Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.24, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Hospitality industry in Germany. Total returns to shareholders of 354% over the past three years. Declared Dividend • Aug 17
First half dividend of kr0.72 announced Shareholders will receive a dividend of kr0.72. Ex-date: 24th August 2026 Payment date: 27th August 2026 Dividend yield will be 19%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (15% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 16
Second quarter 2026 earnings released: EPS: kr1.00 (vs kr0.80 in 2Q 2025) Second quarter 2026 results: EPS: kr1.00 (up from kr0.80 in 2Q 2025). Revenue: kr1.44b (up 3.5% from 2Q 2025). Net income: kr196.0m (up 21% from 2Q 2025). Profit margin: 14% (up from 12% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Lisa Birgitta Aberg was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Mar 03
Sats ASA Approves Cash Dividend Sats ASA at its the EGM held on March 3, 2026, resolved to approve a dividend distribution of NOK 0.67 per share, based on the Company's approved annual accounts for the financial year 2024. The total dividend amount payable was excluded from the resolution, as it will depend on the number of shares entitled to dividend as of the last day including the right today, on 3 March 2026, because dividend will not be paid on shares held in treasury by the Company. Reference is made to the Company's share buyback program, as announced on 18 February 2026. Annuncio • Feb 11
Sats ASA to Report Fiscal Year 2025 Final Results on Mar 27, 2026 Sats ASA announced that they will report fiscal year 2025 final results on Mar 27, 2026 Annuncio • Oct 31
Sats ASA to Report Q4, 2025 Results on Feb 10, 2026 Sats ASA announced that they will report Q4, 2025 results on Feb 10, 2026 Annuncio • May 09
Sats ASA (OB:SATS) announces an Equity Buyback for 2,500,000 shares, for NOK 100 million. Sats ASA (OB:SATS) announces a share repurchase program. Under the program, the company will repurchase up to 2,500,000 shares for NOK 100 million. The purpose of the program is to optimize the share capital structure through a redemption of treasury shares. The program will be valid till the company's Annual General Meeting of 2026. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: kr0.35 (vs kr0.15 in 3Q 2023) Third quarter 2024 results: EPS: kr0.35 (up from kr0.15 in 3Q 2023). Revenue: kr1.19b (up 8.0% from 3Q 2023). Net income: kr71.0m (up 129% from 3Q 2023). Profit margin: 5.9% (up from 2.8% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Oct 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Lisa Birgitta Aberg was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Recent Insider Transactions • Oct 04
Chief Digital Officer recently sold €70k worth of stock On the 26th of September, Gaute Sandal sold around 39k shares on-market at roughly €1.81 per share. This transaction amounted to 8.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €223k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.90, the stock trades at a forward P/E ratio of 12x. Average trailing P/E is 16x in the Hospitality industry in Germany. Total loss to shareholders of 9.6% over the past three years. Annuncio • Aug 29
An undisclosed buyer acquired 19.20% stake in Sats ASA (OB:SATS) from AF III Holdco AS for approximately NOK 710 million. An undisclosed buyer acquired 19.20% stake in Sats ASA (OB:SATS) from AF III Holdco AS for approximately NOK 710 million on August 28, 2024. As part of acquisition, 39,242,358 shares were sold. Following completion of the Transaction, Altor no longer holds any shares in the Sats ASA, and Altor holds no rights to shares issued by the Sats ASA. ABG Sundal Collier ASA and Carnegie AS acted as joint bookrunners in connection with the Transaction.
An undisclosed buyer completed the acquisition of 19.20% stake in Sats ASA (OB:SATS) from AF III Holdco AS on August 28, 2024. Buy Or Sell Opportunity • Aug 23
Now 49% overvalued The stock has been flat over the last 90 days, currently trading at €1.49. The fair value is estimated to be €0.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 9.5% in 2 years. Earnings are forecast to grow by 76% in the next 2 years. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: kr0.50 (vs kr0.47 in 2Q 2023) Second quarter 2024 results: EPS: kr0.50 (up from kr0.47 in 2Q 2023). Revenue: kr1.27b (up 5.5% from 2Q 2023). Net income: kr103.0m (up 9.6% from 2Q 2023). Profit margin: 8.1% (up from 7.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: kr0.38 (vs kr0.31 in 1Q 2023) First quarter 2024 results: EPS: kr0.38 (up from kr0.31 in 1Q 2023). Revenue: kr1.29b (up 7.7% from 1Q 2023). Net income: kr77.0m (up 22% from 1Q 2023). Profit margin: 6.0% (up from 5.2% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 25
Full year 2023 earnings released: EPS: kr1.10 (vs kr1.25 loss in FY 2022) Full year 2023 results: EPS: kr1.10 (up from kr1.25 loss in FY 2022). Revenue: kr4.73b (up 16% from FY 2022). Net income: kr224.0m (up kr470.0m from FY 2022). Profit margin: 4.7% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 14
Full year 2023 earnings released: EPS: kr1.10 (vs kr1.25 loss in FY 2022) Full year 2023 results: EPS: kr1.10 (up from kr1.25 loss in FY 2022). Revenue: kr4.73b (up 16% from FY 2022). Net income: kr224.0m (up kr470.0m from FY 2022). Profit margin: 4.7% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Oct 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Sep 14
Chief Product Officer recently sold €72k worth of stock On the 13th of September, Silje Ree sold around 72k shares on-market at roughly €1.01 per share. This transaction amounted to 7.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €1.3m more than they sold in the last 12 months. Breakeven Date Change • May 02
Forecast breakeven date moved forward to 2023 The 2 analysts covering Sats previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of kr104.6m in 2023. Earnings growth of 73% is required to achieve expected profit on schedule. Reported Earnings • Apr 27
First quarter 2023 earnings released: EPS: kr0.31 (vs kr0.31 loss in 1Q 2022) First quarter 2023 results: EPS: kr0.31 (up from kr0.31 loss in 1Q 2022). Revenue: kr1.20b (up 19% from 1Q 2022). Net income: kr63.0m (up kr119.0m from 1Q 2022). Profit margin: 5.2% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Breakeven Date Change • Apr 26 The 3 analysts covering Sats previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 80% to 2023. The company is expected to make a profit of kr80.6m in 2024. Average annual earnings growth of 1.0% is required to achieve expected profit on schedule.
Breakeven Date Change • Feb 15
Forecast to breakeven in 2023 The 2 analysts covering Sats expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr41.5m in 2023. Earnings growth of 150% is required to achieve expected profit on schedule. Reported Earnings • Feb 15
Full year 2022 earnings released: kr1.25 loss per share (vs kr2.65 loss in FY 2021) Full year 2022 results: kr1.25 loss per share (improved from kr2.65 loss in FY 2021). Revenue: kr4.08b (up 26% from FY 2021). Net loss: kr246.0m (loss narrowed 46% from FY 2021). Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 29
Third quarter 2022 earnings released: kr0.26 loss per share (vs kr0.012 loss in 3Q 2021) Third quarter 2022 results: kr0.26 loss per share (further deteriorated from kr0.012 loss in 3Q 2021). Revenue: kr967.0m (flat on 3Q 2021). Net loss: kr52.0m (loss widened kr50.0m from 3Q 2021). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Sep 24
Chairman of the Board recently bought €1.3m worth of stock On the 22nd of September, Hugo Maurstad bought around 2m shares on-market at roughly €0.66 per share. This transaction amounted to 67% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Hugo has been a buyer over the last 12 months, purchasing a net total of €4.4m worth in shares. Recent Insider Transactions • Sep 01
Chairman of the Board recently bought €943k worth of stock On the 31st of August, Hugo Maurstad bought around 900k shares on-market at roughly €1.05 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Hugo has been a buyer over the last 12 months, purchasing a net total of €3.1m worth in shares. Reported Earnings • Jul 15
Second quarter 2022 earnings released: EPS: kr0.06 (vs kr0.95 loss in 2Q 2021) Second quarter 2022 results: EPS: kr0.06 (up from kr0.95 loss in 2Q 2021). Revenue: kr1.02b (up 53% from 2Q 2021). Net income: kr12.0m (up kr175.0m from 2Q 2021). Profit margin: 1.2% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 7.9%, compared to a 746% growth forecast for the industry in Germany. Recent Insider Transactions • May 07
Chairman of the Board recently bought €1.1m worth of stock On the 4th of May, Hugo Maurstad bought around 700k shares on-market at roughly €1.59 per share. This was the largest purchase by an insider in the last 3 months. Hugo has been a buyer over the last 12 months, purchasing a net total of €2.1m worth in shares. Reported Earnings • May 04
First quarter 2022 earnings released: kr0.31 loss per share (vs kr1.29 loss in 1Q 2021) First quarter 2022 results: kr0.31 loss per share (up from kr1.29 loss in 1Q 2021). Revenue: kr1.01b (up 67% from 1Q 2021). Net loss: kr56.0m (loss narrowed 75% from 1Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 116% growth forecast for the industry in Germany. Annuncio • Apr 06
Søren Rene Kristiansen Decides to Resign as Member of the Nomination Committee of Sats ASA Sats ASA announced that at the annual general meeting held on 4 April 2022, The general meeting took note of the information that Søren Rene Kristiansen had decided to resign as member of the nomination committee with effect from April 2022 and that the nomination committee will consist of Erik Thorsen and Øistein Widding until the annual general meeting 2023. Reported Earnings • Feb 12
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: kr2.65 loss per share (down from kr1.90 loss in FY 2020). Revenue: kr3.25b (down 8.1% from FY 2020). Net loss: kr452.0m (loss widened 39% from FY 2020). Revenue exceeded analyst estimates by 15%. Over the next year, revenue is forecast to grow 28%, compared to a 112% growth forecast for the restaurants industry in Germany. Reported Earnings • Nov 12
Third quarter 2021 earnings released: kr0.01 loss per share (vs kr0.10 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: kr971.0m (up 1.7% from 3Q 2020). Net loss: kr2.00m (loss narrowed 89% from 3Q 2020). Recent Insider Transactions • Oct 07
Chairman of the Board recently bought €1.0m worth of stock On the 5th of October, Hugo Maurstad bought around 500k shares on-market at roughly €2.08 per share. This was the largest purchase by an insider in the last 3 months. This was Hugo's only on-market trade for the last 12 months. Reported Earnings • Jul 16
Second quarter 2021 earnings released The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: kr670.0m (down 9.9% from 2Q 2020). Net loss: kr163.0m (loss widened 43% from 2Q 2020). Recent Insider Transactions • Jun 10
Insider recently sold €19k worth of stock On the 4th of June, Linda-Li Cederroth sold around 8k shares on-market at roughly €2.37 per share. In the last 3 months, they made an even bigger sale worth €28k. Despite this recent sale, insiders have collectively bought €2.6m more than they sold in the last 12 months. Executive Departure • May 15
Director has left the company On the 11th of May, Eivind Roald's tenure in the role of Director ended. As of December 2020, Eivind personally held 21.44k shares (€46k worth at the time). Eivind is the only executive to leave the company over the last 12 months. Reported Earnings • May 02
First quarter 2021 earnings released: kr1.29 loss per share (vs kr0.57 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: kr605.0m (down 39% from 1Q 2020). Net loss: kr221.0m (loss widened 128% from 1Q 2020). Reported Earnings • Apr 16
Full year 2020 earnings released: kr1.90 loss per share (vs kr1.52 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: kr3.53b (down 11% from FY 2019). Net loss: kr325.0m (down 274% from profit in FY 2019). Reported Earnings • Feb 11
Full year 2020 earnings released: kr1.90 loss per share (vs kr1.52 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: kr3.53b (down 11% from FY 2019). Net loss: kr325.0m (down 274% from profit in FY 2019). Analyst Estimate Surprise Post Earnings • Feb 11
Revenue misses expectations Revenue missed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 8.9%, compared to a 27% growth forecast for the Hospitality industry in Germany. Annuncio • Nov 07
SATS ASA Announces Temporarily Closure of 10 Clubs in Bergen and 43 Clubs in Oslo SATS ASA announced that Bergen and Oslo municipalities in Norway have imposed a lock-down of all gyms, as a part of several measures to reduce social gatherings. SATS ASA is in close dialogue with the health authorities and is following their advice on how to act and are thus closing the 10 clubs in Bergen from 7 November, 2020 to 23 November, 2020 and the 43 clubs in Oslo from 10 November, 2020 to 1 December, 2020. The Company is not closing down the rest of the club portfolio, as good routines in line with the local infection control rules are implemented in all countries, including improved hygiene protocols, increased staffing, guiding of members and reduced group training capacity. Is New 90 Day High Low • Oct 30
New 90-day low: €1.42 The company is down 24% from its price of €1.87 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.11 per share. Is New 90 Day High Low • Sep 25
New 90-day low: €1.58 The company is down 8.0% from its price of €1.72 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.17 per share. 
