Nordic Paper Holding (Buy, TP: SEK52.00) - Establishing yield case credentials
Nordic Paper showed Q4 strength, proposing a higher DPS than expected (SEK2.00; yield 4.7%), establishing its credentials as a yield case. With an underlying stable demand outlook and kraft paper prices indicated to rise, we consider Nordic Paper well-positioned as pandemic-related lockdowns ease, backed by an attractive valuation and strong yield support. We reiterate our BUY and SEK52 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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