Skistar (Buy, TP: SEK160.00) - 2020/21 season gearing up nicely
Covid-19 cut short the 2019/20 high season, but also created a new staycation demand trend, potentially adding new value-creation opportunities for SkiStar. High season 2020/21 now has a solid pre-booking level (+10% YOY), supported by a favourable calendar effect, combined with a strengthening property development pipeline. We like SkiStar’s operating model, pricing power and positive market trends (including ESG). We reiterate our BUY with a SEK160 (130) 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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