Essity (Buy, TP: SEK245.00) - 2019 set for better balance
With pulp prices now off their 2018 highs, Essity’s raw material headwinds are finally easing, albeit not yet fully offset by price rises looking at the Q4 results (due 07:00 CET on 31 January). However, with the 2019 outlook firming up, we see an attractive risk/reward profile. We reiterate our BUY recommendation and have increased our target price to SEK245 (240).
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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