Holmen (Buy, TP: SEK470.00) - Keeping up a high profit level
The Q1 report was largely in line with our expectations and we have made few forecast changes. Looking ahead, Holmen faces price pressure for Paper and Paperboard but, due to its backward-integrated business model, should be far less affected by higher wood costs than others and thus able to report healthy earnings. Also, we appreciate the shareholder-friendly strategy of prioritising cash distributions to shareholders. We reiterate our BUY and SEK470 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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