Swedish Match AB

Swedish Match develops, manufactures, markets, and sells snus and snuff, other tobacco products (cigars and chewing tobacco), and lights (matches and lighters). Snus and snuff are smokeless tobacco products that are produced and sold primarily in Sweden, Norway and the U.S. Other tobacco products represent cigars and chewing tobacco manufactured and sold on the U.S. market. Lights include manufacturing and distribution of matches and lighters. Other operations are primarily the distribution of tobacco products on the Swedish market. Primary brands include General snus, Longhorn moist snuff, White Owl cigars, Red Man chewing tobacco, Fiat Lux matches, and Cricket lighters.
  • TickerSWMA
  • ISINSE0000310336
  • ExchangeNasdaq Nordic Stockholm
  • SectorTobacco
  • CountrySweden
Karl-Johan Bonnevier ...
  • Martin Arnell
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Viktor Trollsten

Northern Lights

Martin Arnell

Swedish Match (Buy, TP: SEK760.00) - Smokefree growth delivery

We have raised our target price to SEK760 (720) and reiterate our BUY after further increasing our estimates due to ZYN’s strong US growth progress (H1 shipments exceeded its entire 2019). With further earnings and cash flow growth delivery driven by the Smokefree segment (in particular ZYN US shipments and price/mix in Scandinavian snus), we expect the stock to continue to perform well.

Anders Idborg ...
  • Bengt Jonassen
  • Derek Laliberté
  • Erik Moberg
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • Karl Bokvist
  • Mads Thinggaard
  • Magnus Andersson
  • Martin Melbye
  • Olof Cederholm
  • Oskar Vikström
  • Øystein Elton Lodgaard
  • Peter Kurt Nielsen
  • Rickard Anderkrans
  • Tobias Kaj
  • Victor Forssell

Talking Points - Kesko (Hold): New guidance looking cautious

Autoliv (Buy) Post-result: Trends supportive for Q3 improvement …could be a touch on the cautious side Stock up 10% YTD, fairly valued

Fredrik Ivarsson ...
  • Johan Brown

Swedish Match - ZYN exceeds expectations once again

ZYN margin above 55% Estimates raised by 2-3% Target price increased to SEK 700 (675)

Fredrik Ivarsson ...
  • Johan Brown

Swedish Match - Q2 results at first glance

10% beat on adj. EBIT Stronger Zyn volumes once again Consensus likely to come up ~5%

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Rally Losing Upside Momentum The global rally appears to be losing steam as the bearish rising wedge patterns we highlighted last week in the MSCI ACWI, ACWI ex-US, EM, and EAFE indexes ended up breaking down. Additionally, the aforementioned indexes and major indexes in Europe, Japan, and Hong Kong have been unable to break above longer-term resistance. While we believe global equities remain vulnerable to a pullback, some near-term consolidation is another possibility. For now we believe some consolidation makes sense as we remain in a sort of wait-and-see period as it relates to wha...

Dave Nicoski ...
  • John Betz

Vermilion Int'l Compass: Global Equity Strategy

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts. What is likely the least-used timeframe, monthly charts (> 20 years) offer the most clarity. And what's clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE's 20-year chart (below) reveals ...

1 director bought

A director at Swedish Match Ab bought 2,165 shares at 45.600USD and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Martin Arnell

Swedish Match (Buy, TP: SEK760.00) - Smokefree growth delivery

We have raised our target price to SEK760 (720) and reiterate our BUY after further increasing our estimates due to ZYN’s strong US growth progress (H1 shipments exceeded its entire 2019). With further earnings and cash flow growth delivery driven by the Smokefree segment (in particular ZYN US shipments and price/mix in Scandinavian snus), we expect the stock to continue to perform well.

Anders Idborg ...
  • Bengt Jonassen
  • Derek Laliberté
  • Erik Moberg
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • Karl Bokvist
  • Mads Thinggaard
  • Magnus Andersson
  • Martin Melbye
  • Olof Cederholm
  • Oskar Vikström
  • Øystein Elton Lodgaard
  • Peter Kurt Nielsen
  • Rickard Anderkrans
  • Tobias Kaj
  • Victor Forssell

Talking Points - Kesko (Hold): New guidance looking cautious

Autoliv (Buy) Post-result: Trends supportive for Q3 improvement …could be a touch on the cautious side Stock up 10% YTD, fairly valued

Fredrik Ivarsson ...
  • Johan Brown

Swedish Match - ZYN exceeds expectations once again

ZYN margin above 55% Estimates raised by 2-3% Target price increased to SEK 700 (675)

Fredrik Ivarsson ...
  • Johan Brown

Swedish Match - Q2 results at first glance

10% beat on adj. EBIT Stronger Zyn volumes once again Consensus likely to come up ~5%

Aksel Øverland Engebakken ...
  • Derek Laliberté
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Tobias Kaj

Talking Points - Essity (Buy): 2 steps forward in Q1 - 1 step back in Q2

Jyske Bank (Buy) Preview: Q2 credit relief a fact; CET1 up amid COVID-19 Lower pulp/oil prices help – MTM EPS of SEK 18.1 Long-term outlook strong, valuation potential vs. peers

Karl-Johan Bonnevier ...
  • Martin Arnell
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Viktor Trollsten

Northern Lights

Alexander Aukner ...
  • Håkon Astrup
  • Helene Kvilhaug Brøndbo
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Frank Maaø ...
  • Martin Arnell
  • Niclas Gehin
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Jesper Ingildsen
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Martin Arnell
  • Ole-Andreas Krohn

Northern Lights

SWEDISH MATCH AB sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of SWEDISH MATCH AB (SE), a company active in the Tobacco industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date July 3, 2020, the closing price was SEK 674.80 and its potential was estimated at SEK 733.05.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Swedish Match – AGM 02 April 2020

In general, Swedish Match is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM.   Under ITEM 11 the nomination committee proposes to increase the remuneration of the board of directors by approximately 4%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Swedish Match and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE.   Under ITEM 16 the board of d...

Expert Corporate Governance Service (ECGS)

Swedish Match April 09th, 2019

In general, Swedish Match is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM. Under ITEM 11, the nomination committee proposes to increase the remuneration of the board of directors by almost 9%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Swedish Match and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE. Under ITEM 16, the board of directors se...

Swedish Match – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 11/04/2018

In general, Swedish Match is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM. Under ITEM 11, the nomination committee proposes to increase the remuneration of the board of directors by somewhere between 3.0% and 4.0%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Swedish Match and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE. Under ITEM 14, the...

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