Fleet And MarginsLufthansa has the oldest fleet in the coverage and the lowest margins, which could impact profitability.
Macroeconomic EnvironmentMacroeconomic weakness and geopolitical tensions could curb discretionary spending on travel, with rising unemployment and higher cost of living in Europe.
Operational ChallengesExtended period of time for full recovery, with operational challenges, unscheduled engine maintenance, and delayed deliveries underpinning a neutral stance on the group.