Norske Skog (Buy, TP: NOK46.00) - On track
Norske Skog’s Q3 report indicated that the margin recovery is on track, and further gains can be expected as pricing momentum remains positive and the Bruck energy investment appears set to start contributing to earnings from Q2 2022. Continued energy-cost inflation may pose a near-term headwind for the industry, but cost pressures could be offset by higher pricing in a tight market, we believe. We reiterate our BUY and NOK46 target price.
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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