Essity (Hold, TP: SEK235.00) - Price-cost balance remains tough
Our update visit to Essity detailed a familiar picture of input cost, price and volume challenges short-term but a determination to turn around the negative balance in the quarters ahead. The market remains very competitive, as in many other parts of the Consumer Staples universe, and still leaves us in neutral territory in terms of valuation and potential upside, hence we reiterate our HOLD recommendation, with a target price of SEK235 (230).
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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