Seat, the ax comes down to SSSB
Analysts at Schroder Salomon Smith Barney have maintained the rating “neutral” on Seat Pg. but slashed its target price increasing from 1.20 to 0.70 euros. The revision is based on correcting downwards the estimates of the margins of the group that accounts for the year 2001 a loss for the business TV The Seven (formerly Monte Carlo) of around 70 million euros, takes account of current market conditions and the need to base assessments on multiple reasonable (around 15 instead of the current 20-23) in line with similar European players in the industry. Seat is losing nearly 3% with the title changing hands at 0.8640 euros after touching the lows of the last three years to 0.8530 euros. Of note books: more than 90 million units to just over half an hour after the end of trading (today over 115 million pieces against the 30 million monthly average).