Sats (Hold, TP: NOK16.00) - From member freeze to squeeze
We are neutral on SATS ahead of its Q4 results, expecting EBITDA to miss consensus, and a slight decline in memberships QOQ on increased churn. As a result, we have downgraded the stock to HOLD (BUY), but raised our target price to NOK16 (14) as peer valuations have expanded, valuing the stock at a 2024e P/E of 13x, broadly in line with Nordic retail peers.
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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