Norske Skog (Buy, TP: NOK100.00) - Transformational story intact
We have reduced our volume and price assumptions for 2023, but stress that we expect earnings to remain strong. With the Q1 report, we believe management will likely confirm that the two containerboard conversion projects remain on track and budget. Reflecting a more cautious view on the traditional business, we have cut our 2023e EBITDA by 10%, and in turn reduced our target price to NOK100 (117). Still, with the recent weak share-price performance, we see excellent entry points in the shares as we view the long-term case as intact.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.