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 8,786 - -
Change - -50.57% 73.11% 75.16% 49.09% 8.76% - -
Enterprise Value (EV) 1 9,889 3,431 4,532 6,487 14,231 14,477 14,299 14,088
Change - -65.31% 32.1% 43.13% 119.37% 1.73% -1.23% -1.47%
P/E -7.99x -7.07x 13.8x 16.7x 17.4x 15.4x 12.7x 10.8x
PBR 7.49x 2.02x 3.02x 4.05x 5.67x 5.9x 4.98x 4.15x
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 1.53x 1.44x 1.36x
EV / Revenue 3.05x 0.84x 0.96x 1.28x 2.58x 2.53x 2.35x 2.17x
EV / EBITDA 12.1x 2.89x 2.54x 3.34x 6.75x 6.44x 5.91x 5.42x
EV / EBIT -44.1x 52x 7.47x 8.72x 16x 14x 12.2x 10.6x
EV / FCF 14.5x 4.15x 2.85x 3.89x 8.03x 8.33x 7.38x 6.71x
FCF Yield 6.88% 24.1% 35.1% 25.7% 12.5% 12% 13.5% 14.9%
Dividend per Share 2 - - - - 1.3 1.875 2.398 2.885
Rate of return - - - - 3.2% 4.13% 5.28% 6.35%
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 45.45 45.45 45.45
Nbr of stocks (in thousands) 171,335 202,136 204,044 204,460 198,968 193,307 - -
Announcement Date 2/11/22 2/14/23 2/13/24 2/12/25 2/10/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.42x2.53x6.44x4.13% 945M
27.08x3.24x11.47x-.--% 9.66B
17.02x4.21x10.2x-.--% 3.83B
27.79x3.14x6.84x-.--% 2.62B
24.89x2.26x17.1x0.89% 2.27B
13.02x2.57x5.8x4.68% 2.16B
14.39x3.51x8.27x4.32% 1.09B
16.17x1.91x8.04x3.26% 543M
47.7x2.95x7.41x-.--% 479M
Average 22.61x 2.93x 9.06x 1.92% 2.62B
Weighted average by Cap. 23.14x 3.18x 10.26x 0.95%

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