Essity (Sell, TP: SEK260.00) - Down to SELL after strong run
The Q1 results were in line with consensus forecasts, and easing raw materials cost pressure is now better balanced by price/mix in the outlook. Overall, the report prompted us to make only minor EPS forecast changes, with lower operational expectations offset by favourable FX and lower financial and tax expenses. With strong share price performance over the past six months, we find the stock in negative territory in terms of valuation and relative attraction, prompting a downgrade to SELL (HOLD); we reiterate our SEK260 target price.
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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