SCA (Buy, TP: SEK208.00) - King of the wind as well as forest
As Europe’s largest forest owner, we believe SCA also has substantial long-term opportunities in wind power. Today, SCA leases out land to external operators, but management now aims to change this model and take over the ownership of wind parks on its land. In addition, it targets rolling out its own wind parks generating 15TWh on top of existing budgets. Based on our analysis, we have attached a SEK5/share value to the emerging wind power business. Reflecting our raised SOTP and forecasts, we have increased our target price to SEK208 (206), and we reiterate our BUY.Svenska Cellulosa is a holding company. Through its subsidiaries, Co. is a global consumer goods and paper company that develops, produces and markets personal care products, tissue, publication papers and solid-wood products. Co. consists of three business areas - Personal Care, Tissue and Forest Products. Personal Care activities comprise three product segments: incontinence products, baby diapers and feminine hygiene products. Co.'s Tissue product portfolio comprises toilet paper, kitchen rolls, facial tissues, handkerchiefs and napkins. Co.'s Forest Products offers publication papers, kraftliner (packaging papers), pulp, solid-wood products and renewable energy.
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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