Sats (Sell, TP: NOK10.00) - Can’t have it both ways
The Q2 results were largely in line with consensus but the membership base was slightly below. We reiterate our SELL and NOK10 target price, as we believe the macroeconomic backdrop will make it challenging for SATS to attract new members and raise prices in H2, and we believe both are needed to support the current valuation.
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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