Sats (Hold, TP: NOK21.00) - Encouraging signs, but high risk
SATS had a positive Q2 report including results above expectations, a lower-than-expected membership drop, and encouraging signs that members are returning to the gym with the reopening of the clubs. We have lifted our target price to NOK21 (19) following our estimate increases, but reiterate our HOLD as we continue to find the valuation fair amid the high operational and financial risk.
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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