Sats (Buy, TP: NOK21.00) - Profitability improvement on track
We believe the Q4 report confirmed SATS is on track to improve its existing platform’s profitability through increased memberships, higher yields and good cost control. We have upgraded the stock to BUY (HOLD) and raised our target price to NOK21 (16) on our positive estimate revisions.
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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