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Lufthansa: Stocks Drop Ahead of Additional Issue

Lufthansa: Stocks Drop Ahead of Additional Issue

Information is not investment advice

What will happen?

Lufthansa will initiate an additional share issue to increase its capital by €2.14 billion, which will help to pay off a government bailout secured at the height of the COVID-19 pandemic. Aviation was among the sectors hardest hit by lockdowns and international travel restrictions and Lufthansa was one of several airlines forced to secure a government bailout.

Lufthansa believes that this money will help to repay the €9 billion state aid that saved it from bankruptcy. The stock price for the additional issue is set at €3.58. The issue will start on September 22 and run for the next two weeks.

The current state of Lufthansa’s finances

In the Q2 financial statement, Lufthansa recognized a €756 million loss. Last year, when travel worldwide was halted by COVID-19, the airline's losses reached €1.5 billion.

Despite travel restrictions being eased and an increase in bookings, the German carrier said it still expects to operate at 40% of its pre-crisis capacity this year.

Technical analyses

Daily chart

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The price dropped by 25% on September 22 and broke through the support of €7, which has held the price since 1993. We expect Lufthansa to reach the last historical support range of €4.5 – €4.6. But before that, the price might retest the previous support level from below. As we can see, right now RSI locates in an oversold zone, that’s why we expect the price to return to €7 level again, before the next down move.

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