Swedish Match (Buy, TP: SEK87.00) - Zyn performance eases concerns
The strong Q4 Smokefree performance, especially Zyn, should help ease recent investor concerns around competition and a slowdown in the US nicotine pouches category and, in our view, reinforce the growth story. We have raised our target price to SEK87 (85) to reflect our new estimates and solid ZYN momentum, justifying an intact growth valuation, and reiterate our BUY.
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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