Billerud (Buy, TP: SEK128.00) - Strengthened investment case
We have left our estimates largely unchanged, but given a number of signs of better demand and pricing power for most products, we believe ample risks in our optimistic 2024–2026e have come off. Due to modest earnings expectations, attractive long-term valuation potential and possible value creation from future conversion investments in the US, we believe the investment case has become even stronger. We reiterate our BUY but have raised our target price to SEK128 (126).Billerud Korsnas Aktiebolag Public is a provider of packaging products and services. Co. has three business areas: Packaging Paper, which provides kraft and sack paper, as well as functional solutions for several applications, including packaging for foodstuffs, industrial purposes, medical applications and carrier bags, and also sells surplus of pulp that Co. does not use in its own production; Consumer Board, which develops and markets cartonboard used in packaging for beverages, yoghurt, refrigerated and frozen food products and other consumer goods; and Containerboard, which provides corrugated board raw material that provides packaging for transportation uses and primary packaging.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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