Skistar (Buy, TP: SEK95.00) - Seasonality to its advantage
SkiStar’s Q2 report showed its full strength, with solid growth and margin expansion. However, coronavirus has cut the season short, implying a weaker Q3, but with the largest impact during the closed-down part of the fiscal year. We believe SkiStar could excel in the next fiscal year, implying limited forecast changes. We like SkiStar’s operating model, pricing power, and favourable market trends. We have upgraded to BUY (HOLD) with a SEK95 (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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