Sats (Sell, TP: NOK10.00) - Pain with questionable gain
As the Covid-related recovery in membership looks set to ease, and cost inflation to accelerate, SATS appears dependent on significant price increases to protect its profitability. We believe this will prove challenging and forecast a cumulative net loss of NOK14m by 2024. We have downgraded to SELL (HOLD) and cut our target price to NOK10 (18).
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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