Skistar (Hold, TP: SEK130.00) - Plenty of snow for Christmas
Q1 is pre-season for SkiStar, and this time was largely a non-event, with the EBIT loss having a limited carry-over effect on our full-year estimates. We see volume growth, given a good calendar YOY and early start to the season, on top of pricing moves, driving organic profit growth in 2019/20. We still like SkiStar’s operating model, pricing power and favourable structural market trends, but see Q2 as more of a potential catalyst. We reiterate our HOLD and SEK130 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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