Holmen (Sell, TP: SEK370.00) - Challenging outlook for industries
Due to weaker prices and volumes for the paperboard business, Q4 earnings were below our expectations. Reflecting a more conservative view on paperboard, we have made small negative changes to our 2024 group forecasts. We still consider Holmen in good shape and like its conservative yet shareholder-friendly strategy of prioritising cash distributions. However, expecting weak earnings momentum in 2024 and in light of generous valuation multiples, we reiterate our SELL and SEK370 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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