Norske Skog (Buy, TP: NOK55.00) - Promising non-paper initiatives
We hosted a site visit at Norske Skog’s Saugbrugs mill in Halden, Norway; focus was on the mill’s operations and three of its innovations that are close to commercialisation. We were positively surprised by the progress made in nano-cellulose and bio plastics, but consider the fibre-board initiative the least developed. We also find management’s comments on 2020e input costs supportive of our estimates. We reiterate our BUY and NOK55 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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