Holmen (Hold, TP: SEK460.00) - More challenging 2023e outlook
Due to signs of weaker paper prices and a lack of pent-up demand for carton board and publication paper in Q2, we have cut our 2023e EBITDA by 6%. We believe Holmen is in good shape and continue to like its conservative but shareholder-friendly business strategy of prioritising cash distribution to shareholders. From 2024e, the company should start to benefit from a weaker SEK, but due to likely soft earnings momentum for the next few quarters, we have downgraded to HOLD (BUY) and lowered our target price to SEK460 (470).
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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