Skistar (Hold, TP: SEK259.00) - Not about to hit the slopes
With Q4 a beat and management offering a positive outlook for the coming winter season, SkiStar continues to enjoy good momentum, realising growth opportunities from its own initiatives and favourable market fundamentals. As SkiStar is benefiting from its market-leading position in the high-barriers-to-entry Nordic skiing sector, sticky operational model, pricing power, and well-invested resort network, we continue to like the company, but given the strong share price performance since September we see limited upside potential (+6%) and have downgraded to HOLD (BUY) while raising our target price to SEK259 (253).
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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