SkiStar AB (publ) (SKIS-B.ST) fair value

ACCE thesis

SkiStar operates a chain of Scandinavian ski resorts, including Åre, Sälen, Vemdalen and Trysil, and earns most of its revenue from lift tickets, lodging, ski school and mountain dining, supplemented by summer activities. Its edge is that these resorts are hard to replicate, since the mountain terrain, permits and land holdings are scarce and sit in the Nordic market, and the company has grown through acquisition and lodging capacity in that region. Revenue grew 27.9% in the latest reported figures, a pace that suggests the company is adding visitors, pricing or properties faster than the market is growing. The reported operating margin of -98.3% is an outlier that likely reflects a one-off, a seasonal timing effect or a data issue rather than the underlying economics, so it needs checking in the filings before anything is inferred from it. At a trailing P/E of 22.1 and forward P/E of 19.6, the stock is priced for earnings growth that the forward multiple implies is coming, and a return on equity of 14.8% with a 75.1% gross margin indicates the core business is capital-efficient, though the earnings quality question should be resolved first.