Sats (Hold, TP: NOK23.00) - Paddle time, as 2021 is a lost year
We consider this a negative report for SATS, including figures significantly below expectations and a weaker than expected membership trend. On the positive side, the club guidance was slightly higher and the company aims to tap into the attractive paddle market, aiming for 20–25 courts by the end of 2021. We expect consensus EPS 2021 to be down c30%, and believe a negative 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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