OB:SAS NOK

Stock Analysis Report

Executive Summary

SAS AB (publ), together with its subsidiaries, provides passenger flight transportation services in the Nordic and international route network.

Snowflake

Fundamentals

Good value with moderate growth potential.

Risks

  • SAS has significant price volatility in the past 3 months.

Similar Companies

Share Price & News

How has SAS's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.9%

OB:SAS NOK

-4.3%

NO Airlines

-0.8%

NO Market


1 Year Return

-27.4%

OB:SAS NOK

-36.9%

NO Airlines

-14.6%

NO Market

SAS NOK outperformed the Airlines industry which returned -36.9% over the past year.

SAS NOK underperformed the Market in Norway which returned -14.6% over the past year.


Share holder returns

SAS NOKIndustryMarket
7 Day-1.9%-4.3%-0.8%
30 Day-8.6%-8.7%-3.6%
90 Day-13.1%-9.6%-7.5%
1 Year-27.4%-27.4%-32.7%-36.9%-9.7%-14.6%
3 Year-37.3%-37.3%5.2%-5.9%38.2%19.9%
5 Year12.5%12.5%19.0%2.3%37.3%6.1%

Price Volatility Vs. Market

How volatile is SAS's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is SAS undervalued based on future cash flows and its price relative to the stock market?

6.43x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

SAS's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

SAS's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

SAS is good value based on earnings compared to the Europe Airlines industry average.

SAS is good value based on earnings compared to the Norway market.


Price Based on Expected Growth

SAS is good value based on expected growth next year.


Price Based on Value of Assets

SAS is good value based on assets compared to the Europe Airlines industry average.


Next Steps

Future Growth

How is SAS expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

27.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

SAS's revenue is expected to grow by 3% yearly, however this is not considered high growth (20% yearly).

SAS's earnings are expected to grow significantly at over 20% yearly.

SAS's revenue growth is positive but not above the Norway market average.

SAS's earnings growth is expected to exceed the Norway market average.

SAS's earnings growth is expected to exceed the low risk savings rate of 1.8%.


Earnings per Share Growth Estimates


Future Return on Equity

SAS is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has SAS performed over the past 5 years?

30.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

SAS has delivered over 20% year on year earnings growth in the past 5 years.

SAS's 1-year earnings growth is negative, it can't be compared to the 5-year average.

SAS's 1-year earnings growth is negative, it can't be compared to the Europe Airlines industry average.


Return on Equity

Whilst SAS has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.


Return on Assets

SAS used its assets less efficiently than the Europe Airlines industry average last year based on Return on Assets.


Return on Capital Employed

SAS's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is SAS's financial position?


Financial Position Analysis

SAS's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

SAS's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

SAS's level of debt (221.9%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (225.5% vs 221.9% today).

Debt is well covered by operating cash flow (49.2%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 4.6x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 1.4x debt.


Next Steps

Dividend

What is SAS's current dividend yield, its reliability and sustainability?

0.091%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Unable to evaluate SAS's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.

Unable to evaluate SAS's dividend against the top 25% market benchmark as the company has not reported any payouts.

Unable to perform a dividend volatility check as SAS has not reported any payouts.

Unable to verify if SAS's dividend has been increasing as the company has not reported any payouts.


Current Payout to Shareholders

Unable to calculate sustainability of dividends as SAS has not reported any payouts.


Future Payout to Shareholders

No need to calculate the sustainability of SAS's dividends in 3 years as they are not expected to pay a notable one for Norway.


Next Steps

Management

What is the CEO of SAS's salary, the management and board of directors tenure and is there insider trading?

3.6yrs

Average management tenure


CEO

Gusta Gustafson (55yo)

8.5yrs

Tenure

kr16,148,000

Compensation

Mr. Richard Gustafson, also known as Gusta, has been Chief Executive Officer and President of SAS AB since February 1, 2011. Mr. Gustafson serves as the Chief Executive Officer at Scandinavian Airlines. He ...


CEO Compensation Analysis

Gusta's remuneration is higher than average for companies of similar size in Norway.

Gusta's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

3.6yrs

Average Tenure

53yo

Average Age

The tenure for the SAS management team is about average.


Board Age and Tenure

3.6yrs

Average Tenure

58yo

Average Age

The tenure for the SAS board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

Buykr42,34812 Dec 18
Sanna Suvanto-Harsaae
EntityIndividual
Role
Member of the Board of Directors
Director
Shares2,100
Max Pricekr20.17
Buykr101,85412 Dec 18
Oscar Stege Unger
EntityIndividual
Shares5,000
Max Pricekr20.37
Buykr645,63506 Dec 18
Carsten Dilling
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares35,222
Max Pricekr18.33

Ownership Breakdown


Management Team

  • T.J. Wist (51yo)

    Executive VP & CFO

    • Tenure: 1.4yrs
  • Carina Heander (60yo)

    Executive VP & Chief of Staff

    • Tenure: 4.8yrs
  • Göran Jansson (61yo)

    Deputy CEO and Executive VP of Strategy & Ventures

    • Tenure: 8.4yrs
    • Compensation: kr6.54m
  • Gusta Gustafson (55yo)

    President & CEO

    • Tenure: 8.5yrs
    • Compensation: kr16.15m
  • Lars Sørensen (56yo)

    Deputy President & COO

    • Tenure: 4.3yrs
    • Compensation: kr2.69m
  • Mattias Forsberg (47yo)

    Executive VP & CIO

    • Tenure: 3.6yrs
  • Karin Nyman (50yo)

    Vice President of Communications

    • Tenure: 3.4yrs
  • Marie Wohlfart

    General Counsel and Secretary

    • Tenure: 0.0yrs
  • Annelie Nässén (51yo)

    Executive Vice President of Sales & Marketing

    • Tenure: 2.1yrs
  • Michel Fischier

    Vice President of Investor Relations

    • Tenure: 0.6yrs

Board Members

  • Dag Mejdell (62yo)

    Vice Chairman of the Board

    • Tenure: 11.6yrs
    • Compensation: kr415.00k
  • Monica Caneman (65yo)

    Director

    • Tenure: 9.6yrs
    • Compensation: kr390.00k
  • Carsten Dilling (57yo)

    Chairman of the Board

    • Tenure: 1.3yrs
    • Compensation: kr660.00k
  • Liv Fiksdahl (54yo)

    Director

    • Tenure: 1.3yrs
    • Compensation: kr295.00k
  • Kay Kratky (61yo)

    Director

    • Tenure: 0.4yrs
  • Sanna Suvanto-Harsaae (53yo)

    Director

    • Tenure: 6.4yrs
    • Compensation: kr295.00k
  • Lars-Johan Jarnheimer (59yo)

    Director

    • Tenure: 6.4yrs
    • Compensation: kr340.00k
  • Jean-Pierre Schomburg

    First Deputy Director

    • Tenure: 3.6yrs
    • Compensation: kr10.00k
  • Elin Rise

    Second Deputy Director

    • Tenure: 0.0yrs
  • Oscar Unger (44yo)

    Director

    • Tenure: 1.3yrs
    • Compensation: kr340.00k

Company Information

SAS AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SAS AB (publ)
  • Ticker: SAS NOK
  • Exchange: OB
  • Founded: 1946
  • Industry: Airlines
  • Sector: Transportation
  • Market Cap: kr4.710b
  • Listing Market Cap: kr4.382b
  • Shares outstanding: 382.58m
  • Website: https://www.sasgroup.net

Number of Employees


Location

  • SAS AB (publ)
  • Frösundaviks allé 1
  • Solna
  • Stockholm
  • 195 87
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SASOM (OMX Nordic Exchange Stockholm)YesCommon SharesSESEKJul 2001
SAS NOKOB (Oslo Bors)YesCommon SharesNONOKJul 2001
SAS DKKCPSE (OMX Nordic Exchange Copenhagen)YesCommon SharesDKDKKJul 2001
SASD.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJul 2001
SSV2DB (Deutsche Boerse AG)YesCommon SharesDEEURJul 2001
0O1WLSE (London Stock Exchange)YesCommon SharesGBSEKJul 2001
SASSBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBSEKJul 2001
SASCBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBDKKJul 2001
SASD.YOTCPK (Pink Sheets LLC)ADRUSUSDDec 2008

Biography

SAS AB (publ), together with its subsidiaries, provides passenger flight transportation services in the Nordic and international route network. The company also provides air cargo and other aviation servic ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/21 20:48
End of Day Share Price2019/08/21 00:00
Earnings2019/04/30
Annual Earnings2018/10/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.