Holmen (Hold, TP: SEK440.00) - Limited upside/downside potential
There were no real surprises in the Q4 results, and our 2025–2026e earnings are largely unchanged. We continue to like the stability offered by the integrated business model with its own forests, but at the same time struggle to see any real earnings improvement in H1. We reiterate our HOLD and SEK440 target price, and see a better risk/reward elsewhere in the sector.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.