Holmen (Buy, TP: SEK490.00) - Gimme shelter
In our view, the Q4 results showed the strength of the backward-integrated business model with own forests, which helping Holmen to mitigate the severe cost inflation for pulp wood. We believe the company is in good shape and continue to like the conservative but shareholder-friendly business strategy of prioritising cash distribution to shareholders. Due to our more positive view on the paper business, we have raised our 2023–2024e EBITDA by c5–10%. We have upgraded to BUY (HOLD) and increased our target price to SEK490 (460).
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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