Sats (Hold, TP: NOK22.00) - Memberships on the rise
The Q4 results were below expectations but with a better than expected membership base and an acceleration in club expansion. Although SATS is confident in its ability to offset higher costs with higher yields on a LFL basis, we believe the clubs newly established during the pandemic will weigh on margins near-term. Thus, we find a recovery well priced in and reiterate our HOLD, although we have raised our target price to NOK22 (21) on higher 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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