Essity (Hold, TP: SEK260.00) - Neutral territory heading into H2
With pulp prices off their 2018 highs, Essity’s raw material headwinds are easing, albeit not yet fully offset by price rises implemented before the Q1 results (due 25 April); but this should support a reversal of trend from H2 2019. After the strong outperformance over the past six months we find the shares in neutral territory in terms of valuation and potential upside. We reiterate HOLD, and have raised our target price slightly to SEK260 (255).
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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