Lufthansa: The Capital Market Day Update Reaffirms Our Buy Case

2025-10-01 05:35:59 ET

We return to share our views on Deutsche Lufthansa AG ( OTCQX:DLAKF ), ( OTCQX:DLAKY ) after its Capital Market Day held last week. Recent guidance confirms the fundamentals behind our long-term investment thesis. With the stock appreciating since our Q2 update (Fig. 1), we restate for new readers the drivers that underpin our buy rating. As a recap, our overweight was backed by 1) an ongoing deleverage story, 2) EU market consolidation, 3) MRO upside, and 4) a valuation discount with a sum-of-the-parts analysis....

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