Essity (Hold, TP: SEK300.00) - Good value, but no catalysts
Essity’s Q1 did not match expectations, and with stronger raw-material headwinds ahead, pricing moves are once again crucial for maintaining performance. We have made minor cuts to our 2021–2023e EPS, suggesting a historically good performance at a high level, albeit with limited growth. We still find Essity to be in neutral absolute and relative valuation territory, and we reiterate our HOLD and SEK300 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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