Skistar (Buy, TP: SEK134.00) - Tough Q3, but supportive outlook
Q3 was weak, with slower than expected in-season demand and tough YOY comparables. Even with a weaker consumer spending outlook, we expect its core Ski operations to report YOY profitable growth in 2023/24; however, with limited Project Development contributions, we have cut our 2022/23–2024/25e EPS by 9–10%. With the Ski operations being the most valuable part, in our view, this means a smaller cut to our target price to SEK134 (140), and we reiterate our BUY.
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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