SATS has added another 2.3% this week, and the picture emerging from the data is one of a stock where the bears have largely moved on and the institutional buyer base continues to quietly grow.
The borrow market confirms that short sellers have little appetite here. Cost to borrow has continued its descent from the 9% levels seen in late April, printing at 3.45% — down roughly 60% over the past month. Availability is essentially uncapped, with over 28 million shares available to lend and utilisation barely above a third of a percent. The ORTEX short score has drifted lower all week, from 28 at the start of June to 26.4 now, sitting in the 94th percentile for how benign the short signal looks. There is no friction for anyone wanting to borrow — the point is that almost no one does.
The more interesting signal this week is in the factor scores. SATS ranks in the 93rd percentile on dividend yield, the 88th percentile on days-to-cover, and the 81st percentile on the utilisation rank — a combination that flags a stock generating income for holders while carrying minimal short-side pressure. The PE has drifted down roughly 0.9x over the past month to 13.4x, while EV/EBITDA has barely moved at 6.1x. Against the analyst consensus target of NOK 46.50 — roughly 12% above the current NOK 41.65 — the valuation does not look stretched.
Institutional momentum has been the defining thread since the previous note. Storebrand added 3.6 million shares, Alfred Berg Kapitalforvaltning 3.3 million, and ODIN Forvaltning initiated a fresh 4.7 million share position — all reported as of late April. Nordea Investment Management added nearly 2.9 million shares, and Arctic Asset Management picked up 1.3 million more. Hugo Maurstad, listed as an individual holder, added 1.65 million shares to reach 5.15 million. The direction of travel across the register is one-sided. On the insider side, the May 18 cluster of executive share awards accompanied by modest sell activity — CEO Sondre Gravir sold roughly NOK 848,000 worth at NOK 42.80 — reads as routine award-and-sell rather than a directional signal.
The next scheduled event is Q2 earnings on August 14. The last two reporting dates produced a sharp divergence: Q1 results on May 5 generated a 1.9% one-day gain and a 4% five-day gain, while the prior release on April 30 fell 6.4% on the day before recovering to flat over five days. That inconsistency means the earnings reaction is genuinely hard to read from history alone, and how the Nordic gym operator describes membership trends heading into the autumn sign-up season will matter more than the headline numbers.
What to watch is whether the institutional buying pace holds through the summer lull — any softening in Nordea or Storebrand's reported positions ahead of the August print would shift the tone of the ownership story considerably.
See the live data behind this article on ORTEX.
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