Its use is rampant AIRLINEINVESTOR.   Here is from a recent GOLDMAN SACHS report on LUFTHANSA.   Moreover, the lack of near term FCF or net profit means it will be used ever more in the next 2-3 years.   I wrote how to determine ENTERprise VALUE (EV) in a previous post.   

Happy investing.   

"Lufthansa will continue to burn cash on our forecasts (equal to c.9% of its current market cap pa on average through 2022-23E). This reflects limited EBITDA growth, elevated capex (see above) and continued pension contributions of c.€0.4-0.5 bn pa. We believe earnings growth will be capped by ongoing structural yield pressure on a cost base that remains uncompetitive. Indeed, LHA’s unit cost performance has historically been helped by fleet growth, while its fleet is now likely to shrink. With the stock trading c.1 turn above its historical EV/EBITDAR average of 4.4x in CY21E, we remain Sell-rated with 28% downside to our new price target of €6.1 (from €9.7)."