, overhead cost reduction, and efficiency ahead of revenue growth, along with further net debt reduction, in FY24. The FY24 year-end trading update confirms G4M has delivered on these rebalanced priorities, with gross margin rising and net debt almost halving compared with FY23. Cost savings achieved in FY24 and the continued development of higher-margin categories should deliver further upside in FY25E.

Companies: Gear4music (Holdings) PLC

Progressive Equity Research
  • 23 Feb 24
ME Group - Modernising and growing the estate driving growth

During 2023, ME Group commenced the deployment of its next generation photobooths, which are integrated with the group’s newly developed proprietary software, gained market leadership in the Japanese photobooth market with an acquisition, continued to roll out laundry units with existing and new location partners, commenced a share buyback programme and gained entry into the FTSE 250. 2023 was a year of significant strategic and financial progress, with sales up 15%, EPS up 31% and net cash main

Companies: ME Group International plc

Cavendish