reports
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
SCA B SVENSKA CELLULOSA AKTIEBOLAGET CLASS B
STERV STORA ENSO OYJ CLASS R
HUH1V HUHTAMAKI OYJ
RROS ROTTNEROS AB
METSB METSA BOARD OYJ CLASS B
BILL BILLERUDKORSNAS AB
ATC ARCTIC PAPER SA
BRG BORREGAARD
HOLM B HOLMEN AB CLASS B
NPAPER NORDIC PAPER HOLDING
ELO ELOPAK ASA
BRG.B-SE BERGS TIMBER
NSKOG NORSKE SKOG ASA
- ABGSC Pulp & Paper Research
- Martin Melbye
NHY NORSK HYDRO ASA
SCA B SVENSKA CELLULOSA AKTIEBOLAGET CLASS B
STERV STORA ENSO OYJ CLASS R
HUH1V HUHTAMAKI OYJ
RROS ROTTNEROS AB
METSB METSA BOARD OYJ CLASS B
BILL BILLERUDKORSNAS AB
ATC ARCTIC PAPER SA
BRG BORREGAARD
ELK ELKEM ASA
HOLM B HOLMEN AB CLASS B
NPAPER NORDIC PAPER HOLDING
ELO ELOPAK ASA
NSKOG NORSKE SKOG ASA
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Strategy Research
- Bengt Jonassen
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
SCA B SVENSKA CELLULOSA AKTIEBOLAGET CLASS B
STERV STORA ENSO OYJ CLASS R
HUH1V HUHTAMAKI OYJ
RROS ROTTNEROS AB
METSB METSA BOARD OYJ CLASS B
BILL BILLERUDKORSNAS AB
ATC ARCTIC PAPER SA
BRG BORREGAARD
HOLM B HOLMEN AB CLASS B
NPAPER NORDIC PAPER HOLDING
ELO ELOPAK ASA
BRG.B-SE BERGS TIMBER
NSKOG NORSKE SKOG ASA
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- Niclas Gehin
Elopak (Hold, TP: NOK44.00) - A quarter without surprises
Elopak reported its first quarter with revenue above EUR300m, translating to EBITDA of EUR45m, 3% above our estimate and 1% above consensus. Despite a strong top line, margins contracted 2.6%-points QOQ due to pre-production costs related to its new facility in Little Rock and continued imports from JVs and Europe. We have adjusted our 2026–2027e EPS by 2–1% and reiterate our HOLD, but have increased our target price to NOK44 (40), mainly due to lower tariff concerns and multiples expansion amon...
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- Niclas Gehin
Elopak (Hold, TP: NOK40.00) - Tight ship in rough waters
We estimate Q1 EBITDA of EUR44m, down 6% YOY and 2% below consensus. With EMEA still seeing weak consumer sentiment, we expect a 3% decline in divisional revenue, partly offset by pent-up machine sales. Q1 is set to be the last quarter without commercial support from Little Rock; we expect a flat trend QOQ on continued production constraints. We have lowered our 2026–2027e EPS by 2–1%. We reiterate our HOLD, but have cut our target price to NOK40 (44).
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
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