DB:3AJ

Stock Analysis Report

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Executive Summary

SkiStar AB (publ) owns and operates Alpine ski resorts in Sweden, Norway, and Austria.


Snowflake Analysis

Average dividend payer and fair value.

Share Price & News

How has SkiStar's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 3AJ's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

5.4%

3AJ

22.9%

DE Hospitality

3.1%

DE Market


1 Year Return

-15.6%

3AJ

-29.7%

DE Hospitality

0.1%

DE Market

Return vs Industry: 3AJ exceeded the German Hospitality industry which returned -29.7% over the past year.

Return vs Market: 3AJ underperformed the German Market which returned 0.2% over the past year.


Shareholder returns

3AJIndustryMarket
7 Day5.4%22.9%3.1%
30 Day8.3%20.0%5.6%
90 Day2.8%-16.6%-1.8%
1 Year-13.1%-15.6%-27.1%-29.7%1.8%0.1%
3 Yearn/a-49.8%-56.5%-7.2%-14.3%
5 Yearn/a-47.8%-58.7%4.3%-9.1%

Price Volatility Vs. Market

How volatile is SkiStar's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is SkiStar undervalued compared to its fair value and its price relative to the market?

2.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 3AJ (€9.17) is trading below our estimate of fair value (€9.44)

Significantly Below Fair Value: 3AJ is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: 3AJ is good value based on its PE Ratio (18x) compared to the Hospitality industry average (23.4x).

PE vs Market: 3AJ is good value based on its PE Ratio (18x) compared to the German market (19.3x).


Price to Earnings Growth Ratio

PEG Ratio: 3AJ is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: 3AJ is overvalued based on its PB Ratio (3.1x) compared to the DE Hospitality industry average (2x).


Next Steps

Future Growth

How is SkiStar forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

12.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 3AJ's forecast earnings growth (12.1% per year) is above the savings rate (0.2%).

Earnings vs Market: 3AJ's earnings (12.1% per year) are forecast to grow slower than the German market (21.6% per year).

High Growth Earnings: 3AJ's earnings are forecast to grow, but not significantly.

Revenue vs Market: 3AJ's revenue (4.4% per year) is forecast to grow slower than the German market (5.8% per year).

High Growth Revenue: 3AJ's revenue (4.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 3AJ's Return on Equity is forecast to be low in 3 years time (17.5%).


Next Steps

Past Performance

How has SkiStar performed over the past 5 years?

15.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 3AJ has high quality earnings.

Growing Profit Margin: 3AJ's current net profit margins (16.2%) are lower than last year (21.2%).


Past Earnings Growth Analysis

Earnings Trend: 3AJ's earnings have grown by 15.4% per year over the past 5 years.

Accelerating Growth: 3AJ's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 3AJ had negative earnings growth (-22.2%) over the past year, making it difficult to compare to the Hospitality industry average (-36.8%).


Return on Equity

High ROE: 3AJ's Return on Equity (16.6%) is considered low.


Next Steps

Financial Health

How is SkiStar's financial position?


Financial Position Analysis

Short Term Liabilities: 3AJ's short term assets (SEK721.7M) do not cover its short term liabilities (SEK1.5B).

Long Term Liabilities: 3AJ's short term assets (SEK721.7M) do not cover its long term liabilities (SEK2.0B).


Debt to Equity History and Analysis

Debt Level: 3AJ's debt to equity ratio (47.4%) is considered high.

Reducing Debt: 3AJ's debt to equity ratio has reduced from 96.2% to 47.4% over the past 5 years.

Debt Coverage: 3AJ's debt is well covered by operating cash flow (60.9%).

Interest Coverage: 3AJ's interest payments on its debt are well covered by EBIT (8.8x coverage).


Balance Sheet


Next Steps

Dividend

What is SkiStar's current dividend yield, its reliability and sustainability?

3.38%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 3AJ's dividend (3.38%) is higher than the bottom 25% of dividend payers in the German market (1.28%).

High Dividend: 3AJ's dividend (3.38%) is low compared to the top 25% of dividend payers in the German market (3.93%).


Stability and Growth of Payments

Stable Dividend: 3AJ's dividend payments have been volatile in the past 10 years.

Growing Dividend: 3AJ's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (60.9%), 3AJ's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 3AJ's dividends in 3 years are forecast to be covered by earnings (60.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.4yrs

Average board tenure


CEO

Stefan Sjöstrand (51yo)

0.33

Tenure

Mr. Stefan Sjöstrand is Chief Executive Officer at SkiStar AB (publ) since 2020. He has Principle education and professional experience. 


Board Members

NamePositionTenureCompensationOwnership
Anders Sundström
Director1.33yrsno datano data
Gunilla Rudebjer
Independent Director1.33yrsno datano data
Sara Karlsson
Director2.42yrskr250.00kno data
Fredrik Paulsson
Director2.42yrskr275.00kno data
Lena Apler
Independent Director5.33yrskr270.16k0.013% SEK98.9k
Eivor Andersson
Independent Chairman of the Boardno datakr370.43k0.011% SEK89.0k
Lars-Göran Dahl
Independent Director1.33yrsno datano data
Patrik Svard
Employee Representative Director3.17yrsno datano data

2.4yrs

Average Tenure

58yo

Average Age

Experienced Board: 3AJ's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: 3AJ insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

SkiStar AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SkiStar AB (publ)
  • Ticker: 3AJ
  • Exchange: DB
  • Founded:
  • Industry: Leisure Facilities
  • Sector: Consumer Services
  • Market Cap: kr8.120b
  • Listing Market Cap: kr774.984m
  • Shares outstanding: 78.38m
  • Website: https://www.skistar.com

Number of Employees


Location

  • SkiStar AB (publ)
  • Salfjallsgarden
  • Sälen
  • Dalarna County
  • 780 67
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SKIS BOM (OMX Nordic Exchange Stockholm)YesClass B SharesSESEKJul 1994
3AJDB (Deutsche Boerse AG)YesClass B SharesDEEURJul 1994
SKISBsBATS-CHIXE (BATS 'Chi-X Europe')YesClass B SharesGBSEKJul 1994

Biography

SkiStar AB (publ) owns and operates Alpine ski resorts in Sweden, Norway, and Austria. The company operates in two segments, Operation of Ski Resorts and Property Development and Exploitation. It provides skiing/ski lifts/ski passes, accommodation, ski rental, and property services. The company also operates ski schools and sporting goods stores, as well as restaurants. In addition, it organizes events, as well as engages in advertising sales, kiosks, and Ski Direct card businesses. Further, the company invests in properties, lands, snow parks, lifts and machineries, and companies. It operates a network of 29 ski rental outlets, including 9 in Sälen, 9 in Åre, 6 in Vemdalen, 2 in Hemsedal, and 3 in Trysil; and 2 sporting goods stores in Sälen and Vemdalen, as well as owns and operates sports shops in Åre and Hemseda. The company serves customers through agents and call centers, as well as through its Website skistarshop.com. The company is headquartered in Sälen, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/31 23:41
End of Day Share Price2020/05/29 00:00
Earnings2020/02/29
Annual Earnings2019/08/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.