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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Air France-KLM    AF   FR0000031122

AIR FRANCE-KLM (AF)
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European shares on a high as optimism on earnings, economy, grow

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01/19/2018 | 06:17pm CET
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

MILAN/LONDON (Reuters) - European shares rose to highs not seen since 2008 as growing confidence in corporate earnings and in the strength of the global economy continued to fuel a bull market, which shrugged off fears of a possible U.S. government shutdown.

The euro zone's STOXX <.STOXXE> benchmark index closed up 0.73 percent at 402.95 points, its highest level in 10 years and the pan-regional STOXX 600 <.STOXX> benchmark rose 0.5 percent to 400.71 points, a 2-1/2 year peak.

"In 2017 we were in a catch-up phase and now we are going beyond", said Philippe Waechter, chief economist at Natixis AM, commenting on the strength of euro zone shares.

"We are in a period of robust growth, markets are integrating this and because there are no signs of fragility, they have no reason to change directions", he added.

The European results season shifts into gear next week with equity valuations at their highest in more than a year and investors betting that the engine of earnings upgrades has plenty more fuel in the tank.

Strategists at Bank of America Merrill Lynch also said that the relentless rise in global stocks should extend in the short-term as investors pump record amounts of cash into equities.

Stocks were higher across all sectors at the exception of energy <.SXEP>, down 0.77 percent, tracking a fall in crude prices.

At the opposite, the European Personnal and Households goods index <.SXQP> jumped 1.5 percent with Adidas (>> adidas) up 6.9 percent and France's SEB (>> Groupe Seb) on a 4 percent rise.

The basic resources index <.SXPP>, where big mining stocks are listed, rose 0.6 percent as metals prices were buoyed by the first acceleration in China's economic growth in seven years.

Among outstanding movers were shares in OC Oerlikon (>> OC Oerlikon Corporation), up 5.5 percent, after the Swiss-listed textile-and-surfacing solutions group forecast rising textile margins following two big Chinese orders.

"These contracts point to a stronger and more sustainable recovery of the investment cycle in the manmade/polyester industry especially in the key manmade market in China," Baader Helvea said in a note, affirming its buy rating.

Software AG (>> Software) rose 1.7 percent to its highest level in 18 years, supported by the prospect of a rise in 2018 earnings as a result of tax reforms in the United States.

Among British mid-caps, a profit warning sent crematorium operator Dignity (>> Dignity Plc) down about 50 percent.

Britain's biggest floor coverings retailer Carpetright (>> Carpetright plc) also warned on profits, sending its shares plummeting 39.4 percent and weighing on home improvement retailer Kingfisher (>> Kingfisher), down 2.3 percent.

(Reporting by Danilo Masoni; Editing by Angus MacSwan)

By Danilo Masoni and Julien Ponthus

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Financials (€)
Sales 2018 26 500 M
EBIT 2018 1 557 M
Net income 2018 927 M
Debt 2018 2 639 M
Yield 2018 0,95%
P/E ratio 2018 4,51
P/E ratio 2019 4,20
EV / Sales 2018 0,26x
EV / Sales 2019 0,24x
Capitalization 4 295 M
Chart AIR FRANCE-KLM
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Air France-KLM Technical Analysis Chart | AF | FR0000031122 | 4-Traders
Technical analysis trends AIR FRANCE-KLM
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 13,2 €
Spread / Average Target 32%
EPS Revisions
Managers
NameTitle
Jean-Marc Janaillac Chairman & Chief Executive Officer
Frédéric Gagey Chief Financial Officer
Jean-Christophe Lalanne Executive Vice President-Information Technology
Maryse Aulagnon Independent Director
Jean-Dominique Comolli Director
Sector and Competitors
1st jan.Capitalization (M$)
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RYANAIR HOLDINGS PLC11.91%24 164
UNITED CONTINENTAL HOLDINGS INC-2.55%19 458
INTERNATIONAL CONSOLIDATED AIRLINES GROUP-7.40%17 367