SAS: Stark Q2-rapport

K

kristofer

New member
Fina siffror från SAS för Q2. Aktien rusar på börsen, just nu upp 15%!



Key ratios April-June 2011



· Revenue: MSEK 11,229 (9,979)

· Number of passengers: up 1.1 million (17.8%)

· Income before nonrecurring items in continuing operations: MSEK 365 (-236)

· EBT margin before nonrecurring items in continuing operations: 3.4% (-2.4%)

· Cash flow from operating activities: MSEK 731 (503)

· Income before tax: MSEK 729 (-600)

· Net income for the period: MSEK 551 (-502)

· Earnings per share: SEK 1.67 (-1.76)





Källa: http://feed.ne.cision.com/client/waymaker1/WOLReleaseFile.aspx?id=1938698&fn=wkr0005.pdf
 
KOmmentarer från Enskilda om dagens rapport: (www.enskilda.se)




Q2: Fantastic result


 Strong EBITDAR: SEK 2,410m


SAS reported very buoyant figures for Q2 as the company generated revenue of


SEK 11,229m (SEK 9,979m in Q2 2010) and EBITDAR of SEK 2,410m compared


with our SEK 11,044m revenue estimate and SEK 1,127m EBITDAR forecast.


Aside from the SEK 200m higher revenues, the surprise was on the cost side,


where SAS continued the strong cost-cutting momentum from Q1. Pre-tax profit of


SEK 729m (the company posted a net loss of SEK 502m in Q2 2010) was


negatively affected by SEK 798m in one-offs, of which SEK 725m was marked-tomarket


valuation of the MD 80 fleet. Adjusted for one-offs, pre-tax profit was


SEK 1,527m (100m) versus our SEK 525m estimate and consensus of SEK 426m.


 SAS maintained guidance


SAS kept its guidance for 2011, signalling that it will generate a positive result for


2011. With a strong Q2 in the books as well as solid July traffic statistics and robust


August bookings, our profit estimate of SEK 184m for 2011 and consensus for a


loss of SEK 58m are conservative even if Q4 were to be a worst-case scenario.


 Stock very cheap


The stock was trading at a P/BV of 0.26x ahead of the results, effectively priced as


a default candidate. The Q2 report signals that the business model is functional and


SAS does not need more money from shareholders to insulate the coffers. The


positive contribution to 2011 net profit and our 2012-13 estimates already factoring


in a 15% drop in traffic versus the estimates outlined in July signal that SAS could


be profitable even in a scenario in which our macro team cuts its current GDP


forecast by more than 20-30%.
 
Vad roligt! Hoppas att det här är vändningen för SAS! data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7
 
Jag hoppas verkligen det. De har signalerat ny strategi och expansion och jag hoppas att det blir lönsamt. Nu kanske de vågar satsa på mer kundnytta även i luften.
 
Det här är väl förklaringen till prisnivån på den senaste rabattkampanjen...

SAS säljer helt enkelt biljetterna ändå, som det verkar.
 
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