Lufthansa have countered Deutsche Bank's claim that LHA are falling behind in their restructuring programme with a detailed presentation on their SCORE restructuring programme. The full presentation can be found on LHA's investor relations site. We are currently reviewing the presentation but the market's initial reaction in positive. LHA are one of the few green stocks this morning.

In the meantime LHA are forecasting that airline capacity will increase by 1% in 2013, 5% in 2014, and 4% in 2015. These figures are above our forecasts. However, we are maintaining our price target of €17.50 awaiting further improvement in economic data before committing ourselves. May I remind everyone that our price target is a 1 year price target.

During a presentation with Deutsche Post’s investor relationship officer Robert Schnieder we were impressed with their strategy. However, what mostly hit was that DPW are close to obtaining an A rating… but they are not interested; they want to stay a BBB+. In order to keep the BBB+ rating they are ready to borrow and distribute the cash to shareholders. GREAT.