Nordic Paper Holding (Buy, TP: SEK52.00) - Q4e free from drama
Following annual maintenance stoppages in Q3 and problems starting production, operations ran smoothly in Q4 and the market pull seems reasonable despite some Covid-19-related challenges. We consider Nordic Paper well positioned as 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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