Norske Skog (Buy, TP: NOK40.00) - Challenging year ahead
Norske Skog stated its Q1 results should show only a minor impact from Covid-19, although demand weakness and production issues have begun to emerge and we expect a more severe impact to be visible from Q2. That said, the financial position is strong, NOK weakness is an incremental positive, and we find the dividend attractive in a world where yield is difficult to find. We have lowered our target price to NOK40 (53) but reiterate our 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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