Strong, but heavy lifting ahead

Solid and as expected

Sales and EBIT in line adj for NOK 7.5m pos one-offs. Outlook: Gradually improvement, but Q1 will face higher cost

Q4 to mirror Q3, but expectations bite

Too much pump, then numbers slump

Q3 below on Norway

Sales and EBIT -1% and -11% below. Norway explains the miss. Consensus to lower FY'25e estimates by 2-4%, '26e could follow

Strong core, stretched expectations

Building strength, one steady rep at a time

Neutral report

Sales in-line, EBIT +1% vs cons. Cons estm relatively unchanged, stock up 1-2%

Q2 slightly off the mark

Sats (Hold, TP: NOK37.00) - Time for a breather

Q1 was slightly below expectations and the CMD targets were broadly in line with our forecasts and consensus. We have raised our target price to NOK37 (34) on higher estimates but have downgraded to HOLD (BUY), as we find the valuation fair following the recent strong share price performance.

Sweden needed for a homerun

EBIT 4% below, strong growth expected

EBIT 4% below on 4% higher cost. Members strong, +2% vs cons. Targets EPS of over NOK 3

Burning calories, stacking profits

Sats (Buy, TP: NOK34.00) - Time to raise the bar

Having largely achieved its medium-term adj. EBITDA target from the 2022 CMD, we expect SATS to raise the bar at its upcoming CMD. We forecast a medium-term EBITDA guidance of NOK1.1bn–1.2bn, with expectations of improved performance in Sweden as the key driver. We reiterate our BUY and NOK34 target price.

Sats (Buy, TP: NOK34.00) - Group training boosts profitability

SATS’s Q4 report was convincing, with figures above expectations and a strong outlook for higher membership and price growth. We reiterate our BUY and have raised our target price to NOK34 (29) on our positive estimate revisions. At our target price, the stock would be trading in line with its historical P/E of 14x.

Nailed the finish, fuelled for more

Impressive finish

Sales 0% better, EBIT 15% better on lower cost.Strong start to 2025. Buybacks to start in Feb, divi from Q3'25.Estm up 4-5%

Keeping the pace

Sats (Buy, TP: NOK29.00) - Fit for growth in Q4e

We are positive ahead of SATS’s Q4 report, expecting results slightly above consensus, primarily driven by lower costs. We reiterate our BUY and have raised our target price to NOK29 (26) on peer group multiple expansion and slightly positive estimate revisions.

Still the fittest in the room