Valuation is low despite weak start to 2016
We cut Suominen’s target price to EUR 0.95 (prev. EUR 1.05), which reflects our negative estimates revision after the company’s comments on weak Q1 demand at the AGM. However, we upgrade our recommendation to Accumulate (prev. Reduce) as valuation has dropped to an attractive level after a 30 % share price decline in 2016.
Suominen is a manufacturer and supplier of nonwovens, wet wipes, and flexible packaging for industry and retailers. Products are used in wiping and hygiene products, as ready-made wet wipes, and as consumer packaging for daily consumer goods. Co.'s business operations are divided into two business areas: Wiping and Flexibles. The Wiping segment supplies nonovens as roll goods and wet wipes in consumer packaging that are ready for retail store shelves for use in baby care products, personal care products, household wiping products and industrial wipes.The Flexibles segment is a supplier of food and hygiene packaging in Europe and a producer of retail packaging in Finland.
Inderes was founded 2009 and is a company that focuses on equity research. Our goal is to contribute to the functioning of the capital markets by acting as an information link between companies and investors. We are one of the largest equity research teams in Helsinki with the strength of 9 professionals. Inderes Equity Research is an award-winning equity research team, which is independent from banking activities. Several of our analysts are top ranked on the Bloomberg BARR-ranking and have won several Starmine rewards. Our company is majority-owned by the staff.
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