Skistar (Buy, TP: SEK160.00) - Enhanced structure for the future
We expect SkiStar to have ended the 2020/21 high season in good shape, with the Swedish resorts still strong but the Norwegian close to breakeven. Structural changes, including the disposal of St Johann and a new structure for some of its property holdings, will affect reported numbers, while our underlying forecasts are broadly unchanged. We still see a favourable outlook for 2021/22, with SkiStar benefiting from a strong private leisure demand trend and pricing power. We reiterate our BUY and have raised our target price to SEK160 (155).
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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