SSAB (Buy, TP: SEK56.00) - Set for a strong Q2
The Q1 results were burdened by production and logistics issues in Special Steels and Europe, and the margin between realised prices and scrap cost was slightly weaker in Americas. Excluding one-offs, Special Steels profitability was above our forecast and consensus. The full effect of higher US prices should be visible in the P&L in mid-Q2 onwards. We continue to see strong momentum for SSAB and reiterate our BUY with a slightly higher target price of SEK56 (53).
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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