Sats (Buy, TP: NOK14.00) - Q3e EBITDA above consensus
We are positive ahead of the Q3 results (due at 07:00 CET on 26 October), which we expect to be slightly above consensus and confirm that SATS has finally restored its financial position, with an NIBD-to-EBITDA ratio below its bank covenant. We reiterate our BUY and NOK14 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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