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

Sats (Buy, TP: NOK26.00) - Working out nicely

The Q3 results were broadly in line with consensus, and SATS’ outlook was little changed. We reiterate our BUY as we still find the stock attractively valued, trading at a 2025 P/E of 11x on our estimates, and have raised our target price to NOK26 (25) on our slightly higher forecasts and peer group multiples. A reinstated dividend policy from H2 2025 (>50% of EPS), and scope for buybacks up to NOK500m are potential share-price catalysts.

Sats (Buy, TP: NOK25.00) - Q3 earnings in line with consensus

We consider this a mixed report for SATS, including adj. EBITDA in line with consensus, but a soft mix, with all countries except Denmark just below expectations, and a group membership base 5k below consensus. We expect only minor revisions to consensus following the report.

EBIT as expected

Sales 1% better, EBIT 4% better. Denmark explains the beat.CF soft on timing of rent payment. Outlook reiterated.

Unmatched visibility

Sats (Buy, TP: NOK25.00) - Reduced overhang to mask soft Q3e

We expect SATS’s Q3 results to be below consensus, while we remain positive on the company’s medium-term prospects due to reduced financial risk, reinstated dividend policy with the potential for share buybacks, and its target for 8–12 news clubs annually. We reiterate our BUY and have raised our target price to NOK25 (22) on the reduced share overhang following Altor’s sell-off.

Sats (Buy, TP: NOK22.00) - Out of the woods, time for reward

Despite fierce competition, SATS grew its membership base in Q2 at higher yields. The already significantly reduced debt level and the reinstated dividend policy with a potential for near-term share buybacks support that the positive trend should be here to stay. We reiterate our BUY and have raised our target price to NOK22 (20) on positive estimate revisions.

Sprinting ahead without breaking a sweat

Sats (Buy, TP: NOK20.00) - Q2 solid, reinstated dividend policy

We consider this a positive report for SATS, including figures above expectations, slightly hiked club guidance and a reinstated dividend policy. We expect 5% positive revisions to consensus 2024e EPS and believe a similar positive share price reaction is warranted.

EBIT 6% better and divi next

EBIT 9% better. Norway yet again explaining the beat. Net debt 7% better. Wil start with divi / buy backs.