Nordic Paper Holding (Hold, TP: SEK50.00) - Unfortunate bid situation
Nordic Paper’s main owner (Shanying) has sold its 48.2% stake in the company to a new investor (Strategic Value Partners, SVP) in an irrevocable deal for SEK50/share. Also, SVP has made a public offer for all shares outstanding at SEK50/share, far below our fair value of cSEK70. As SVP says significant investment is required and the generous dividend policy will be reviewed, we expect the stock to trade around the bid level for the foreseeable future. We have cut our target price to SEK50 (67) and downgraded to HOLD (BUY).
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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