As investors scrutinize Air France-KLM Group’s earnings on Wednesday, the company has become the biggest -- and only -- gainer among Europe’s top airlines, while also being the cheapest on the Stoxx Europe 600 Index, based on its stock price relative to analysts’ earnings estimates. Skepticism remains as Jean-Marc Janaillac, who takes over as chief executive officer in the summer, will have to contend with bitter labor disputes and growing competition.

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