KEVIN BOWMAN | HARGREAVES LANSDOWN
Despite a year that investors and management will want to forget, Thomas Cook continues to receive the benefit of the doubt. Costs in more mature markets continue to be targeted, while sales expansion in emerging markets provide future growth prospects, and winter bookings offer further cheer.
NICK BATRAM | PEEL HUNT
Trading conditions are challenging but overall we think the update is reassuring. Good underlying progress has been overshadowed by the tough consumer backdrop. While market conditions stay difficult we feel the group is close to trough earnings; a price to earnings ratio of under eight times hardly looks demanding.
SAM HART | CHARLES STANLEY
These results were in line with soft expectations, impacted by disruption relating to the volcanic ash cloud and weak underlying trading in the UK business. The shares look cheap but the quality of earnings in the tour operator sub-sector is poor. We expect investors to remain wary of the shares.