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Nov 16 2020, 12:45 GMT
Ratings and price correct at time of issue
|Company||Rating||Date||Previous Rating||Date||Closing Price|
|Air France KLM||UNDERPERFORM||11/05/20||Neutral||20/01/20||390c|
|Wizz Air Holdings||NEUTRAL||09/09/19||Outperform||20/06/18||4370.0p|
While cash burn remains very significant for network airlines, we think IAG is restructuring quickly and should have enough liquidity to emerge from this crisis as one of the leanest, most competitive network airlines. Vaccine developments provide hope for all into summer 2021, but Air France-KLM and Lufthansa will still need to reshape their capital structures.