SAS share prices dropped by over 30 percent on Wednesday, April 12.
“Investors in SAS have been blindfolded for a while,” said Jacob Pedersen, Sydbank’s head of equity analysis and aviation analyst.
SAS has had an excessive number of crises in recent years. A reporter from Berlingske claims that the airline will soon be delisted. According to analysts, it has been a long time coming.
Since the 15-day pilot strike last summer, which cost the airline 1.3 billion kroner and led to it seeking bankruptcy protection in the US, SAS has been obliged to publish monthly financial reports. The year of 2023 has not been pleasant reading so far.
For the first four months ending March 31, the airline has suffered a total loss of additional 2.4 billion kroner.
The Airlines share price fell by 10 percent on Tuesday and 37 percent on Wednesday. According to Berlingske, there is a very real risk the shares could end up being worthless at this rate.
Should SAS be delisted, the Danish state will most likely take control of the airline together with US capital fund Apollo.
Apollo reportedly lent SAS over 5 billion kroner last year whilst acquiring shares that could eventually represent a controlling stake of 70 percent.