reports
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- 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 Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- 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
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- Martin Arnell
Evolution (Buy, TP: SEK1100.00) - Play it right in fencing
Despite intact 2025 EBITDA margin guidance, a soft Q1 and near-term uncertainties made us cut our 2025–2027e EPS by c10%. The step-up of focus on regulated markets supports the long-term case, although it comes with costs near-term. We reiterate our BUY but have cut our target price to SEK1,100 (1,440). We expect buybacks, expansion, new games, and growth improvements to strengthen the story later in 2025.
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- Johannes Grunselius
UPM (Buy, TP: EUR36.00) - Solid entry points into quality
Following the solid Q1 report that was supported by the low-cost pulp operations in Uruguay, we have kept our optimistic 2025–2027e earnings, translating into highly attractive valuation multiples largely unchanged. With heavily reduced capex set for the coming years, we also still forecast strong cash flows, leaving the balance sheet overcapitalised. With this backdrop, we believe UPM will continue to pursue buybacks on top of compelling dividends in most feasible scenarios. We reiterate our BU...
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Henrik Bartnes
- Martin Melbye
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