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Sats (Buy, TP: NOK34.00) - Time to raise the bar

Having largely achieved its medium-term adj. EBITDA target from the 2022 CMD, we expect SATS to raise the bar at its upcoming CMD. We forecast a medium-term EBITDA guidance of NOK1.1bn–1.2bn, with expectations of improved performance in Sweden as the key driver. We reiterate our BUY and NOK34 target price.

XXL ASA (Hold, TP: NOK11.00) - Encouraging LFL growth

The Q1 results were below expectations, but we find the positive LFL growth encouraging amid challenging winter conditions and years of consecutive negative LFL growth. We have reinstated our recommendation at HOLD (NO REC) and target price at NOK11 (N/A), as the earnings trend remains subdued and near-term multiples and financial risk are high. However, this is partly offset by Frasers' NOK10 per share bid for the company.

Catena (Hold, TP: SEK480.00) - Strong Q1 margin, but muted activity

Solid Q1 results included a 7% consensus beat on PFPM, driven by the top line and NOI margin. We reiterate our HOLD, as we consider Catena overcapitalised and are concerned about the lack of attractive investment opportunities, particularly given a slow project market (historically the company’s highest ROI investment). In addition, we believe the valuation looks stretched versus its European logistics peers. However, we have raised our target price to SEK480 (470) and our 2026–2027e FFOps by 2–3%.

Royal Unibrew (Buy, TP: DKK670.00) - Q1 softer than expected

Royal Unibrew’s Q1 was affected by a less-favourable Easter effect in the important Northern Europe region. While this was expected to some degree, the c4% top-line and c10% EBIT misses to consensus were a negative surprise. We reiterate our BUY, but have lowered our target price to DKK670 (690).