Much as expected
Holmen’s Q2 did not provide any major surprises. Sales delivered a 7% consensus beat, but costs were higher as well, resulting in adjusted EBIT of SEK525m, very close to consensus expectations. The Forest value gain was SEK102m, a relatively high number. We expect limited changes to consensus estimates. The shares should trade sideways for the rest of the session.
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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