Nordic Paper Holding (Buy, TP: SEK42.00) - Discipline and earnings resilience
Despite tougher markets overall, Nordic Paper continued to generate healthy earnings and strong cash flow in Q2. We believe the encouraging report was explained by the group’s favourable exposure to smaller but profitable end-segments offering pricing power. Our forecasts are largely unchanged, and beyond the seasonally weaker Q3, we see attractive earnings and valuation multiples. We reiterate our BUY and SEK42 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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