Air France-KLM

AF: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€8.00	Mtth	Qfms

Air France-KLM: Initiating Coverage With No-Moat Rating and Fair Value Estimate of EUR 9

Loredana Muharremi

Aug 12, 2024

We are initiating coverage of Air France-KLM with a no-moat rating and a fair value estimate of EUR 9 on the back of continued strong travel demand, gradual capacity recovery, and operational efficiency, resulting in improved profitability and cash flow generation.

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