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Skistar Falls as Danske Cuts on Weak Earnings: Stockholm Mover

March 26 (Bloomberg) -- Skistar AB slumped to its lowest level in more than four months after Danske Bank A/S advised clients to sell shares of the Swedish owner of Nordic ski resorts as earnings are seen below historical peaks.

Skistar slipped as much as 3.25 kronor, or 4 percent, to 78.5 kronor, in Stockholm trading, its lowest price since Nov. 23. The stock traded down 3.7 percent at 12:22 p.m. local time, with trading volumes at 62 percent of the daily average in the past three months.

Mikael Holm, an analyst at Danske Bank in Stockholm, today cut the broker’s rating on Skistar to sell from hold and lowered its 12-month share price estimate to 70 kronor a share from 85 kronor after second-quarter earnings missed estimates. While Holm sees earnings rising next season “due to higher gains from property development and a slightly lower tax rate,” earnings per share at Skistar will still be below their historical high.

“We expect EPS 2013/2014 to be 45 percent below the peak in 2009/2010 due to lower capital gains on a weaker housing market, a higher tax rate, a stronger krona putting pressure on foreign visitors and tougher restrictions on children’s absence from school between holidays, resulting in lower demand between school breaks,” Holm wrote in a note to clients today.

Skistar, which owns and operates ski resorts in Norway and Sweden, said profit fell to 333 million kronor ($51.3 million) in the three months through February, which generates its majority of sales, from 351 million kronor a year earlier. The company’s earnings per share fell to 8.70 kronor from 8.75 kronor.

To contact the reporter on this story: Johan Carlstrom in Stockholm at

To contact the editor responsible for this story: Niklas Magnusson at

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