Last week, you might have seen that Finnair Oyj (HEL:FIA1S) released its first-quarter result to the market. The early response was not positive, with shares down 10.0% to €3.64 in the past week. It was a pretty bad result overall; while revenues were in line with expectations at €561m, statutory losses exploded to €1.14 per share. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

View our latest analysis for Finnair Oyj

After the latest results, the consensus from Finnair Oyj's five analysts is for revenues of €1.74b in 2020, which would reflect a stressful 42% decline in sales compared to the last year of performance. Losses are forecast to balloon 754% to €2.77 per share. Before this latest report, the consensus had been expecting revenues of €1.99b and €1.58 per share in losses. So there's been quite a change-up of views after the recent consensus updates, withthe analysts making a serious cut to their revenue outlook while also expecting losses per share to increase.

There was no major change to the consensus price target of €3.40, signalling that the business is performing roughly in line with expectations, despite lower earnings per share forecasts. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. The most optimistic Finnair Oyj analyst has a price target of €3.50 per share, while the most pessimistic values it at €3.30. Even so, with a relatively close grouping of analyst estimates, it looks to us as though the analysts are quite confident in their valuations, suggesting that Finnair Oyj is an easy business to forecast or that the the analysts are all using similar assumptions.

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. These estimates imply that sales are expected to slow, with a forecast revenue decline of 42%, a significant reduction from annual growth of 7.3% over the last five years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 4.1% annually for the foreseeable future. It's pretty clear that Finnair Oyj's revenues are expected to perform substantially worse than the wider industry.