Sats (Hold, TP: NOK17.00) - Getting back in shape for 2021e
With soft Q1 results and the negative impact of Covid-19 set to accelerate in Q2, we believe 2020 is a lost year for SATS. Although earnings could recover by 2021e and it screens as potentially appealing, we find the market outlook very subdued. We reiterate our HOLD, but have lowered our target price to NOK17 (20) to reflect our estimate cuts.
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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