AFRAF - Air-France KLM: Betting On Greater Fools Also Known As French And Dutch Governments
- The company's balance sheet is absolutely filled with long-term debt, and dividends or buybacks are not on the horizon for the next one or two decades.
- The company has an inferior cost structure to budget competitors.
- It seems more and more as if the company is run with government priorities first and profits second.
- With an intrinsic value per share of close to 0 euro, my conclusion is simple; this is dead money.
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Air-France KLM: Betting On Greater Fools, Also Known As French And Dutch Governments