Despite the consensus-breaking FY22 results and encouraging FY23 outlook, TUI’s mid-term ambitions look prudent compared to the market expectations. The share reaction was further negatively impacted by the dilution effect from the €1.6-1.8bn rights issue plan, which was set to support the exposure reduction to the German state rescue measures. We expect a decrease in the consensus and our target price.
14 Dec 2022
Discreet mid-term forecast and planned recap despite surprising FY22
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Discreet mid-term forecast and planned recap despite surprising FY22
TUI AG (TUI:LON) | 598 140.6 4.1% | Mkt Cap: 3,036m
- Published:
14 Dec 2022 -
Author:
Yi Zhong -
Pages:
3
Despite the consensus-breaking FY22 results and encouraging FY23 outlook, TUI’s mid-term ambitions look prudent compared to the market expectations. The share reaction was further negatively impacted by the dilution effect from the €1.6-1.8bn rights issue plan, which was set to support the exposure reduction to the German state rescue measures. We expect a decrease in the consensus and our target price.