Essity (Buy, TP: SEK350.00) - Focus likely to be on 2025
We forecast sequentially higher raw material, energy and SG&A costs, partly offset by further cost savings and underlying volume improvements supported by higher A&P spending, leaving our Q4e adj. EBITA largely in line with consensus. We expect focus in the report to be on the 2025 outlook, margin resilience and capital allocations, while we still see a muted M&A outlook as multiples remain well below historical averages and relevant peers. We reiterate our BUY and SEK350 target price as we continue to like the equity story.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.