LONDON, June 16 (Reuters Breakingviews) - Northern Europeans holidaying in Greece are usually recognisable by their burnt visages. Investors in Tui (TUIGn.DE) may soon feel similar discomfort. Europe’s largest package tour group is exploring raising 1 billion euros to repay copious state aid, Bloomberg reported on Wednesday. Coming shortly after a 500 million euro capital increase – plus a 400 million euro convertible bond issued in April – the move smacks of opportunism. Pent-up wanderlust has pushed Tui shares up 41% so far this year. German carrier Deutsche Lufthansa (LHAG.DE) is considering a similar move, Reuters reported last month read more . If Tui boss Friedrich Joussen does tap shareholders for the cash it is unlikely to be for the last time. Net debt of roughly 6.8 billion euros is over 4 times estimated EBITDA for 2022, even though the metric is projected to exceed pre-pandemic levels that year, according to Refinitiv data. That might send sun-loving shareholders scurrying for the shade. (By Christopher Thompson) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Platinum Equity goes old school with latest deals read more New U.S. antitrust sheriff read more Macron’s 2030 EU tech push is oddly modest read more Mortgage IPO comes out swinging Down Under read more Mizuho executives take pointless pay cuts read more