Norske Skog (Hold, TP: NOK32.00) - Hit hard by Covid-19
Paper markets saw a collapse in demand in Q2, bringing Norske Skog’s revenue down by 35% and EBITDA by 69% YOY. The pace of recovery is uncertain and is weighing on the near-term outlook for the company. We expect paper demand to improve gradually as economies reopen, but see both near- and long-term prospects hurt by likely lower prices in H2 and some permanent loss of demand. We have cut our target price to 32 (35) and reiterate our HOLD.
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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