Skistar (Buy, TP: SEK175.00) - Record-strong delivery
SkiStar’s Q3 was record-strong, benefiting from robust demand in its Swedish and Norwegian resorts, with the latter supported by the return of international demand. We have only tweaked our 2022/23–2023/24 forecasts given the more uncertain consumer demand outlook, still seeing additional upside potential in similarly strong in-season delivery as in the current year. We like the operating model, pricing power, and positive market trends (staycations and ESG). We reiterate our BUY, but have lowered our target price to SEK175 (190).
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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