Sats (Hold, TP: NOK7.00) - Lower near-term growth ambitions
SATS’ Q3 results were soft, but membership growth was better than expected. Looking ahead we welcome the reduced near-term club expansion strategy but notice that 13 clubs are already committed. SATS’ ability to pass on cost inflation to customer remains questionable as evident by significant campaign activity in Q3 to support membership growth. We reiterate our HOLD and NOK7 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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