Nordic Paper Holding (Buy, TP: SEK52.00) - Pack ’em, s(t)ack ’em, wrap ’em
We initiate coverage of Nordic Paper with a BUY and SEK52 target price, finding a strong niche strategy in its specialty paper segments, and good demand growth (which has already yielded best-in-class returns and FCF), aided by ESG trends. We see an attractive valuation and strong yield support, and a good entry point on our view that the perceived Bäckhammar project execution risk is greater than the actual risk.
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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