Sats (Hold, TP: NOK22.00) - Burning muscles
SATS’s Q4 report was weaker than expected on negative Covid-19 effects and a soft membership base. Although 2021e is likely a lost year, a late recovery should mean limited impact on 2022e, in our view. We reiterate our HOLD but have cut our target price to NOK22 (23), reflecting our lower estimates.
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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