Oddo BHF believes that the stock already discounts the extent of estimate revisions and the relative fragility of the balance sheet, following an 18% decline since the conflict in the Middle East. The analyst considers the stock's valuation to have become attractive once again.

The research firm highlights robust demand and solid RASK (revenue per available seat kilometer) levels, supported by traffic gains, as well as high fuel hedging that helps mitigate cost inflation.

The note points out, however, that balance sheet fragility remains a point of concern, with high net debt (11.7 billion EUR) leaving little room for maneuver should the environment deteriorate.