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Sats ASA (SATS) Fair Value & Analysis

Consumer Cyclical · NO · Market cap 7.8B NOK

SA Sats ASA SATS · OL
Pricekr 41.40
Fair Valuekr 54.00
Upside+30.4%
Quality66/100
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Healthy Growth
Thin margins · 8.7% net margin
Moderate debt · generates free cash flow
3.18% dividend yield
Ranks above peers (10/14)
Moderate moat 62/100
Evidence: High Range kr 40.50 – kr 67.50 Share as image

Fair value as of: Jul 19, 2026

From 26 valuation models · updated 22 days ago

Fair value updated Jul 19, 2026, revised from kr 53.51 to kr 54.00 (+0.9%) since Jun 24, 2026. Share price +0.6% over the past month.

A solid business, screening 30% undervalued on our models.

What matters now

  • Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from kr 40.50 (bear) to kr 67.50 (bull), base kr 54.00. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 66/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

kr 44.25 kr 6.10 Fair Value kr 54.00 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range kr 6.10 – kr 44.25 · fair‑value band kr 40.50 – kr 67.50 · the kr 41.40 price screens below the kr 54.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Sats ASA (SATS) currently trades at kr 41.40, while our model-based Fair Value estimate is kr 54.00, implying the stock looks roughly 30.4% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Sats ASA generated revenue of 5.6B NOK at a net margin of 8.7%. Revenue grew 6.3% year over year. It earns a return on equity of 36.2%. Net debt stands at 977M NOK. Fundamentals as of Jul 19, 2026

Our scenario range runs from kr 40.50 (bear case) to kr 67.50 (bull case); at kr 41.40, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 2% fair-value upside, at 30%, SATS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF kr 98.82 kr 158.53 kr 248.40 80
Residual Income kr 16.86 kr 24.08 kr 201.57 76
Rev-Margin DCF kr 46.29 kr 66.66 kr 91.58 74
All 26 models by family
DCF Models
FCF DCF kr 98.18 kr 160.02 kr 254.68 38
Owner Earnings kr 75.42 kr 123.63 kr 197.41 31
5Y Revenue Exit kr 46.29 kr 65.30 kr 88.13 39
5Y EBITDA Exit kr 88.50 kr 146.82 kr 215.86 41
5Y P/E Exit kr 54.91 kr 81.95 kr 110.20 38
10Y Revenue Exit kr 63.64 kr 86.05 kr 114.44 36
10Y EBITDA Exit kr 91.01 kr 142.35 kr 212.63 37
10Y P/E Exit kr 69.80 kr 97.56 kr 131.40 35
Earnings-Based
Graham-Dodd kr 16.69 kr 60.24 kr 81.22 54
Lynch FV kr 14.26 kr 20.37 kr 26.49 50
PEG = 1.0 kr 14.26 kr 20.37 kr 26.49 46
EPV kr 32.74 kr 38.70 kr 43.84 59
Dividend Discount
Gordon GGM kr 5.78 kr 11.51 kr 17.43 70
DDM Multi-Stage kr 5.78 kr 9.95 kr 12.15 61
Multiples
P/E Multiple kr 40.50 kr 54.00 kr 67.50 63
P/S Multiple kr 25.68 kr 34.23 kr 42.79 58
P/B Multiple kr 22.60 kr 30.14 kr 37.67 55
EV/EBIT kr 57.28 kr 78.04 kr 98.80 53
EV/EBITDA kr 93.23 kr 125.98 kr 158.73 54
EV/Revenue kr 18.95 kr 29.22 kr 39.49 43
Asset-Based
NCAV (Graham) kr 3.77 kr 5.05 kr 7.53 50
Growth DCF
Growth DCF kr 98.82 kr 158.53 kr 248.40 80
Rev-Margin DCF kr 46.29 kr 66.66 kr 91.58 74
Economic Profit
Residual Income kr 16.86 kr 24.08 kr 201.57 76
ROIC Compounder kr 35.78 kr 46.12 kr 57.91 72
Growth Earnings
Growth-Adj P/E kr 27.90 kr 39.86 kr 51.81 68

Widest divergence: DCF Models (kr 97.56) versus Asset-Based (kr 5.05). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 5.6B NOK
Revenue growth (YoY) +6.3%
Net margin 8.7%
Return on equity 36.2%
Free cash flow 1.8B NOK FY2025
P/E ratio 16.8
More key figures
Operating margin 14.9%
EPS (TTM) kr 2.41
Dividend yield 3.2%
EPS growth (YoY) +15.2%
Net debt 977M NOK FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 58

Profitability 64
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 96
Earnings quality: real cash, not paper profit
Fin. Strength 19
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 95
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Sats ASA provides fitness and training services in Norway, Sweden, Denmark, and Finland. It offers sportswear, fitness gear, bars, and energy drinks. The company operates fitness clubs under the SATS, ELIXIA, Fresh Fitness, and SATSYoga brand names. Sats ASA was founded in 1995 and is headquartered in Oslo, Norway.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sats ASA reported revenue of kr 5.5B in FY2025 versus kr 3.2B in FY2021, a compound +14.1%/yr. Reported net income was kr 474M in FY2025.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
5.5B NOK
Latest YoY
+8.8%
Avg. growth/yr (3Y)
+10.5%
Avg. growth/yr (5Y)
+9.3%
Avg. growth/yr (10Y)
+6.7%
Revenue +14.1%/yr
FY21 kr 3.2B
FY22 kr 4.1B
FY23 kr 4.7B
FY24 kr 5.1B
FY25 kr 5.5B
Net income
FY21 −kr 452M
FY22 −kr 246M
FY23 kr 224M
FY24 kr 326M
FY25 kr 474M

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Cite: Fair Value Calculator (2026). "Sats ASA Fair Value". https://www.fairvalue-calculator.com/stock/SATS

Peer Group

Leisure · 192 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Top 25%
Fair Value upside +30% · Above median
Return on equity (TTM) 36% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 15% · Above median
Revenue growth 6% · Above median
Dividend yield (TTM) 3.2% · Above median
Debt / equity 1.02× · Higher than 75% of peers

Valuation Multiples vs Leisure median · lower = cheaper

P/E (TTM) 16.8× · Cheaper than median
P/B 5.38× · Pricier than 75% of peers
P/S (TTM) 1.40× · Pricier than median
P/FCF 0.5× · Cheaper than median
EV/EBITDA 10.6× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 74 · sector 14
FUTURE 32 · sector 18
PAST 100 · sector 19
HEALTH 49 · sector 94
DIVIDEND 64 · sector 51

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Leisure stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
ANTA Sports Products Limited 2020 HK$74.15 HK$119.29 +61%
Pop Mart International Group 9992 HK$160.20 HK$227.30 +42%
Amer Sports, Inc AS $36.44 $16.16 -56%
Hasbro, Inc HAS $81.55 $83.38 +2%
Life Time Group LTH $42.15 $16.15 -62%
Acushnet Holdings GOLF $114.78 $37.79 -67%
Li Ning Company 2331 HK$14.80 HK$29.26 +98%
Benefit Systems S.A BFT 5,255 PLN 3,714 PLN -29%
Ninebot Limited 689009 ¥37.82 ¥39.17 +4%
Asmodee Group ASMDEEB kr 145.70 kr 41.90 -71%

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Frequently asked questions

Is Sats ASA (SATS) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of kr 54.00 versus a price of kr 41.40, about +30% (undervalued).
What is the fair value of SATS?
Our model-based fair value for Sats ASA is kr 54.00 (as of Jul 19, 2026), built from audited fundamentals. The current price is kr 41.40.
What is the quality score of SATS?
Sats ASA has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Sats ASA (SATS)?
Sats ASA reported trailing-twelve-month revenue of about 5.6B NOK (latest available figure, as of Jul 19, 2026).
What is the net profit margin of SATS?
The net profit margin of Sats ASA is about 8.7%, meaning it keeps roughly 8.7% of revenue as net income. Based on the latest reported figures.
Does Sats ASA pay a dividend?
Sats ASA currently shows a dividend yield of about 2.99% relative to its recent price (as of Jul 19, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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