Sats (Hold, TP: NOK15.00) - Club closures weigh on shares
We have lowered our 2020e EBITDA by c30% following the significant losses due to the temporarily club closures resulting from the coronavirus and the weak member growth outlook. Consequently, we have cut our target price to NOK15 (21), but reiterate our HOLD as we continue to find the long-term equity story in SATS appealing, but believe near-term earnings and potential liquidity risks put a lid on the stock 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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