olivLaw · European equity research
SATS ASA SATS.OL
Norway · Euronext Oslo Børs · ISIN NO0010863285 · Vertical: Listed companies from Norway
SATS ASA operates full-service fitness clubs across the Nordic countries and is listed on Oslo Børs. The company targets a mid-term EBITDA before IFRS 16 ambition of NOK 1.1 billion and disciplined expansion, at a time when public interest in health is rising.
At the close of 06 Nov 2026, SATS ASA (SATS.OL) stock was 45.20 NOK (+2.15% on the day), with market capitalisation 91.2 m NOK, P/E 0.2 on diluted EPS of 234.00 NOK over the last 12 months, dividend yield 139.30%, beta 0.31, 52-week range 35.25–46.95 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 63.6
- strong (55–70)
- Bollinger (20, 2)
- 40.38 – 45.70
- in the upper half of the band · %B 0.91 · band width 12.4%
- SMA 50 / 200
- 43.14 / 42.40
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.65 / 0.37
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.2% | −0.6% | +12.8 pp | — |
| 3 months | +9.2% | −4.2% | +13.3 pp | — |
| 6 months | +7.9% | +4.3% | +3.5 pp | — |
| Year to date | +11.3% | +7.5% | +3.8 pp | — |
| 1 year | +24.5% | +9.9% | +14.6 pp | −4.7% |
| 3 years | +258.7% | +49.8% | +208.9 pp | +12.7% |
| 5 years | +111.2% | +42.8% | +68.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 0.2, median 0.2, max 13.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.7 bn | 5.1 bn | 5.5 bn |
| Revenue YoY | unavailable | +7.0% | +8.8% |
| Net income | 224.0 m | 326.0 m | 474.0 m |
| Net income YoY | unavailable | +45.5% | +45.4% |
| Diluted EPS | 1.10 | 159.00 | 234.00 |
| Diluted EPS YoY | unavailable | +14,354.5% | +47.2% |
| net % | 4.7% | 6.4% | 8.6% |
| Free cash flow | 1.6 bn | 1.7 bn | 1.8 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 512.0 m NOK
- Financial debt
- 1.5 bn NOK
- Net debt
- 977.0 m NOK
- Equity
- 1.5 bn NOK
- Total assets
- 9.6 bn NOK
- Debt / equity
- 1.02x
- Current ratio
- 0.44x
- ROE
- 33.9%
- ROA
- 5.0%
- FCF margin
- 32.2%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.7 bn | 5.1 bn | 5.5 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 137.0 m | 143.0 m | 146.0 m | esef· 21 Oct 2026verified |
| Gross profit | 4.6 bn ≈ | 4.9 bn ≈ | 5.4 bn ≈ | esef· 21 Oct 2026derived |
| Depreciation & amortisation | 1.2 bn | 1.2 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Interest expense | 55.0 m | 131.0 m | 39.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 313.0 m | 434.0 m | 616.0 m | esef· 21 Oct 2026verified |
| Income tax | 89.0 m | 108.0 m | 141.0 m | esef· 21 Oct 2026verified |
| Net income | 224.0 m | 326.0 m | 474.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.10 | 159.00 | 234.00 | esef· 21 Oct 2026verified |
| Dividend per share | — | 0.00 | 62.96 | esef· 21 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 282.0 m | 371.0 m | 512.0 m | esef· 21 Oct 2026verified |
| Inventories | 55.0 m | 54.0 m | 61.0 m | esef· 21 Oct 2026verified |
| Current assets | 802.0 m | 952.0 m | 1.1 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 5.3 bn | 5.4 bn | 5.7 bn | esef· 21 Oct 2026verified |
| Goodwill | 2.5 bn | 2.6 bn | 2.6 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 91.0 m | 80.0 m | esef· 21 Oct 2026verified |
| Total assets | 9.0 bn | 9.3 bn | 9.6 bn | esef· 21 Oct 2026verified |
| Accounts payable | 130.0 m | 178.0 m | 100.0 m | esef· 21 Oct 2026verified |
| Short-term debt | 17.0 m | 12.0 m | 9.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 1.7 bn | 1.4 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Current liabilities | 2.2 bn | 2.4 bn | 2.5 bn | esef· 21 Oct 2026verified |
| Total liabilities | 8.0 bn | 7.9 bn | 8.2 bn | esef· 21 Oct 2026verified |
| Equity | 1.0 bn | 1.3 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 203.6 m | 2.1 m | 2.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.8 bn | 2.0 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Capex | 167.0 m | 287.0 m | 309.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 1.6 bn ≈ | 1.7 bn ≈ | 1.8 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -172.0 m | -282.0 m | -318.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | -1.6 bn | -1.6 bn | -1.6 bn | esef· 21 Oct 2026verified |
| Dividends paid | — | 0 | 127.0 m | esef· 21 Oct 2026verified |
| Share repurchases | 21.0 m | 0 | 267.0 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 91.2 m NOK
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.6% | 66 (vs peers) | 14% |
| FCF conversion · Quality | 374.1% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 0.2x | 95 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1,944.7% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 432.2% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 7.2% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation97/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SATS ASA (SATS.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.5 bn NOK in 2025; YoY growth 8.8%; net margin 8.6%; ROE 33.9%.
The estimated value range is 2,142.84–7,392.56 NOK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 4,623.44 NOK, the price of 45.20 NOK leaves a potential of 10,128.9% (value / price − 1) and a margin of safety of 99.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 374.1%
- P/E (TTM): 0.2x
- FCF yield: 1,944.7%
- Shareholder yield (distributions): 432.2%
- Payout ratio (FCF): 7.2%
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| SATS.OLSats Asa | 91.2 m | 0.2 | 33.9% | 8.6% | +8.8% | +18% / +249% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for SATS.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 27.99 Total return 77% · Per year 77% | 49.38 Total return 161% · Per year 161% | 74.25 Total return 247% · Per year 247% |
| 3 years | 29.55 Total return 320% · Per year 61% | 58.44 Total return 527% · Per year 84% | 96.14 Total return 741% · Per year 103% |
| 5 years | 31.21 Total return 577% · Per year 47% | 69.16 Total return 960% · Per year 60% | 124.47 Total return 1,380% · Per year 71% |
- Exit P/E± 14.61
- Net margin± 10.23
- Annual revenue growth± 8.06
- Annual dilution± 0.86
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SATS ASA operates full-service fitness clubs across the Nordic countries and is listed on Oslo Børs. The company targets a mid-term EBITDA before IFRS 16 ambition of NOK 1.1 billion and disciplined expansion, at a time when public interest in health is rising.
SWOT
Strengths
- Solid market position in the Nordics, a network of full-service clubs and a cluster strategy in key urban areas.
- A flexible membership model and a portfolio of niche concepts that attract different segments of members.
- Discipline in capital allocation, with emphasis on high-return investments and controlled operating costs.
Weaknesses
- Dependence on member retention and on securing suitable sites makes revenue sensitive to execution.
- Rent and equipment investment costs can weigh on margins, particularly in periods of high inflation.
- The company relies on IT systems, and a cybersecurity incident can affect operations and member trust.
Opportunities
- Societal interest in health and digitalization could support membership growth over time.
- The potential for consolidation in a fragmented market could offer acquisition or expansion opportunities.
- Expanding personal training concepts and digital services could increase revenue per member.
Threats
- Low-cost providers can attract price-sensitive members and reduce pricing power.
- Lower consumer spending due to inflation or interest rates could reduce demand for memberships.
- Changes in data protection, labour or tax rules could raise compliance costs.
Risks
- Cybersecurityhigh
The company identified indications of unauthorised access to parts of its IT environment and is investigating a cyber incident whose scope was still undetermined when the report was published.
- Low-cost competitionmedium
Low-cost providers can attract members and could force premium operators to lower prices or invest more in differentiation.
- Site selection and expansionmedium
Poor site choice or market misjudgement could affect the profitability of new clubs and the capital invested in them.
- Financial and currency riskmedium
Operating in several countries exposes the company to currency and interest rate fluctuations, and changes in VAT rules could affect results.
- Regulatory compliancelow
Operating across several Nordic countries involves complying with many regulatory frameworks, including GDPR, and breaches could lead to penalties.
Investment thesis
What would need to be true (bull case)
- If interest in health keeps growing and the company holds its premium position, gradual membership growth could support revenue and progress toward the EBITDA ambition.
- Its Nordic position, with high penetration and affordable fees, could allow gradual consolidation and disciplined expansion of the club network.
- If investment in existing clubs and digital content improves return per square meter, operating margins could rise over time.
What would break the thesis
- The cyber incident under investigation could generate unforeseen costs, loss of member trust and distraction from strategy execution.
- Pressure from low-cost providers could limit the company's ability to raise prices and maintain its premium segment.
- If inflation and rent costs stay high, margins could be compressed before new clubs reach their target returns.
What to watch
- Development and scope of the investigation into the cyber incident2026
- Trends in membership numbers and pricing in the Nordics amid low-cost competitionQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
SATS ASA is a Norwegian company listed on Oslo Børs that runs full-service fitness clubs in several Nordic countries. Its model relies on flexible memberships, premium equipment and niche training concepts, and it aims to become the reference destination for personal training in the region.
The mid-term strategy pursues disciplined growth: investment in capacity of existing clubs, better return per square meter and a limited number of new openings, with emphasis on quality over quantity. The company says progress toward its EBITDA ambition will unfold gradually.
The company keeps a governance framework aligned with the Norwegian Code of Practice for Corporate Governance and has a board with experience in investment and retail, plus a share buyback program and a cash dividend paid in 2026.
Segments
Fitness clubs in the Nordics
The main segment comprises the company's own clubs in Norway, Sweden, Denmark and Finland, where investment focuses on equipment, club optimization and innovation in training content.
Personal training and niche concepts
The company develops niche concepts and personal training as differentiation from low-cost providers, aiming to be the premium destination for personal training in the Nordic region.
Digital SATS app
The SATS app and digital training platform let members continue workouts at home, a channel that complements physical clubs and supports member retention.
Market context
According to the company, the Nordic market is the most advanced in Europe in membership penetration, and membership fees in Nordic clubs are among the most affordable in Europe. The market remains fragmented, leaving room for consolidation.
The company expects gradual growth in club membership, supported by its market position and growing societal interest in health. Competition from low-cost providers remains a pressure on pricing and the premium segment.
Trends
- Rising interest in health and wellnesstailwind
Society's focus on health and wellness, together with public health initiatives and digital transformation, supports demand for full-service fitness clubs.
- High penetration in the Nordicsmixed
The Nordics are regarded as the most advanced market in Europe for membership penetration, which may limit volume growth but maintains a penetration premium the company expects to keep.
- Cost and inflation pressureheadwind
Inflation and fluctuating interest rates could reduce consumer spending on memberships, while rent and club investment costs could pressure margins.
- Low-cost competitionheadwind
Low-cost fitness providers exert competitive pressure on the premium segment, which may require the company to sustain its differentiation through unique services and concepts.
Competitive position
Competition includes low-cost fitness providers that attract price-sensitive customers and premium club operators in the Nordics. SATS differentiates itself through premium services, niche concepts and a cluster strategy in key urban areas.
The Nordic market remains fragmented by value, number of clubs and members, which offers both consolidation opportunities and the risk that new operators enter and contest the same urban locations.
- Low-cost fitness providers
Operators with cheaper memberships that attract price-sensitive members and represent the main competitive pressure named by the company.
- Premium fitness operators in the Nordics
Clubs with comparable services competing for the same members in the region's major cities.
- Independent local clubs
Small studios and clubs, geographically fragmented, competing on training niches and local community.
- Digital training platforms
Online training apps and services competing with the digital component of the company's member offering.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SATS ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.