Essity (Buy, TP: SEK310.00) - On a roll
Following three tough years with mostly headwinds, we believe Essity’s earnings have troughed in 2022 and are set for strong growth in 2023–2024e (~35% p.a.) as external factors turn into a tailwind. Essity is emerging from this period as a better company in our view, having gained market share, shifted its revenue mix to higher-growth categories and improved its pricing management, which should lower margin volatility. We reiterate our BUY and have raised our target price to SEK310 (290).
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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