Gerald Engström, founder and major owner of Systemair, has quietly risen to become the fourth largest owner of the airline SAS.
For Svd Näringsliv he justifies the investment.
”"They fly 30 million passengers per year and it should be possible to earn a hundred kronor per passenger on average. That would be 3 billion kronor," Gerald Engström tells the newspaper.
He further believes that there is great hidden value in SAS and talks here about the Eurobonus loyalty program, the brand and landing rights at Heathrow.
”"The market has not understood the great value that exists in SAS. I am satisfied with my investment but the share is still undervalued. It should be up to 30 kronor but has the potential to double from today's level," says Gerald Engström to Svd Näringsliv.
Gerald Engström owns 11.8 million common shares in SAS, corresponding to just over 3 percent of the capital and shares, according to the ownership data service Holdings.
The Systemair founder has been gradually increasing his stake in SAS since 2010, buying 2.4 million shares during the second quarter, and this week it became clear that he will sit on the airline's nomination committee.
Gerald Enström owns approximately 42 percent of the shares in Systemair and his share portfolio contains almost 40 different holdings according to Holding's compilation. The position in SAS is worth the most in the portfolio after the holding in Systemair. In December 2017, Veckans Affärer reported that Engström's wealth was measured at SEK 3 billion. This placed him as the 69th richest Swede that year.
Source: Nyhetsbyrån Direkt
