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Equity Research, Broker Reports, and media content on TUI AG-DI etc.

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about TUI AG-DI
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard

Research, Charts & Company Announcements

Research Tree offers TUI AG-DI research coverage from 1 professional analysts, and we have 5 reports on our platform.

Our simple but effective charting function allows for a quick scan of TUI AG-DI's performance over multiple time horizons.

Date Source Announcement
05/10/2016 11:06:13 London Stock Exchange Director/PDMR Shareholding
28/09/2016 07:00:07 London Stock Exchange Trading Statement
14/09/2016 15:22:17 London Stock Exchange Additional Listing
12/09/2016 12:18:33 London Stock Exchange Disposal
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Latest Content

Reassuring summer 16 figures

  • 17 May 16

TUI Group posted positive H1 16 figures, in line with our expectations. The FY16 guidance was maintained (+10% in underlying EBITA, +10% underlying EBITA CAGR over 2017-18). Sales rose by 2.7% lfl while the seasonal operating loss narrowed by 16.3% (underlying EBITA at €237m). Summer 16 trading in line with expectations A strong UK market but Turkey has subdued the Nordic and the German markets Trends pointed to a 1% and 2% rise in bookings and sales respectively (bookings up 8% excluding Turkey), boosted by long-haul hotels (in the Caribbean) and cruises, while short and medium haul growth was fuelled by a strong demand for Spain, Greece and Cyprus. In the Source markets, the strong UK (+7% in bookings, 65% of the programme sold, ahead of the previous year) helped the Northern Region to deliver broadly flat performances. The UK benefited from a strong long-haul programme (Mexico, Dominican Republic and Jamaica being the most popular destinations) and the addition to the fleet of TUI Discovery. The Nordic market (-4% in sales, -9% in bookings) was penalised by the lower demand for Turkey (c.20% of Nordic customers in Summer 15), impacting sharply the trading (bookings up 12% excluding Turkey). A deterioration was seen in Central Europe, which was penalised by the tough German market (60% of the programme sold, sales and bookings down 2% and 3% respectively) which is being restructured and which suffered from a lower demand for Turkey. Western Europe also showed lower performances due to less demand for North Africa and the closure of Brussels airport, despite some improvements seen in the French market. Popular Caribbean and Mediterranean Coast: a strong support to Hotels & Resorts’ occupancy The Hotels & Resorts business experienced robust performances (€84m of EBITA vs €56m in H1 15, +2% in capacity, +4% in occupancy, +8% in average price/ bed). RIU was a strong support, reporting a 2% rise in capacity, 4% rise in occupancy and an 8% jump in price/ bed, reflecting its strong exposure to the popular Caribbean (44% of hotels in portfolio) and the Western Mediterranean region (28%). Robinson has, however, felt the pain of the under-occupancy costs in Tunisia (15% of hotels located in North Africa) and the anticipated lower demand for Turkey. The Cruises segment (€40m of EBITA vs €18m in H1 15, including profits from the JV TUI Cruises) benefited from the strong start of Mein Schiff 5 in July 2016 (booked load factor of 85% in H1 16) launched in June 2015 and the refinancing of Europa 2 (€5m benefit). The Specialist Group posted a €18m EBITA loss (flat yoy), which was contained by the exclusion of PEAK losses in 2014/15 (exit from the strategic venture in Summer 15).

Disposal of the Hotelbeds Group for €1.2bn

  • 28 Apr 16

A strategic move, above all TUI Group announced the sale of its platform company, the Hotelbeds Group for €1,191m, to the private equity house Cinven. The disposal was on target by the TUI Group which had already announced a carve-out of the business as part of its FY15 results for strategic reasons (different business models and strategies between the online platform and TUI’s Tourism business). TUI Group will remain focused on hotels and cruise ships while cutting back the online booking operations which proved difficult in the light of the hefty competitors including Booking.com or Expedia. Proceeds will be dedicated to investing in future growth opportunities and to strengthen TUI’s balance sheet. The disposal is due to be completed by the end of September 2016. The growth potential of the business is behind the fair transaction multiple The Hotelbeds Group offers hotel rooms to c.31k B2B online and traditional travel agencies and airlines, benefiting from c.72k hotels in its catalogue. The deal highlights a P/EBITDA multiple of 17.3x which reflects the strong trading which characterised the business in FY15. The division recorded a 26% and 18% rise in TTV (Total Transaction Value) and room nights respectively in FY15 and showed €1,059m of sales and €69m of underlying EBITDA. The Hotelbeds Group has a limited 6% market share, but it stands as a scalable business within a very scattered and growing market which offers consolidation potential.

On good track to meet demanding FY15 targets

  • 14 Oct 15

TUI Group’s Q3 15 results revealed a strong growth in underlying EBITA (+18% yoy excluding Easter's timing and FX) despite headwinds from Tunisia (terrorist attacks in June, €10m impact on EBITA in Q3) and the continuing uncertainties in Greece (macro and political issues). However, the group warned about €25m of fallouts in the Q4 15 earnings. Travel warnings have forced the group to suspend its holiday programme to Tunisia which has been redirected into alternative destinations. Growth seen in the Source Markets operations for summer 2015 (+1% in bookings, +2% in prices) was driven by a strong UK market which showed improved load factors and margins and which made up for the highly competitive German market. The latter forced TUI Group to endorse an investment push in distribution as a response to continued margin pressure. Western Europe suffered from a tough French market, despite continuing restructuring measures, and which was impacted by continued reluctance towards North Africa while Belgium was penalised by the delay of an aircraft in entering service (€4m impact). Hotels & Resorts (+€22m in underlying EBITA in Q3) were fuelled by the strong RIU hotels (revenue/bed +15% yoy) which experienced popular Caribbean and long-haul destinations. Robinson increased capacities by 4% yoy in Q3 (opening of new clubs) while Iberotel showed a 10% rise in revenue/bed, partly attributable to an improvement in Egypt. Hotelbeds delivered €6m of EBITA improvement resulting from a 20% rise in transaction value. Cruises recorded a €21m rise in EBITA, benefiting from the ownership of Europa 2 (formerly owned, €4m impact) along with the contribution of the newly-launched Mein Schiff 4 (in June 2015, Mein Schiff 5 is due to be on sale in 2016 with strong bookings for next year so far) which contributed to €7m of incremental EBITA (out of the expected €25-30m per year). The turnaround of Hapag-Lloyd Kreuzfahrten is also paying off with a €10m EBITA improvement yoy backed by sustained bookings (yields stand above €500/bed/night).

Encouraging operating trends after positive H1 15 results

  • 18 Jun 15

Our positive sentiment on the stock has been confirmed by the H1 15 figures posted last month. The summer 2015 trends were encouraging (+2% in bookings, +1% in ASP) with a strong UK (+6% in bookings ahead of the 4% rise in capacity, flat prices) and Benelux (+2% in sales, despite a challenging French market, particularly to destinations in North Africa). Unique offerings confirmed their success with +5% in bookings across all source markets (up to +17% in Germany). Source markets improved its operating loss by €6m on the back of strong Northern and Western regions which partly offset the dull Central region, hampered by margin pressures in the Canaries. Cruises experienced a €13m rise in profitability (€29m of EBITA, excl. financing for Europa), driven by the launch of Mein Schiff 4 in June for the TUI Cruises division (50/50 JV held with the US shipping company Royal Caribbean Cruises) while Hapag-Llyod Kreuzfahrten (100% held by TUI Group) was announced as on track to reach break-even in FY15 helped by the acquisition of the cruise ship Europa 2 (which is expected to bring c.€20m of incremental EBITA based on full-year operations). The Accommodation wholesaler division (to become ‘Hotelbeds Group’ under the group’s new structure) has also reported a 28% rise in Total Transaction Value for summer 2015. The group’s underlying operating loss was reduced by 14% LFL to €306m. The group reiterated its FY15 guidance of 2-4% of sales growth and 10-15% growth of underlying EBITA.