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Aviation industry estimates slashed


19-Jun-2008 -
BEIJING, June 19 -- Air France-KLM Group, British Airways Plc and Air Berlin Plc were among European airlines whose share-price estimates were slashed by Morgan Stanley analysts, who said rising fuel prices will hurt earnings.


At least 24 airlines, including Luton, England-based Silverjet Plc, have failed this year as record fuel prices eat into earnings and a global tightening of credit causes slower economic growth, according to the International Air Transport Association.(Xinhua File Photo)
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"We believe the industry is in greater peril than is reflected in current valuations," London-based analyst Penelope Butcher said in a note to investors yesterday. "We don't see any value opportunities to chase at present," while there are unlikely to be large-scale mergers "given the need for capital preservation".

At least 24 airlines, including Luton, England-based Silverjet Plc, have failed this year as record fuel prices eat into earnings and a global tightening of credit causes slower economic growth, according to the International Air Transport Association. Crude-oil futures reached an all-time high of 139.89 dollar a barrel on the New York Mercantile Exchange on Monday.

The Morgan Stanley analysts cut their stock-price estimate on Air Berlin, Europe's third-biggest discount airline, to 2.01 euros from 4 euros. The target for Paris-based Air France, the region's biggest network carrier, was reduced to 16.47 euros from 17.40 euros.

The estimate for London-based British Airways was scaled back to 149 pence from 160 pence, while Luton-based EasyJet Plc's was slashed to 259 pence from 310 pence. The target for Barcelona, Spain-based low-cost carrier Vueling Airlines SA was cut to 3.90 euros from 5.5 euros.

EasyJet, Europe's second-biggest discount airline, said last Friday that it may close a base in Dortmund, Germany, as part of a capacity cutback in response to rising fuel costs. Larger competitor Ryanair Holdings Plc, said on June 3 that it will ground 20 aircraft during the winter schedule, compared with seven planes last year, the equivalent of 10 percent of total capacity.

(Source: China Daily)


Editor: Yan Zhonghua
19-Jun-2008 -

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