Skistar (Buy, TP: SEK155.00) - Q2 facing tough YOY comparables
We expect SkiStar to have done fairly well in the 2020/21 high season, with the Swedish resorts likely to deliver as normal, but the Norwegian resorts close to breakeven given their reliance on non-domestic demand. For Q2, YOY comparables look tough due to timing effects. We still see a favourable outlook for 2021/22, with SkiStar benefiting from a strong private leisure demand trend (e.g. outdoor and staycations) and pricing power. We reiterate our BUY with a new SEK155 (160) target price.
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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