Good balance
While the raw material cost headwind and pricing environment were worse than expected in Q3, continued good execution on cost savings balanced well. The weak Consumer Staples universe and Essity now trading at a premium to Kimberly Clark leave us in neutral territory in terms of the valuation and potential upside, meaning we reiterate our HOLD recommendation and target price of SEK230.
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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