TUI launched a €1.1bn share placing to reduce financial interest expenses and improve its debt profile. The recapitalisation is necessary, which should not surprise the market, and will supportively strengthen TUI’s vulnerable balance sheet. Due to a larger-than-expected dilution effect, we will have a lower target price after integrating this capital increase.
06 Oct 2021
Taps investors for €1.1bn
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Taps investors for €1.1bn
TUI launched a €1.1bn share placing to reduce financial interest expenses and improve its debt profile. The recapitalisation is necessary, which should not surprise the market, and will supportively strengthen TUI’s vulnerable balance sheet. Due to a larger-than-expected dilution effect, we will have a lower target price after integrating this capital increase.