Skistar (Buy, TP: SEK130.00) - Weak Q3e, but supportive outlook
Covid-19 cut the 2019/20 winter season short, but is set to hit hardest in the slowest quarters, seasonally, for SkiStar. We see SkiStar bouncing back in 2020/21 as Nordic skiers stay closer to home; as a result, we have made only limited changes to our 2020/21–2021/22 estimates. We like SkiStar’s operating model, pricing power, and favourable market trends. We reiterate our BUY and have raised our target price to SEK130 (95).
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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