Skistar (Buy, TP: SEK160.00) - A leading Nordic holiday operator in th...

SkiStar matched our Q3 expectations, with its Swedish resorts seeing strong domestic demand, while border closures limiting high-season international demand hit its Norwegian resorts harder. We believe SkiStar could excel in the next fiscal year, supported by strong early bookings (+30% YOY) implying limited forecast changes, with the company benefiting from strong leisure demand (e.g. outdoor and staycations) and pricing power. We reiterate our BUY and SEK160 target price.

Skistar (Buy, TP: SEK160.00) - Enhanced structure for the future

We expect SkiStar to have ended the 2020/21 high season in good shape, with the Swedish resorts still strong but the Norwegian close to breakeven. Structural changes, including the disposal of St Johann and a new structure for some of its property holdings, will affect reported numbers, while our underlying forecasts are broadly unchanged. We still see a favourable outlook for 2021/22, with SkiStar benefiting from a strong private leisure demand trend and pricing power. We reiterate our BUY and ...

Skistar (Buy, TP: SEK155.00) - Good Q2 in midst of pandemic

SkiStar matched our Q2 expectations, with its Swedish resorts seeing strong domestic demand, while border closures limiting high-season international demand hit its Norwegian resorts harder. We believe SkiStar could excel in the next fiscal year, implying limited forecast changes, with the company benefiting from strong leisure demand (e.g. outdoor and staycations) and pricing power. We reiterate our BUY and SEK155 target price.

Skistar (Buy, TP: SEK155.00) - Q2 facing tough YOY comparables

We expect SkiStar to have done fairly well in the 2020/21 high season, with the Swedish resorts likely to deliver as normal, but the Norwegian resorts close to breakeven given their reliance on non-domestic demand. For Q2, YOY comparables look tough due to timing effects. We still see a favourable outlook for 2021/22, with SkiStar benefiting from a strong private leisure demand trend (e.g. outdoor and staycations) and pricing power. We reiterate our BUY with a new SEK155 (160) target price.

Northern Lights

Skistar (Buy, TP: SEK160.00) - Private leisure demand beneficiary

SkiStar has handled the start to high season 2020/21 well, in close cooperation with local health authorities, and good snow conditions bode well for the rest of the extended season, even if non-domestic demand is limited. We like SkiStar’s operating model, driven by private leisure demand, pricing power and positive market trends (including staycations and ESG). We reiterate our BUY and SEK160 target price.

Northern Lights

Skistar (Buy, TP: SEK160.00) - 2020/21 season gearing up nicely

Covid-19 cut short the 2019/20 high season, but also created a new staycation demand trend, potentially adding new value-creation opportunities for SkiStar. High season 2020/21 now has a solid pre-booking level (+10% YOY), supported by a favourable calendar effect, combined with a strengthening property development pipeline. We like SkiStar’s operating model, pricing power and positive market trends (including ESG). We reiterate our BUY with a SEK160 (130) target price.

Northern Lights

Skistar (Buy, TP: SEK130.00) - Turning focus to 2020/21 season

Covid-19 cut the 2019/20 high season short and, as expected, put a huge dent into SkiStar’s Q3 results. We still see SkiStar recovering quickly in 2020/21, supported by a good calendar effect. We have slightly raised our 2020/21–2021/22 EPS estimates given a supportive pre-booking situation and pricing initiatives. We like SkiStar’s operating model, pricing power, and favourable market trends (including ESG). We reiterate our BUY and SEK130 target price.

Northern Lights

Skistar (Buy, TP: SEK130.00) - Weak Q3e, but supportive outlook

Covid-19 cut the 2019/20 winter season short, but is set to hit hardest in the slowest quarters, seasonally, for SkiStar. We see SkiStar bouncing back in 2020/21 as Nordic skiers stay closer to home; as a result, we have made only limited changes to our 2020/21–2021/22 estimates. We like SkiStar’s operating model, pricing power, and favourable market trends. We reiterate our BUY and have raised our target price to SEK130 (95).

Seasonality to its advantage

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.

Northern Lights

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.

Skistar (Hold, TP: SEK130.00) - Sustainability key business driver

SkiStar’s Q1 report (due at 7.30 CET on 19 December) is a pre-season quarter and likely to be a non-event in our view. The new fiscal year is likely to benefit from better timing of holidays, indicating volume potential on top of normal pricing adjustments. We believe the outlook is stable and have made only minor forecast changes. We still like SkiStar’s ‘sticky’ operational model, pricing power, and favourable structural market trends, but see Q2 as having more potential catalysts. We ...

Northern Lights

Northern Lights

Skistar (Hold, TP: SEK130.00) - Set for another eventful year

SkiStar’s Q4 is low season and largely a non-event in our view, with the new fiscal year likely to benefit from better timing of holidays, indicating volume potential on top of normal pricing adjustments. We believe the outlook is stable and have made only minor forecast changes. We still like SkiStar’s ‘sticky’ operational 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.