Lufthansa Group: We Initiate Coverage With No-Moat Rating and Fair Value Estimate of EUR 6.5
Lufthansa is a European network carrier utilizing a hub-and-spoke model with major hubs in Frankfurt, Munich, Vienna, and Zurich.
Lufthansa is a European network carrier utilizing a hub-and-spoke model with major hubs in Frankfurt, Munich, Vienna, and Zurich.
Covid-19 presented the group with a unique opportunity to structurally lower its cost base and emerge from the crisis with better profitability.
The group’s high levels of debt could result in gross shareholder value destruction.
Metric
|
LHA
|
RYA
|
WIZZ
|
---|---|---|---|
Price/Earnings (Normalized) | 6.89 | 12.02 | 11.57 |
Price/Book Value | 0.83 | 2.44 | 10.51 |
Price/Sales | 0.22 | 3.61 | 0.44 |
Price/Cash Flow | 2.69 | 17.48 | 3.04 |
Metric
|
LHA
|
RYA
|
WIZZ
|
---|---|---|---|
Quick Ratio | 0.59 | 0.65 | 0.72 |
Current Ratio | 0.75 | 0.93 | 0.87 |
Interest Coverage | 2.83 | — | 2.32 |
Metric
|
LHA
|
RYA
|
WIZZ
|
---|---|---|---|
Return on Assets (Normalized) | 2.85% | 9.48% | 1.18% |
Return on Equity (Normalized) | 13.99% | 20.03% | — |
Return on Invested Capital (Normalized) | 6.72% | 14.23% | 3.68% |
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