Nordic Paper Holding (Buy, TP: SEK50.00) - Improved outlook and reduced risk
Despite challenging markets, Nordic Paper reported record-high EBITDA of SEK282m in Q1, thanks to its strong pricing power. Market conditions are still challenging meaning it cannot produce at full speed and for April it said its average realised prices were down 7–8%. Still, given the solid earnings base in Q1, earnings should remain healthy in Q2. We have raised our earnings scenario and our target price to SEK50 (48). We reiterate our BUY.
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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