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 8,196 - -
Change - -50.57% 73.11% 75.16% 49.09% 1.46% - -
Enterprise Value (EV) 1 9,889 3,431 4,532 6,487 14,231 13,892 13,717 13,510
Change - -65.31% 32.1% 43.13% 119.37% -2.39% -1.26% -1.51%
P/E -7.99x -7.07x 13.8x 16.7x 17.4x 14.4x 12x 10.1x
PBR 7.49x 2.02x 3.02x 4.05x 5.67x 5.52x 4.67x 3.89x
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 1.43x 1.35x 1.27x
EV / Revenue 3.05x 0.84x 0.96x 1.28x 2.58x 2.43x 2.26x 2.09x
EV / EBITDA 12.1x 2.89x 2.54x 3.34x 6.75x 6.19x 5.69x 5.21x
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 7.99x 7.08x 6.43x
FCF Yield 6.88% 24.1% 35.1% 25.7% 12.5% 12.5% 14.1% 15.5%
Dividend per Share 2 - - - - 1.3 1.875 2.384 2.865
Rate of return - - - - 3.2% 4.42% 5.62% 6.76%
EPS 2 -2.64 -1.25 1.1 1.59 2.34 2.935 3.533 4.179
Distribution rate - - - - 55.6% 63.9% 67.5% 68.6%
Net sales 1 3,247 4,082 4,734 5,064 5,509 5,721 6,064 6,458
EBITDA 1 818 1,186 1,784 1,942 2,109 2,245 2,409 2,591
EBIT 1 -224 66 607 744 892 1,032 1,164 1,314
Net income 1 -452 -246 224 326 474 578.1 693.6 820.6
Net Debt 1 6,274 1,644 1,439 1,069 6,153 5,695 5,520 5,313
Reference price 2 21.10 8.84 15.16 26.50 40.60 42.40 42.40 42.40
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.44x2.43x6.19x4.42% 863M
25.04x3.03x10.71x-.--% 8.93B
14.3x3.78x9.16x-.--% 3.21B
25.47x2.31x17.49x0.87% 2.33B
23.66x2.94x6.42x-.--% 2.19B
12.68x2.53x5.2x4.85% 2.05B
13.74x3.4x8.02x4.52% 1.04B
15.78x1.86x7.84x3.34% 526M
42.79x2.84x7.07x-.--% 428M
Average 20.88x 2.79x 8.68x 2% 2.4B
Weighted average by Cap. 21.33x 2.97x 9.80x 1.03%

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