Kemira (Buy, TP: EUR27.00) - Quality improvement continues
Following Kemira’s revised 2024 guidance on 10 June, we have increased our 2024–2026e clean EPS by c8% on average. We still find the case positive, as the company continues to demonstrate improving earnings quality. We reiterate our BUY and have raised our target price to EUR27 (23).Kemira is a global chemicals company serving customers in water-intensive industries. Co.'s focus is on pulp and paper, oil and gas, mining and water treatment. Co.'s reportable segments are as follows: Pulp and Paper, which serves customers in the pulp and paper industry; Oil and Mining, which provides a range of chemical extraction and process solutions for the oil and mining industries in which water plays a primary role; as well as Municipal and Industrial, which provides water treatment chemicals for municipal and industrial water treatment. Geographically, Co.'s operations are divided into three business regions: Europe, Middle East and Africa; the Americas; and Asia Pacific.
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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