Essity (Buy, TP: SEK310.00) - Costs cast a shadow over results
EBITA adj. was 11% above consensus, mostly driven by an energy-related one-off in Q4. Essity stated it would continue to raise prices in 2023, while its raw-material costs stabilise and gradually reduce throughout the year. That said, near-term it expects significant energy-cost headwinds on a lack of subsidies and higher hedging costs. We reiterate our BUY and SEK310 target
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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