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☆ Investors are 'way too optimistic' about 2024, analyst says
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors are 'way too optimistic' about 2024, analyst saysJacob Pedersen, head of equity research at Sydbank, says global growth will be slower than in 2023.

Persons: Jacob Pedersen

☆ Wind power industry in moment of reckoning as stocks fall and earnings crumble
▼ + stars: | 2023-11-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Ina Fassbender | AFP | Getty ImagesRenewable energy firms are mostly suffering a dire earnings season as struggling supply chains, manufacturing faults and rising production costs eat into profits. Manufacturing faults, most notably at Siemens Energy 's wind turbine subsidiary Siemens Gamesa, have emerged as companies race to build turbines at a greater pace and scale. Specialist wind energy firms are also often finding themselves outbid for seabed licenses by traditional oil and gas players. As a result, most wind energy stocks are down sharply since the turn of the year. The firm's economists said the past earnings season was a "learning moment" for the industry.

Persons: Ina Fassbender, Ørsted, Vestas, Henrik Andersen, " Andersen, Jacob Pedersen, it's, " Pedersen, CNBC's, Pedersen Organizations: International Energy Agency, AFP, Getty, Siemens Energy, Siemens Gamesa, Allianz Research, CNBC Wednesday, Sydbank Locations: Germany, Europe, U.S

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. Orsted, the world's largest offshore wind developer, said in August it may see impairments of 16 billion Danish crowns ($2.3 billion) on its U.S. offshore developments due to supply chain problems, soaring interest rates and a lack of new tax credits. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. In Massachusetts, two offshore wind developers, SouthCoast Wind and Commonwealth Wind, agreed to pay local utilities to terminate deals that would have delivered around 2,400 MW of energy. Avangrid also canceled a contract to sell power in Connecticut from its proposed 804-MW Park City offshore wind farm.

Persons: Tom Little, Denmark's, Joe Biden, Orsted, Jacob Pedersen, Portugal, France's, Avangrid, Scott DiSavino, Louise Breusch Rasmussen, Ron Bousso, Jonathan Oatis, Josie Kao Organizations: REUTERS, BP, U.S, Analysts, Reuters, Commonwealth, Shell, Energias, Thomson Locations: Nysted, Denmark, U.S, Danish, New York, Massachusetts, Connecticut, Rhode Island and Massachusetts, In Massachusetts, Commonwealth, Spanish, Copenhagen, London, Bengaluru

☆ SAS slides 95% as Scandinavian airline's shareholders wiped out
▼ + stars: | 2023-10-04 | by ( Louise Rasmussen | ) www.reuters.com time to read: +2 min

COPENHAGEN, Oct 4 (Reuters) - SAS shares slumped by as much as 95% on Wednesday after the airline announced a financial restructuring on Tuesday to prevent bankruptcy, bringing on board big new investors and wiping out the stakes of its more than 250,000 owners. SAS (SAS.ST) said U.S. investment firm Castlelake and Air France-KLM (AIRF.PA) would become new major shareholders alongside the Danish state, and that the airline's stock will be delisted from the Stockholm, Copenhagen and Oslo exchanges. Scandinavian Airlines (SAS) flights are seen listed at Copenhagen Airport Kastrup in Copenhagen, Denmark, July 3, 2022. Shares in SAS, which have tumbled in recent years, traded down 83% at 1144 GMT to 0.05 Swedish crowns ($0.0045). "Management itself has come out to say there was a risk that the shares will become worthless.

Persons: Andrew Kelly, Lind, Jacob Pedersen, Pedersen, Louise Breusch Rasmussen, Anna Ringstrom, Terje Solsvik, Alexander Smith Organizations: SAS, Air France, KLM, France, Scandinavian Airlines, Copenhagen, REUTERS, Lind Invest, Thomson Locations: COPENHAGEN, United States, Danish, Stockholm, Copenhagen, Oslo, Amsterdam, Paris, Denmark

☆ Air France-KLM becoming a SAS shareholder will change dynamics amongst airlines, analyst says
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAir France-KLM becoming a SAS shareholder will change dynamics amongst airlines, analyst saysJacob Pedersen, head of equity research at Sydbank, discusses the restructuring deal of the Scandinavian airline SAS, which includes fellow airline company Air France-KLM becoming a new major shareholder.

Persons: Jacob Pedersen Organizations: Email Air France, KLM, SAS, Scandinavian, Air France

SAS filed for U.S. bankruptcy protection last year as it struggled to slash costs and debt amid strikes by pilots. SAS hopes to raise 9.5 billion Swedish crowns ($863 million) in new equity and convert 20 billion crowns of debt into equity. They could include Sweden's family-owned Wallenberg foundation, which currently holds a 3.4% stake in SAS, or Danish pension funds, he said. Once that is done, SAS can begin proceedings to exit chapter 11 bankruptcy protection, which could be late this year or next year, Pedersen said. It is not clear if SAS will be taken off the Swedish stock market after exiting bankruptcy protection.

Persons: Johan Nilsson, Apollo, Jacob Pedersen, Gerald Engstrom, Pedersen, Johannes Birkebaek, Jacob Gronholt, Mark Potter Organizations: SAS Airbus, Kastrup, Scandinavian Airlines, TT News Agency, REUTERS, Rights, Scandinavia's, SAS, U.S, Italy's ITA Airways, Portugal's TAP, WHO, Apollo Global Management Inc, European Union, Wallenberg, Private, Lufthansa, ITA Airways, Thomson Locations: Kastrup, Denmark, Rights COPENHAGEN, Danish, Copenhagen, EU, Europe, SWEDEN, NORWAY, Swedish, Sweden, Private Swedish

☆ Airline SAS extends deadline for equity fundraising
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

TT News Agency/Johan Nilsson via REUTERS/File Photo Acquire Licensing RightsSept 11 (Reuters) - Scandinavian airline SAS (SAS.ST), battling to emerge from bankruptcy protection, said on Monday it was extending the deadline for final bids for its equity fundraising by a week to Sept. 25 at the request of bidders. SAS said in May the U.S. court had approved a revised plan to raise equity. Denmark has said it is willing to increase its stake in SAS to around 30% from around 22%, if others investors were to take a majority stake. Reuters reported in May that U.S. asset manager Apollo Global Management Inc (APO.N) planned to apply for approval from Swedish and Danish regulators to take a majority stake in SAS as part its rescue plan. Earlier this month, SAS, which has been under bankruptcy protection since July 2022, posted its first quarterly pretax profit since late 2019.

Persons: Johan Nilsson, Jacob Pedersen, Pedersen, Urvi Dugar, Gokul, David Evans, Mark Potter, Susan Fenton Organizations: SAS Airbus, Kastrup, Scandinavian Airlines, TT News Agency, REUTERS, Scandinavian, SAS, Reuters, Apollo Global Management Inc, Marie Mannes, Thomson Locations: Kastrup, Denmark, Sweden, Bengaluru, Stockholm

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