Nordic Paper Holding (Buy, TP: SEK60.00) - Stable outlook confirmed
As we had expected, Nordic Paper was able to fully offset higher costs in Q2 through higher prices, and its EBITDA margin of 21.6% remained quite stable QOQ. We continue to believe its pricing power is healthy and that it is in a good position to defend its current earnings margins in H2 and beyond. We have made small changes to our 2022–2023e EBITDA, translating into attractive valuation multiples and a dividend yield of 7%. We reiterate our BUY and target price of SEK60.
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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