Sats (Hold, TP: NOK8.00) - Trimming costs
Q4 results were weak, but the membership growth surprised positively, which combined with lowered club expansions and reduced HQ costs, should gradually help to restore profitability by 2024e. We reiterate our HOLD and NOK8 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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