It is exactly at the same level today as it was then. The last decade, for its part, was marked by a lack of growth and erratic earnings power, weighed down by the pandemic episode. Meanwhile, dividend payouts were modest and uneven.

Notwithstanding this underperformance, and with the exception of Wizz and Ryanair, who did better thanks to their pioneering role in the low-cost segments, Lufthansa fared very well against its European peers such as Air France-KLM, British Airways and Alitalia.

This was due to its control of the Frankfurt hub - Europe's leading airport - and its well-diversified business portfolio, notably in cargo, maintenance and business flights between Europe and Asia. These advantages enabled it to avoid the multiple capital increases that diluted the shareholders of competing airlines.

Unfortunately, the pandemic put an end to this fast period. This example is reminiscent of Finnair, discussed last month in these columns, and Copa Holdings, discussed yesterday.

The year 2022 and 2023 are likely to remain record years for Lufthansa. The company should generate close to EUR5 billion in cash profits - or "free cash flow" - over the two years combined. This represents half of its current market capitalization, and a third of its enterprise value.

Citi analysts warn, however, that this will not be enough to sustain a stock market rally. Lufthansa has to resolve a technical problem with its non-compliant Pratt & Whitney engine ranges. Lufthansa will also face stiff competition from its Chinese rivals on its most profitable routes.

Lufthansa's entire stock market history over the last thirty years has been punctuated by setbacks and then renewed hope. In 2017, the combination of valuation multiples at all-time lows - levels they still occupy today - and hopes of consolidation in the European airline sector had propelled the stock to new heights, before these hopes were dashed cold.

In 2022, with the post-pandemic rally and the resumption of air traffic, the enthusiasm died down even faster this time. The fairly depressed economic situation in Germany and the prospect of rising interest rates undoubtedly contributed to this.

Fans of technical analysis will note that the stock enjoys a strong upward trend every four or five years. Unfortunately for them, if this law of series continues, we'll have to wait a few more years to hope for a new take-off, since the share was already one of the best performers on the DAX last year.