Europe’s Top Airline is Verboten for Investors

Investors in Europe’s biggest airline aren’t sitting comfortably in their cabins.

German carrier Lufthansa—the top European airline by number of passengers—has seen its stock fall more than 40% over the past six months. European airlines are collectively down 30% due to a weakening economy, labor strikes and cutthroat competition in short-haul markets. Lufthansa’s market value including debt now amounts to just 2.6 times earnings before interest, taxes, depreciation and amortization, compared with 3.2 times for all European…

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