Group Q3 EBITDA of SEK106m was close to our forecast, with stronger earnings for Greaseproof Paper but weaker for Kraft Paper. We have lowered our group EBITDA25-26e marginally, and expect the stock to continue to trade around SVP’s bid level of SEK50/share, well below our fair value of SEK70/share. We maintain our HOLD and SEK50 target price.
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