Norske Skog (Buy, TP: NOK46.00) - On the road to margin recovery
Supply has clearly tightened following challenging market conditions in the paper industry, causing a double-digit increase in European paper prices for H2 deliveries. We believe Norske Skog is poised for a margin recovery from Q3, albeit partly offset by the recent rise in energy prices, although we see this as a short-term issue given scheduled start-up of the Bruck boiler in April 2022. We reiterate our BUY and have raised our target price to NOK46 (44).
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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