Fun overboard: CEO Fritz Joussen saw the group on the way to becoming a digital champion. Now a classic analog disaster threatens.
Photo:Niels Starnick / Bild am Sonntag
Fritz Joussen (57) provides a thrill every day, always around 2 p.m. Then the Tui boss flips up the gray lid of his tablet, opens a plain table with the latest booking figures - and hopes for the best. One column interests the manager most: change compared to previous year. At the beginning of the Corona crisis there were values between 90 and 100 percent. In the meantime, travel is allowed again, some customers are still booking their summer vacation, the minus is shrinking. But is it shrinking enough?
Joussen hopes that the value will come in at 50 percent, "then we would be largely at cash break-even". In other words: as much cash would come in as acutely flow out. That would only be a mini-rescue for the Tui. But an important stage on the way to survival. And a rebellion against the overwhelming power of the skeptics.
The financial community gives very little to the world's largest travel company (19 billion euros in sales, a good 70,000 employees). The investment bank Morgan Stanley expects a further price fall. Target: 1.30 euros - less than a third of the already depressing value from mid-July.
The rating agencies Standard & Poor's and Moody's see the company's creditworthiness at junk level. There seem to be serious doubts that this is still a reliable repayment. Or rather: can be repaid.
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