Ole Martin Westgaard
EUR 84.87 For Business Accounts Only

Sats (Buy, TP: NOK30.00) - Getting in shape

SATS reported adj. Q4 EBITDA in line with expectations; it also lifted its 2020 club guidance to seven new clubs. We find it positive that the business performance so far in 2020 is in line with SATS’ own expectations. Following slight estimate increases and a positive 2020 outlook, we have lifted our target price to NOK30 (27) and reiterate our BUY as we continue to find the valuation attractive.

DnB Markets
DnB Markets

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.


Ole Martin Westgaard

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