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    SAS   SE0003366871

SAS AB (PUBL)

(SAS)
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Real-time Estimate Cboe Europe  -  08:41 2022-08-15 am EDT
0.7410 SEK   +6.93%
05:32aEUROPEAN MIDDAY BRIEFING : Disappointing China Data Weighs on Mood in Europe
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05:14aSAS bridge financing keeps survival hopes airborne, shares climb
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European shares slide as soaring gas prices fuel inflation concerns

07/05/2022 | 04:56am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

* Eurozone business growth slowed sharply in June - PMI

* Remy Cointreau climbs after Jefferies upgrade to 'buy'

* SAS shares slide after bankruptcy filing in U.S.

July 5 (Reuters) - European stocks slid 2.1% on Tuesday as soaring energy prices stoked inflation worries, sending the euro sinking on recession concerns, while German utility Uniper extended its tumble amid worries about its bailout.

The continent-wide STOXX 600 index marked its worst session in over two weeks. Losses were largely broad-based and led by oil and gas stocks and miners.

European gas prices jumped after Norwegian offshore workers began a strike on Tuesday in a move that hurt output and heightened worries about an energy shock.

"It comes at a highly fragile time geopolitically, given that the EU is facing the threat that Russia will turn off the taps abruptly, potential plunging vital industries into crisis," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

Uniper shares slumped 9.5% as Germany prepared for the possibility of taking a stake in the country's largest buyer of Russian gas, Handelsblatt reported.

Last week Uniper became the first German energy company to raise the alarm over scarce gas and soaring prices. The government has warned that utilities could face a Lehman Brothers style collapse due to soaring energy prices.

Europe's utilities index slipped 2%, while Germany's DAX lost almost 3%.

A sliding euro further weighed on domestic stocks.

European Central Bank Vice President Luis de Guindos said on Monday the euro zone economy could suffer a recession if Russia cuts off gas supplies and industry had to adjust to a shortage of energy.

Tightening financial conditions are fuelling worries about a hit to economic growth and corporate profits. The STOXX 600 has shed almost 18% so far this year.

"We have been trimming European equity exposure for the past 4-5 weeks ago given the risk to GDP, currency and earnings. It all feeds into the idea of recession risks on the rise," said Grace Peters, EMEA head of investment strategy at JPMorgan Private Bank.

Data showed business growth across the Eurozone slowed further last month, with forward looking indicators suggesting the region could slip into decline this quarter as the cost of living crisis keeps consumers wary.

Among other stocks, Remy Cointreau gained 4.6% after Jefferies upgraded the French spirits group's stock to "buy" from "hold", citing its positioning to navigate inflationary pressures facing staples.

SAS fell 10.2% after the Scandinavian airline filed for bankruptcy protection in the United States to help accelerate restructuring plans, warning strike action by pilots had impacted its financial position and liquidity. (Reporting by Devik Jain and Susan Mathew in Bengaluru, and Sujata Rao-Coverly in London; Editing by Uttaresh.V, Arun Koyyur, William Maclean)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.64% 0.68925 Delayed Quote.8.69%
BRITISH POUND / EURO (GBP/EUR) 0.26% 1.1853 Delayed Quote.-0.65%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.50% 0.758996 Delayed Quote.9.63%
INDIAN RUPEE / EURO (INR/EUR) 0.79% 0.012335 Delayed Quote.3.79%
LONDON BRENT OIL -4.58% 93 Delayed Quote.25.61%
RÉMY COINTREAU 1.17% 189.9 Real-time Quote.-12.34%
SAS AB (PUBL) 7.13% 0.744 Delayed Quote.-45.67%
STOXX EUROPE 600(EUR)(TR) 0.07% 1014.54 Delayed Quote.-7.71%
UNIPER SE 7.05% 7.97 Delayed Quote.-82.19%
US DOLLAR / EURO (USD/EUR) 0.50% 0.980075 Delayed Quote.10.84%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.12% 61.572 Delayed Quote.-17.87%
WTI -4.76% 87.141 Delayed Quote.21.92%
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08/12COPENHAGEN AIRPORT - CPH TRAFFIC DAT : Very busy July despite SAS pilot strike
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Analyst Recommendations on SAS AB (PUBL)
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Financials
Sales 2022 32 319 M 3 166 M 3 166 M
Net income 2022 -3 518 M -345 M -345 M
Net Debt 2022 40 884 M 4 005 M 4 005 M
P/E ratio 2022 -1,35x
Yield 2022 -
Capitalization 5 035 M 493 M 493 M
EV / Sales 2022 1,42x
EV / Sales 2023 1,24x
Nbr of Employees 6 881
Free-Float 51,5%
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Mean consensus SELL
Number of Analysts 4
Last Close Price 0,69 SEK
Average target price 0,13 SEK
Spread / Average Target -81,7%
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Managers and Directors
Anko van der Werff President & Chief Executive Officer
Erno Hildén Chief Financial Officer & Executive Vice President
Carsten Dilling Chairman
Charlotte Svensson Chief Information Officer & Executive VP
Birgitta Monica Caneman Independent Director
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