Sats (Hold, TP: NOK8.00) - Lukewarm Q4e, but signs of action
We remain lukewarm ahead of the Q4 results, expecting weak results and significant one-off costs. However, electricity prices have eased somewhat and SATS looks set to take action to align its cost base to the bleak outlook and improve profitability. We reiterate our HOLD but have raised our target price to NOK8 (7) on the recent market revaluation.
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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