Skistar (Buy, TP: SEK253.00) - Smooth skiing ahead
Benefiting from its market-leading position, sticky operational model and well-invested resort network, in our view SkiStar is a ski powerhouse well-placed for continued organic growth. This is underpinned by solid market fundamentals, prospects of strong earnings and FCF, and a commitment from its strong long-serving CEO and founding family. We see potential operational triggers elevating SkiStar to the next level and ‘hidden’ land assets overlooked by the market, leading us to initiate with a BUY and SEK253 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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