Sats (Buy, TP: NOK20.00) - Pricing takes precedence
We are lukewarm ahead of the Q2 report, expecting adj. EBITDA below consensus and flat YOY, as we forecast yield growth to be offset by cost inflation. We reiterate our BUY, but have lowered our target price to NOK20 (21) on marginally reduced estimates.
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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