Skistar (Buy, TP: SEK160.00) - Outlook for record season
Q2 showed solid execution in the core Ski Operations, with international demand driving SkiPass revenue (+16% YOY FX-adj.), also boding well for Q3, with bed pre-bookings up 13% YOY, reflecting a positive calendar effect YOY and good snow conditions. We have raised our 2023/24–2025/26e EBIT for Ski Operations by 8–4%. We like SkiStar’s operating model, pricing power, and positive market trends (staycations and ESG). We reiterate our BUY and have raised our target price to SEK160 (150).
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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