A Nordic breeze

Core rock solid, SWE not good

Adj. EBIT -10% on large one -off. Adj for that, EBIT +14% vs cons. Cons estm down ~4 on Nordic, stock down ~2%

Tokmanni Group Corporation: 1 director

A director at Tokmanni Group Corporation bought 5,000 shares at 9.446EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...

Essity Aktiebolag (publ): 1 director

A director at Essity Aktiebolag (publ) bought 1,000,000 shares at 249.599SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...

June: Pulp shipments +5% y-o-y

Soft volumes, nappy rash, Suzano stirs the pot

Clean EBITA -5%, volumes weak

Q2 set to beat

May: Pulp shipments -1.7% y-o-y

More value than momentum, except for wood

Q2 preview

Suzano forms tissue JV with Kimberly

Apr: Pulp shipments +2% y-o-y

Mar: Pulp shipments +7% y-o-y

Not flashy, but built to last

Q1 weaker on lower volumes

Adj. EBIT 15% below on lower volumes due to mild winter. Cons estm down 4-5%, stock down ~3%

Waiting for a volume recovery

Boliden (Buy, TP: SEK480.00) - Earnings growth is on

Although Q1 earnings for the smelters and mines were slightly below our forecasts, we believe this was offset by constructive outlook comments for the rest of 2025 and explicit guidance that metal grades for the Kevitsa and Aitik mines should be picking up in 2026. We have cut our 2026–2027e EBITDA by 5%–4%, mainly due to slightly changed assumptions for FX and weaker prices and terms. We believe Boliden continues to offer impressive earnings growth and attractive multiples beyond the current ye...

Clean EBITA -2% below, Q2 likely better

Clean EBITA SEK 4.7bn vs. cons SEK 4.87bn, -2% below. Margin 13.5% vs. cons' 13.5% (13.1% in Q4) — target is >15%

Boliden (Buy, TP: SEK460.00) - ‘Self-help’ and diversification

Reflecting the deterioration in the macro outlook and our lower metal price assumptions, we have cut our 2025–2026e EBITDA by 12–13%. However, we still expect healthy earnings, seeing relatively limited downside risk thanks to unique diversification across base and precious metals, and steady earnings growth in our forecast horizon from investments, as well as better metal grades at the Aitik mine from late this year. We reiterate our BUY, but have cut our target price to SEK460 (500).