Thomas Cook, TUI

All,cFurther comments from Tomas on TUI this morning:
Negative. Although the focus of analysts is on any potential sale of the TCG airline business, fundamentally the tour operator model is in decline. Thomas Cook want to sell airlines to invest the cash into "holiday experience" but they are behind tui in this regard. 
We don't think airlines business will be easily sold and any proceeds will need to be invested into what TUI call the holiday experience segment. Ultimately, that is the segment bondholders will be stuck with at TCG once de-levered by the airline sale. 
TUI numbers out:Given they came out with revised downward guidance last week, no surprises. But the traditional tour operator business down i.e. the Thomas Cook business. Markets & Airlines: challenging market environment for traditional tour operators.The Group s Markets (tour operators) & Airlines segment delivered growth in customer volumes of 1.2 per cent in Q1 2019 and an increase in turnover of 0.8 per cent to 3.06 billion euros (previous year 3.04 billion euros).
Underlying EBITA across all regions: -26.5 per cent to -178.1 million euros (previous year -140.8 million euros)
Underlying EBITA across all regions on a constant currency basis: -26.2 per cent to -177.7 million euros (previous year -140.8 million euros)

Wolfgang