Company Valuation: Sats ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,615 1,787 3,093 5,418 8,078 8,293 - -
Change - -50.57% 73.11% 75.16% 49.09% 2.66% - -
Enterprise Value (EV) 1 9,889 3,431 4,532 6,487 14,231 13,984 13,806 13,596
Change - -65.31% 32.1% 43.13% 119.37% -1.74% -1.28% -1.52%
P/E -7.99x -7.07x 13.8x 16.7x 17.4x 14.6x 12x 10.2x
PBR 7.49x 2.02x 3.02x 4.05x 5.67x 5.57x 4.7x 3.91x
PEG - 0.1x -0x 0.4x 0.4x 0.6x 0.6x 0.6x
Capitalization / Revenue 1.11x 0.44x 0.65x 1.07x 1.47x 1.45x 1.36x 1.28x
EV / Revenue 3.05x 0.84x 0.96x 1.28x 2.58x 2.44x 2.27x 2.1x
EV / EBITDA 12.1x 2.89x 2.54x 3.34x 6.75x 6.22x 5.71x 5.23x
EV / EBIT -44.1x 52x 7.47x 8.72x 16x 13.5x 11.8x 10.3x
EV / FCF 14.5x 4.15x 2.85x 3.89x 8.03x 8.05x 7.13x 6.47x
FCF Yield 6.88% 24.1% 35.1% 25.7% 12.5% 12.4% 14% 15.4%
Dividend per Share 2 - - - - 1.3 1.875 2.398 2.885
Rate of return - - - - 3.2% 4.37% 5.59% 6.73%
EPS 2 -2.64 -1.25 1.1 1.59 2.34 2.947 3.571 4.219
Distribution rate - - - - 55.6% 63.6% 67.1% 68.4%
Net sales 1 3,247 4,082 4,734 5,064 5,509 5,728 6,086 6,482
EBITDA 1 818 1,186 1,784 1,942 2,109 2,248 2,419 2,601
EBIT 1 -224 66 607 744 892 1,036 1,173 1,324
Net income 1 -452 -246 224 326 474 580.3 701.2 828.4
Net Debt 1 6,274 1,644 1,439 1,069 6,153 5,691 5,513 5,303
Reference price 2 21.10 8.84 15.16 26.50 40.60 42.90 42.90 42.90
Nbr of stocks (in thousands) 171,335 202,136 204,044 204,460 198,968 193,307 - -
Announcement Date 2/11/22 A 2/14/23 A 2/13/24 A 2/12/25 A 2/10/26 A - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.56x2.44x6.22x4.37% 888M
25.98x3.13x11.06x-.--% 9.27B
17x4.2x10.2x-.--% 3.82B
25.61x3.04x6.61x-.--% 2.4B
24.11x2.19x16.58x0.92% 2.2B
12.51x2.52x5.17x4.92% 2.05B
14.54x3.53x8.33x4.28% 1.1B
15.5x1.83x7.69x3.4% 524M
46.27x2.88x7.19x-.--% 451M
Average 21.79x 2.86x 8.78x 1.99% 2.52B
Weighted average by Cap. 22.19x 3.11x 9.97x 0.99%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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