AIR FRANCE-KLM : price target lowered by Oddo BHF
According to the analyst, 'progress is tangible, but the benefit of initiatives will be concentrated at the end of the period, and short-term cash pressure is significant (adjusted FCF of -1.3 billion euros in 2024, -0.8 billion in 2025 and -0.3 billion in 2026)'.
The research firm adds that with an EV/EBITDA 2024 multiple of 3.7 times, penalized by cash consumption, the Franco-Dutch airline's stock trades at a 20% premium to the European majors.
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