Sats (Hold, TP: NOK15.00) - Monthly cash burn heading lower
SATS will remain closed in Norway, Finland, and Denmark until 13 April, but has opened in Sweden. Given this step, and lower than expected revenue loss for Q1 and new government financial packages, we believe there is potential upside to our initial monthly EBITDA loss estimate. However, we still believe the risk of prolonged closures remains, but find it positive that SATS is likely to lower its costs sharply near-term.
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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