Essity (Buy, TP: SEK310.00) - Strong Q4 margin
We consider this a positive report for Essity, including adj. EBITA 11% above consensus, with a strong margin. However, organic growth was a tad soft on a volume decline. We expect consensus 2022–2023e adj. EBITA to come up 2–4% on the back of the strong margin and expect a positive share price reaction.
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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