September: Pulp shipments -10% y-o-y

Farewell, my lovely

ISS (Buy, TP: DKK171.00) - New wins still key question mark

ISS reported a somewhat uneventful Q3, with a c3% miss versus consensus on the reported top line, mainly on greater-than-expected FX headwinds. Organic growth was a bit soft, but with negative and positive surprises in the form of weaker underlying portfolio volumes but better-than-feared above-base volumes. We reiterate our BUY and DKK171 target price.

Bakkafrost (Hold, TP: NOK660.00) - Big miss in Q3, but good biomass

Bakkafrost reported operating EBIT of DKK173m, c31–40% below our estimates and consensus on higher costs in both farming regions. The good quality of standing biomass gives reason to be optimistic on size and price premium into the winter. Thus, we have increased our EPS for 2025e by 9.6%, but cut our 2026e by 2.3% on slower margin recovery in Scotland. We reiterate our HOLD and NOK660 target price.

Boozt (Hold, TP: SEK115.00) - Q3 miss highlights Q4 uncertainty

Despite the weak Q3 results, management reiterated its full-year guidance, implying a strong finish to the year. However, given its YTD performance and Q4 facing very tough YOY comparables, we see a risk of Boozt missing the mid-point of its adj. EBIT guidance (we expect it to be at the bottom end). We reiterate our HOLD, but have cut our target price to SEK115 (120), mainly on our lower estimates.