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TUI stock (TTVLF) slumped Monday after delivering a mixed set of quarterly numbers, just hours before travel bookings firm Trivago (TRVG) - Get trivago NV Report is set to release its own second-quarter results.

The German company beat expectations for sales in the second quarter, with the top line coming in at just under €3.1 billion ($3.25 billion) and some 30% ahead of the Factset consensus, driven by solid bookings for the busy summer season.

However, the group missed analyst forecasts at the bottom line after higher than expected capital expenditure. TUI reported an Ebita loss of €182 million, against consensus for a loss of €134 million, although on an adjusted basis this narrowed to a €157 million loss.

TUI stock fell nearly 4% during morning trading in London, to change hands at 1,180 pence, before paring losses, reducing its year to date gain to just 1.5%.

Price action in TUI shares came just hours ahead of the scheduled release of second quarter numbers for hotel bookings firm Trivago, which is expected to report sales of $277 million shortly before the opening bell in New York Monday.

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Analysts have forecast Ebitda of $16 million for Trivago, net income of $6 million and earnings per share of $0.02.

TUI management reiterated earlier guidance Monday, for underlying Ebita to grow by around 10% for the full year, despite having described the current environment for European tour operators and hotel firms as challenging.

Some analysts have expressed scepticism at whether TUI shares can reward investors for owning them.

Mark Irvine-Fortescue at Panmure Gordon flagged that the company is having to invest ever greater sums in new ships, hotels and aircraft in order to generate the Ebita growth pledged to shareholders, which has left returns on capital and free cash flow under pressure. Dividends are also uncovered by free cash flow.

TUI said Monday that it will review its options around its stake in Hapag Lloyd, which could be worth close to €400 million ($440 million), with a view to selling it.

However, the group spent almost this amount on capital expenditure in the second quarter alone and so the disposal is unlikely to materially relieve the pressure on its bottom line and cash flow.  

Irvine has rated TUI stock as a sell, with a price target of 900 pence, which implies downside of around 15%.