Sats (Hold, TP: NOK23.00) - Back at the gym
The Q3 results were broadly in line with expectations after adjusting for government compensation. Although, we view the faster-than-expected recovery in the membership base as encouraging, we continue to find the near-term earnings profile weak and believe a recovery is already reflected in the valuation. We reiterate our HOLD and NOK23 target price.
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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