Uniper mit Volldampf voraus

Uniper wird noch mehr Kapital brauchen, als die zuletzt beschlossenen EUR 8mrd. S&P spricht von EUR 5mrd die gerade über KfW Darlehen kurzfristig bereitgestellt wurden.

Wenn diese zusätzlichen EUR 5mrd von einer weiteren Kapitalerhöhung abgelöst werden, wird das die Uniper Aktionäre noch einmal zusätzlich stark verwässern.

Der faire Wert würde damit weit unter die EUR 2.50 pro Aktie von meinem früheren Post sinken.

Aus dem S&P Credit Rating Report:

- It [the government] also scrapped its plan to introduce a gas surcharge payable by retail gas consumers, which would have covered 90% of Uniper's costs in replacing missing Russian gas volumes.

- As a result, we estimate that Uniper by 2024 will suffer mid-double-digit billion euros of cash losses, which we expect Uniper to finance by a liquidity line from KfW, a German government-owned development bank, until a permanent solution is put in place.

The total amount of actual losses largely depends on the evolution of gas prices and the ability to procure additional volumes from alternate sources, and we now forecast that Uniper will need substantially more support than under a scenario where the gas surcharge was implemented.

The new support package for Uniper will need to be expanded and depends on regulatory approvals, which explains why our outlook on the issuer credit rating remains negative. We believe the Sept. 21, 2022, support package anticipates government support. However, we estimate Uniper will need significantly more support, and we currently lack clarity on the mechanism that will cover for the remaining tens of billions of losses from June 2022 to end-2024

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