Following the progressive reopening in many countries, Air France-KLM is hoping to see a meaningful increase in bookings from Q4. It is also worth underlining the group’s considerable exposure and good trading seen recently in Africa and the Antilles. The share price has increased by 26% since mid-September and the uptick narrowed from a week to +15%, due to the concern about a capital increase. We consider Air France-KLM as an investment opportunity once the capital increase is settled down.