Sats (Hold, TP: NOK21.00) - Q4 miss, but higher memberships
We consider this a mixed report for SATS, including figures below expectations, but with a higher membership base and soft outlook for January. We expect minor revisions to consensus 2022e EBITDA and believe a neutral share price reaction is 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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