Sats (Hold, TP: NOK12.00) - Summer lull
Our Q2e EBITDA is 7% above consensus, driven by a likely continuation of the positive revenue trend seen in Q1, partly offset by seasonally slower membership growth. Nevertheless, we have downgraded to HOLD (BUY) as we find the valuation fair, with the stock now trading close to our unchanged NOK12 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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