Noen andre som vurderer en inngang her nå før vinteren? Lå vel lenge i kortene at det kunne bli en stusselig affære gjennom sommeren, men nå begynner den å bli billig i mine øyne. Prises til 300m med 130m cash på bok. Cashburn på ca. 20m forrige kvartal så en emisjon vil nok komme, men kanskje ikke før på nyåret?
Er vel lov å håpe på en noenlunde normal vinter for skianlegg rundt om i Europa i år og inntektene bør dermed ta seg opp betraktelig. Tanker?
Still deg følgende spørsmål.
Leverer de et produkt som er bedre enn produktene på markedet idag?
Pareto nedgraderer kursmål i Skitude til 4 kroner:
Down to Hold on very low visibility
Although Skitude comments it remains on track to reach its 2025 target of EUR 80m in revenues, the market is obviously not as optimistic as previously, having sent the stock down ~50% since the IPO. We agree that the recent developments aredisappointing. Reflecting the poor season, what we anticipate as slower momentum and very low short-term visibility, we cut our estimates significantly and see increased risk. In sum, the long-term consolidation story continues to be intriguing, butthe short-term uncertainty and low visibility creates a less investable stock – TP reduced to NOK 4 (11) and rec. downgraded to Hold (Buy).
Disappointingly little information and guidance
Since listing, Skitude has released disappointingly little information and guidance. The company has been awarded contracts with eight new waterpark partners, but no commercial terms have been disclosed. At the time of the listing, Skitude already had 300 resort partners, so another eight will likely not move the needle. Moreover, the company has not been able to provide an updated figure on the number of resort partners it actually has after it was listed. Next to the waterpark awards, the company has also been awarded a platform partnership for Catalate’s pricing API. Again, the company did not release any commercial terms for the agreement, making it very hard to judge the materiality of the agreement. Other than this, not much has seemingly happened, at least not been reported. M&A momentum seems to be fading, despite Skitude being a consolidation case. Furthermore, the company has not released any guidance for the upcoming season. While we recognize that the current management was instilled post listing and Covid-19 has created significant headaches for the skiing industry, this nevertheless creates much short- to medium-term uncertainty.
Negative estimate revisions reflecting poor season and slower momentum
On a PF basis, Skitude delivered NOK 74m in PF revenues the last season vs. NOK 110m in 19/20m, and EBITDA of negative NOK 32m, negatively impacted by Covid-19 and travel restrictions. With no short- to medium-term guidance, no disclose of KPIs and what we perceive as slower momentum relative to previous expectations, we make significant negative estimate revisions. In sum, we now expect Skitude to grow revenues towards 204m in 24/25e vs. ~540m previously. Reflecting the lower revenue base, we now expect EBITDA margins to increase towards 16% in 24/25evs. 46% previously.
TP down to NOK 4, rec. down to Hold on very low visibility
On higher uncertainty and significantly lower estimates, we cut our TP to NOK 4 (11). On current NIBD, this implies 2.1x‘19/20 PF sales and 3.1x ‘20/21 PF sales (~20% of PF sales is SaaS sales, the majority is B2B transactional sales). We still like the long-term investment case, as we believe the vast skiing industry is poised for digitalization. However, on the very low short- to medium-term visibility, we downgrade our recommendation to Hold (Buy).
1 Like
Stille før stormen? dager til w-cup åpning i Sölden etterfulgt av masseturisme som inntar de nydelige hvitkledde alper:mountain_snow: 
nå i gjenåpningen! Dette blir spennende!
1 Like
Første selskapet på Oslo børs som går inn i Cannabis? Canopy? 