Sats (Hold, TP: NOK20.00) - Soft figures and subdued outlook
We consider this a soft report with figures below our expectations, a withdrawal of the guidance and a subdued market outlook. We expect negative revisions to consensus 2020e EPS following the report and see a slightly negative share price reaction as warranted.
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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