Holmen (Hold, TP: SEK455.00) - Lowered risk and buybacks restart
Although our earnings estimates are largely unchanged, we see less forecast risk following the overall solid Q2 report that showed good mix and volumes for the board and paper division. In addition, with our SOTP indicating a value of SEK530/share, we find it positive that Holmen intends to reinitiate buybacks. We reiterate our HOLD but have increased our target price to SEK455 (430).
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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