Sats (Hold, TP: NOK21.00) - Short-term membership growth risk
We are concerned that a sharp increase in coronavirus cases in the Nordics could force SATS to temporarily close clubs and freeze memberships, hampering its short-term growth and revenues. Consequently, we have lowered our 2020e EBITDA by c9% and our target price to NOK21 (30), and downgraded the stock to HOLD (BUY).
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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