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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Air France-KLM    AF   FR0000031122

AIR FRANCE-KLM

(AF)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 07/03 01:16:50 pm
4.236 EUR   +1.63%
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Hedge funds target France as short-selling bans lifted

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05/27/2020 | 02:40am EDT
FILE PHOTO: The word Bourse is seen on a sign near the Palais Brongniart, former Paris Stock Exchange, located Place de la Bourse in Paris

By Maiya Keidan

A cluster of big name hedge funds have started betting against French companies, moving in after the lifting of a short-selling ban imposed earlier this year to calm financial markets, an analysis of regulatory filings showed.

France joined Italy, Spain, Belgium, Austria and Greece in dropping short-selling bans last week. They had banned the practice for many stocks two months ago to curb extreme stock market volatility caused by economic uncertainty that has resulted from the coronavirus lockdowns.

Hedge funds engage in so-called "short-selling" by borrowing a stock from an institutional investor, such as a pension fund, and selling it back when the shares fall, pocketing the profit.

Financial market regulators have banned short-selling during bouts of stock market turbulence in the past because of a perception it can add to market instability.

Regulatory filings in the seven days since the bans ended showed that France accounted for more than half the 125 regulatory notifications of changes to short positions against companies in the six markets.

Citadel, Marshall Wace and Millennium are among hedge funds that have taken out short positions on French companies over the past week, with Peugeot and Air France-KLM among the most prominent targets.

British hedge fund Sandbar Asset Management took the opportunity to double its short position in Air France to 1.2% of the company's equity capital on May 20, from 0.6% on March 17.

London-based Marshall Wace also added to its bet against Air France last week. It rose to 2.72% on May 20 from 2.66% on March 31.

Hedge fund Millennium has made a short bet on payments company Worldline, while automaker Peugeot and cable industry leader Nexans have also attracted hedge fund short sellers.

American hedge fund Citadel added to short positions in automotive supplier Valeo and CGG, a manufacturer of geophysical equipment.

European short-selling laws mean only bets against companies of 0.5% and above need to be publicly disclosed. It was also not known if hedge funds had offsetting long positions.

Citadel, Millennium, Sandbar and Marshall Wace all declined to comment on their short positions.

(Reporting by Maiya Keidan. Editing by Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM 1.03% 4.211 Real-time Quote.-58.00%
CGG -0.73% 0.9816 Real-time Quote.-65.84%
EXTREME CO.,LTD. 3.64% 1596 End-of-day quote.-18.15%
NEXANS SA -0.19% 42.44 Real-time Quote.-2.23%
PEUGEOT -2.29% 14.29 Real-time Quote.-31.34%
THE CITADEL GROUP LIMITED -0.92% 3.22 End-of-day quote.-34.55%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
VALEO -3.01% 23.5 Real-time Quote.-22.86%
WORLDLINE 0.62% 78.28 Real-time Quote.23.20%
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Latest news on AIR FRANCE-KLM
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Financials
Sales 2020 12 343 M 13 870 M 13 870 M
Net income 2020 -3 977 M -4 468 M -4 468 M
Net Debt 2020 11 522 M 12 947 M 12 947 M
P/E ratio 2020 -0,44x
Yield 2020 -
Capitalization 1 782 M 2 003 M 2 002 M
EV / Sales 2019
EV / Sales 2020 1,08x
Nbr of Employees 85 394
Free-Float 50,2%
Chart AIR FRANCE-KLM
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Technical analysis trends AIR FRANCE-KLM
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 22
Average target price 4,18 €
Last Close Price 4,17 €
Spread / Highest target 140%
Spread / Average Target 0,20%
Spread / Lowest Target -76,0%
EPS Revisions
Managers
NameTitle
Benjamin M. Smith Chief Executive Officer & Director
Anne-Marie Couderc Non-Executive Chairman
Frédéric Gagey Chief Financial Officer
Jean-Christophe Lalanne Executive Vice President-Information Technology
Maryse Aulagnon Independent Director
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