Nordic Paper Holding (Buy, TP: SEK55.00) - Mixed results, improving outlook
Nordic Paper reported mixed Q1 results, with sales above consensus but weaker margins mainly due to slippage in realised prices and cost volatility in energy inputs. Product prices began to recover at end-Q1, which should drive margin expansion from the disappointing Q1 levels. We believe Nordic Paper is well positioned for price inflation in the paper space as well as the likely near-term reopening of economies, backed by an attractive valuation and strong yield support. We reiterate our BUY and SEK55 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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