SkiStar AB (publ) (SKIS-B.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

SkiStar AB (publ) owns and operates Alpine mountain resorts in Sweden, Norway, and Austria.The company operates in three segments: Operation of Mountain Resorts; Property Development & Exploitation; and Operation of Hotels.It offers skiing/ski lifts/ski passes, accommodation, ski rental, and property services.

The company also operates ski schools; and sporting goods in stores and Skistarshop.com, an online store.In addition, it organizes events, as well as engages in advertising sales, kiosks, and Ski Direct card businesses; and offers climbing parks, trail cycling, padel courts, and crazy golf facilities.Further, the company is involved in the investment, development, and sale of lands and other properties; sale of unit weeks in Vacation Club; rental of accommodation; and invests in snow parks.

Additionally, it operates hotels under the SkiStar brand name that provides accommodation, restaurants, and other goods and services.The company operates a network of 29 ski rental outlets, including nine in Sälen, nine in Åre, six in Vemdalen, two in Hemsedal, and three in Trysil; and two sporting goods stores in Sälen and Vemdalen, as well as owns and operates SkiStarShop Concept Stores in Åre and Hemseda.SkiStar AB (publ) is headquartered in Sälen, Sweden.

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1.b. Last Insights on SKIS

Recent positive drivers behind SkiStar AB's performance include: * Normal snow conditions and stable demand for mountain holidays, contributing to a 3% decrease in net sales to SEK 212 million in the first quarter. * Increased cash flow from operating activities by SEK 62 million to SEK 283 million, indicating improved operational efficiency. * Appointment of Sara Jinnerot Uggelberg as new CFO, bringing in fresh expertise to the company's Group Management. * Publication of the Annual and Sustainability Report for 2023/24, highlighting the company's commitment to sustainability and transparency. * Dividend of SEK 2.80 per share adopted at the Annual General Meeting, providing a return to shareholders. * Board fees increased to a total of SEK 2,990,000, indicating a focus on governance and oversight.

1.c. Company Highlights

Last Price	175
Change Percentage	0.86%
Open	173.8
Previous Close	173.5
Market Cap ( Millions)	13077
Volume	70881
Year High	182.9
Year Low	148.9
M A 50	161.01
M A 200	161.15

FCF Yield	4.41%
Dividend Yield	1.60%
ROE	14.39%
Debt / Equity	94.23%
Net Debt / EBIDTA	277.45%
Price To Book	3.46
Price Earnings Ratio	24.82
Price To FCF	22.65
Price To sales	2.82
EV / EBITDA	12.54

2. Transcript Summary

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3. NewsRoom

SkiStar publishes Annual and Sustainability Report for 2024/25

Nov -19

Source:

Notice to Annual General Meeting of SkiStar AB

Nov -05

Source:

SkiStar (OM:SKIS B) Margin Gains Challenge Bearish Narratives but Guidance Signals Major Headwinds

Oct -02

Source:

SkiStar AB (FRA:3AJ) Q4 2025 Earnings Call Highlights: Navigating Challenges and Celebrating ...

Oct -01

Source:

SkiStar AB Year-End Report September 2024-August 2025

Oct -01

Source:

Invitation to conference call with web presentation of SkiStar AB's Year-End Report for 2024/25

Sep -24

Source:

SkiStar AB (FRA:3AJ) Q3 2025 Earnings Call Highlights: Navigating Weather Challenges and ...

Jun -20

Source:

SkiStar AB Interim Report September 2024-May 2025

Jun -19

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.71%)

6. Segments

Mountain Resorts

Expected Growth: 5%

SkiStar AB's Mountain Resorts segment growth is driven by increasing demand for winter sports, strategic acquisitions, and investments in digitalization and sustainability. Additionally, the company's focus on enhancing customer experience through improved infrastructure and services, as well as its strong brand recognition, contribute to its 5% growth.

Hotels

Expected Growth: 3%

SkiStar AB's hotel segment growth is driven by increasing demand for ski resorts, strategic expansion into new markets, and investments in digitalization and sustainability. Additionally, the company's focus on providing unique experiences, such as ski-in/ski-out accommodations and high-quality amenities, contributes to its growth.

Property Development and Exploration

Expected Growth: 4%

SkiStar AB's Property Development and Exploration segment growth is driven by increasing demand for ski resorts and vacation homes, strategic land acquisitions, and expansion into new markets. Additionally, investments in digitalization and sustainability initiatives enhance the customer experience, attracting more visitors and driving revenue growth.

7. Detailed Products

Ski Passes

SkiStar AB offers a range of ski passes for individuals, families, and groups, providing access to its ski resorts in Sweden, Norway, and Austria.

Accommodation

SkiStar AB offers a variety of accommodation options, including hotels, apartments, and chalets, located in or near its ski resorts.

Ski Rentals

SkiStar AB provides ski rental services, offering a range of skis, snowboards, and equipment for all skill levels.

Ski Lessons

SkiStar AB offers private and group ski lessons for adults and children, taught by certified instructors.

Food and Beverage

SkiStar AB operates a range of restaurants, cafes, and bars within its ski resorts, offering a variety of dining options.

Activities and Events

SkiStar AB organizes and hosts various activities and events throughout the winter season, including concerts, fireworks, and ski competitions.

8. SkiStar AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

SkiStar AB (publ) operates in a niche market, offering ski resort experiences in Sweden, Norway, and Austria. While there are substitutes such as other leisure activities, the unique experience offered by SkiStar AB (publ) reduces the threat of substitutes.

Bargaining Power Of Customers

Individual customers have limited bargaining power due to the unique nature of SkiStar AB (publ)'s offerings. However, large tour operators and travel agencies may have some bargaining power.

Bargaining Power Of Suppliers

SkiStar AB (publ) relies on various suppliers for goods and services, including food and beverage providers, equipment suppliers, and maintenance services. While some suppliers may have bargaining power, SkiStar AB (publ)'s size and scale mitigate this risk.

Threat Of New Entrants

Entering the ski resort industry requires significant investment in infrastructure, equipment, and staff. This barrier to entry reduces the threat of new entrants.

Intensity Of Rivalry

The ski resort industry is highly competitive, with several established players in the market. SkiStar AB (publ) competes with other ski resorts in Sweden, Norway, and Austria, which increases the intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	55.26%
Debt Cost	3.95%
Equity Weight	44.74%
Equity Cost	8.13%
WACC	5.82%
Leverage	123.53%

11. Quality Control: SkiStar AB (publ) passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Betsson

A-Score: 6.7/10

Value: 6.8

Growth: 7.9

Quality: 8.4

Yield: 3.8

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

SkiStar

A-Score: 5.2/10

Value: 3.6

Growth: 7.1

Quality: 5.7

Yield: 2.5

Momentum: 4.0

Volatility: 8.3

1-Year Total Return ->

Partouche

A-Score: 4.8/10

Value: 8.3

Growth: 4.7

Quality: 2.1

Yield: 1.9

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

Gambling.com

A-Score: 4.2/10

Value: 5.6

Growth: 9.7

Quality: 6.4

Yield: 0.0

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

Gaming Innovation Group

A-Score: 3.9/10

Value: 4.6

Growth: 7.1

Quality: 5.3

Yield: 0.0

Momentum: 4.0

Volatility: 2.7

1-Year Total Return ->

Playtech

A-Score: 3.8/10

Value: 8.0

Growth: 2.8

Quality: 6.2

Yield: 5.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

1.79%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.82%

SkiStar AB (publ) - SE0012141687

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SKIS

1.c. Company Highlights

Expensive

Stable Momentum

Average Quality

Earnings Beats

Revenues Beats

Earnings Miss

Medium Volatility

Strong Momentum

Higher Growth

Fairly Valued

Less Volatile

Average Growth

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.71%)

6. Segments

Mountain Resorts

Expected Growth: 5%

Hotels

Expected Growth: 3%

Property Development and Exploration

Expected Growth: 4%

7. Detailed Products

Ski Passes

Accommodation

Ski Rentals

Ski Lessons

Food and Beverage

Activities and Events

8. SkiStar AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: SkiStar AB (publ) passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

175.0$

Current Price

175$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA