Holmen (Hold, TP: SEK460.00) - Robust earnings resilience
Due to better pricing and volumes in the Board & Paper division, Holmen’s Q3 earnings beat our expectations. Weak demand and a weak pricing outlook for wood products, board and publication paper are partly mitigated by earnings stability in the forest business, and we still like the integrated business model with own forestland. We have made relatively small changes to our 2024–2026e earnings and we reiterate our HOLD and SEK460 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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