QR compra il 9,6% di Cathay Pacific
- Autore Discussione FlyKing
- Data d'inizio
L'investimento a nove cifre in American (paventato mesi fa) alla fine non e' mai accaduto. Non so se il fondo (QIA) abbia nonostante cio' una quota minoritaria.
In questo articolo sul Financial Times esprimono un parere negativo sulla mossa di Qatar Airways
Qatar Airways/Cathay: eastern premise
Rebuffed by American Airlines and forced to re-route flights by hostile neighbours, Qatar Airways has gone east. It has bought a 9.6 per cent stake in Cathay Pacific. The investment looks more like a wooden spoon than a consolation prize. Chinamight be on track to eclipse the US as the world’s biggest passenger market in the next decade but fierce competition has hampered empire building by Cathay. After reporting its first annual loss since 2008 last year, the Hong Kong-based airline posted its worst first-half loss in two decades in August. The second half of the year is also expected to be in the red. Even so, Qatar Airways has not got a bargain. Shares in Cathay have climbed 24 per cent so far this year. The rebound, combined with substantial debts,means the stock trades above rivals at 14.5 times enterprise value to earnings before interest, tax, depreciation and amortisation. To become the third-largest shareholder in Cathay after Swire and Air China, Qatar paid HK$5.16bn ($661m) or HK$13.65 per share—a 3.4 per cent premium to the previous closing price. The move is a vote of confidence in Cathay’s plan for aHK$4bn revamp. It also allows Qatar to thumb its nose at Gulf states intent on isolating Qatar. But the deal is at odds with reports that state-owned Air China plans to buy up a majority stake and make Cathay a premium global brand. This story is one reason Cathay shares have soared. Cathay is unlikely to restore Qatar’s “superconnector” status by re-routing more flights via Doha. Nor does Qatar’s expansion strategy of buying up stakes in groups such as International Airlines Group look particularly inspired. Rival Etihad offers up a cautionary model. It has little to show for its own investment in cash-hungry carriers. With a sub-10 per cent stake Qatar Airlines is unlikely to even get a seat on the board fromwhich to keep a closer eye on its new investment. As a statement of commercial freedom, this stake purchase looks expensive.
Qatar Airways/Cathay: eastern premise
Rebuffed by American Airlines and forced to re-route flights by hostile neighbours, Qatar Airways has gone east. It has bought a 9.6 per cent stake in Cathay Pacific. The investment looks more like a wooden spoon than a consolation prize. Chinamight be on track to eclipse the US as the world’s biggest passenger market in the next decade but fierce competition has hampered empire building by Cathay. After reporting its first annual loss since 2008 last year, the Hong Kong-based airline posted its worst first-half loss in two decades in August. The second half of the year is also expected to be in the red. Even so, Qatar Airways has not got a bargain. Shares in Cathay have climbed 24 per cent so far this year. The rebound, combined with substantial debts,means the stock trades above rivals at 14.5 times enterprise value to earnings before interest, tax, depreciation and amortisation. To become the third-largest shareholder in Cathay after Swire and Air China, Qatar paid HK$5.16bn ($661m) or HK$13.65 per share—a 3.4 per cent premium to the previous closing price. The move is a vote of confidence in Cathay’s plan for aHK$4bn revamp. It also allows Qatar to thumb its nose at Gulf states intent on isolating Qatar. But the deal is at odds with reports that state-owned Air China plans to buy up a majority stake and make Cathay a premium global brand. This story is one reason Cathay shares have soared. Cathay is unlikely to restore Qatar’s “superconnector” status by re-routing more flights via Doha. Nor does Qatar’s expansion strategy of buying up stakes in groups such as International Airlines Group look particularly inspired. Rival Etihad offers up a cautionary model. It has little to show for its own investment in cash-hungry carriers. With a sub-10 per cent stake Qatar Airlines is unlikely to even get a seat on the board fromwhich to keep a closer eye on its new investment. As a statement of commercial freedom, this stake purchase looks expensive.
Credo che tracurino un fatto principale.. EY investiva in linee aeree decotte sperando di rimetterle in piedi (forse ci e' riuscita con Jet Airways e Air Seychelles, ma con le altre no), QR investe in IAG, LATAM, Cathay... IG eccezione che conferma la regola. Comunque anche a me leggendo le dichiarazioni di Al Baker e' venuto in mente Etihad.
In ambito shopping da parte di QR segnalo che oggi a Mosca durante la visita a Putin dell'emiro Al Thani, QR ha annunciato di voler acquistare il 25% dell'aeroporto moscovita di Vnukovo (VKO). Un ulteriore segnale per cercare di mitigare e/o aggirare l'embargo in atto dagli altri stati del golfo tramite investimenti all'estero e diversificazioni del portfolio.
https://www.ft.com/content/2ce1e410-30e7-11e8-b5bf-23cb17fd1498