Air France: Buy - 500 Beiträge pro Seite

[BigLinus]

Air France: Buy

Die Analysten der Société Générale empfehlen in ihrer Studie vom 28. August die Fluggesellschaft Air France nach wie vor mit dem Rating `Buy`.

Die Northwest Airlines, Continental Airlines und Delta Airlines hätten ein Marketing-Abkommen getroffen. Demnach wolle man auf Routen in Kanada, den USA und der Karibik zusammenarbeiten und dies mittelfristig auf Europa, Asien und Lateinamerika ausweiten. Sofern die regulatorische Zustimmung erfolge, werde man die transatlantischen Routen ab Frühjahr 2003 mit aufnehmen.

Nach Ansicht der Analysten habe diese Ankündigung positive Implikationen für das relativ stark positionierte Skyteam im Ganzen und auch für Air France für sich genommen. Air France sei in dieser Allianz das stärkste Mitglied. Die Analysten bestätigen daher ihr `Buy`-Rating und setzen das Kursziel bei 23 Euro an.

Quelle: Finanzen.net; 29.08.2002 - 13:39 Uhr

[Gatsby2]

Vive L`Air France
As rivals sputter, it`s gaining clout. And privatization will give it a boost


You don`t have to be a jet-setter to know it has been a
rotten year for the airlines. As the anniversary of
September 11 draws near, air travel is still down 10%
on average. Swissair and Sabena have folded, while
across the Atlantic, US Airways (U ) and United
Airlines (UAL ) are struggling to stay aloft.

Not Air France. The government-controlled airline is
looking like a global champ these days. It`s
outperforming larger European rivals such as
Lufthansa (DLAKY ) and British Airways PLC
(BAB ), not to mention beleaguered American
carriers. Its SkyTeam global alliance, which draws
passengers from a network of carriers including Delta
Air Lines (DAL ), is thriving--while rival groupings
have fallen on hard times. And while its stock has
sagged 23% since September 11, that performance is
better than most other airlines.

Air France will soon get a chance to fly even higher, as the French government
is preparing to reduce its stake in the company from 54% to under 20%. That
will make it easier for the French flag carrier to use share swaps to take equity
stakes in smaller airlines such as Alitalia. "As the industry consolidates, we can
reinforce our position," says Chief Financial Officer Philippe Calavia.

The French carrier has other reasons to celebrate. On Aug. 23, Delta announced
a planned code-sharing agreement with Northwest Airlines (NWAC ) and
Continental Airlines (CAL ) that could feed thousands more U.S. passengers
onto Air France`s transatlantic flights. Even more tantalizing, Air France thinks
the deal could pave the way for the expansion of SkyTeam to include Northwest,
Continental, and Northwest`s partner, KLM Royal Dutch Airlines (KLM ). That
would catapult SkyTeam from No. 3 to No. 1 among global alliances. Alliance
partners book passengers on one another`s flights, coordinate connecting flights,
and share frequent-flier programs.

Air France is well positioned to expand. Its hub at Charles de Gaulle Airport in
Paris already offers nearly 15,000 connections a week between long-haul and
short-haul flights, more than any other European airport. The Paris airport is
ideally located: Not only does it draw passengers from one of Europe`s biggest
capitals, with 11 million people, but it also is within two hours` flyingtime of most
Western European cities and has plenty of room to add slots.

Moreover, Air France has escaped relatively unscathed from the post-September
11 downturn in air travel because North American flights account for only 15%
of its business, well below the figures for Lufthansa and BA. That explains why
Air France earned $152 million on revenues of $12.2 billion during the fiscal year
ended Mar. 31--the only major European or U.S. carrier to turn a profit.
Although Lufthansa and some other European carriers are now rebounding,
analysts expect Air France to post at least a $200 million profit this year.

Of course, it`s not all geography and good luck. Until CEO Jean-Cyril Spinetta
climbed into the cockpit in 1997, Air France had done little to develop its Paris
hub. To lure high-paying business customers, Spinetta and his team rejiggered
schedules to raise the number of quick connections. Spinetta also forged a truce
with the pilots` union, winning a no-strike agreement in exchange for handing
pilots shares in the company. He pushed to bring Air France`s costs into line with
those of rivals by trimming less-profitable routes. And he cajoled reluctant
French officials to approve a tie-up with Delta in 1999.

The partnership is paying big dividends--and not only because it lets Air France
customers connect seamlessly to 52 destinations in the U.S. and Latin America.
Delta is in stronger financial shape than most U.S. carriers, with $2.7 billion in
cash on its balance sheet. "More than ever, Delta looks like the right U.S.
partner for Air France," says Daniel Solon, an analyst with Avmark International,
an aviation consultancy. The French carrier also has picked up business with the
demise of Swissair and Sabena, and it is making inroads in Central and West
Africa following the collapse of Air Afrique earlier this year.

Air France will soon mark another milestone in its 63-year history. The company
was partly privatized in 1999 when the government sold about one-third of its
shares and gave another 11% to employees. Now the center-right administration
of Jean-Pierre Raffarin, looking for money to cover a burgeoning budget deficit,
plans another share sale by early next year. That will give Air France
management greater flexibility in negotiations with unions and make it easier to
take stakes in other airlines.

There are still some obstacles in Air France`s flight path, though. Many industry
watchers think U.S. and European antitrust regulators may block SkyTeam from
taking in KLM, Northwest, and Continental. Then there`s the challenge posed by
Europe`s fast-growing discount carriers. Recently, easyJet Airline Co. moved
into Charles de Gaulle and another Paris airport. It now offers service to London,
Liverpool, and Geneva at cut-rate prices.

So far, Air France hasn`t followed the example of BA and Lufthansa, both of
which recently reduced fares in response to competition from discounters.
Calavia says that Air France will act if low-budget carriers start cutting into its
business. But he says, "in our market they have not been very aggressive so far."
One reason, though, is that the French government has been slow to approve
airport slots for low-cost carriers. The competition is bound to heat up. But Air
France has the cash and clout to stay in the game.


By Carol Matlack in Paris

http://www.businessweek.com/magazine/content/02_36/b3798106.…