Weaker on pulp and maintenance

Pulp is down, and maintenance in Q4

Stora acquires a Finnish sawmill company

Q3 slightly below, maintenance in Q4

EBIT SEK 40m vs. ABG SEK 47m — higher costs, lower volumes. Q4 likely weaker driven by maintenance

More headwinds than tailwinds

Q3e: Cclean EBIT of ~SEK 47m – maintenance in Q4. Pulp moving into a more challenging territory – prices down. Fair value range: SEK 9-16/sh.

Not great, not terrible

EBIT SEK 30m vs. ABGSCe SEK 63m; Q3e likely better. Pulp prices at ATHs, but may have peaked short-term. Fair value range: SEK 9-16/sh.

Q2 below, Q3 likely better

EBIT SEK 30m vs. ABG SEK 63m. Q3 likely stronger — Rottneros Mill maintenance moved to Q4. Conference call at 12 CET.

Q2 set to improve vs. Q1

Q2e: Clean EBIT of ~SEK 63m. Pulp prices at ATHs, but may have peaked short-term. Fair value range: SEK 9-16/sh.

Leading indicators

OECD: The indicator points up from a low level. US: The indicator points up (housing starts, monetary policy, interest rates, real FX). EU: The indicator points up from a low level (bond yields, stock market). Japan: The indicator is neutral (monetary policy, housing starts).

A shaky start to the year

Q1: Clean EBIT of SEK 5m, production issues. Pulp prices move higher, demand stronger. Fair value range: SEK 9-16/sh.

Rottneros AB: 2 directors

Two Directors at Rottneros AB bought 27,500 shares at between 11.293SEK and 11.420SEK. 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 l...

Rottneros - Beat from higher realised prices

Clean EBIT SEK 256m Pulp prices at ATH but our leading indicator points down Fair value range: SEK 10-15/sh

Rottneros - Q3: Long pulp and USD a great combo

Clean EBIT SEK 206m Pulp prices at ATH but our leading indicator points down Fair value range: SEK 10-15/sh

Powerpoint Sector Report - Leading indicators for OECD industrial prod...

OECD: The indicator points down. IP has held up so far US: The indicator points down (housing starts, monetary policy, FX) EU: The indicator points down (monetary policy, bond yields)

Rottneros - Capacity change to increase profitability

Will close down its groundwood pulp line at year-end Invests SEK 160-200m into a new CTMP line CTMP line fully funded from hedge realization

Rottneros - Current sweet spot to fade into 2023

Q2: all-time high EBIT of SEK 219m Pulp prices in Europe at ATH, more supply into '23 Fair value range of SEK 10-15/share

Rottneros - All-time high EBIT

Q2 EBIT SEK 219n vs. ABGSCe SEK 159m Deliveries 6% above, realized prices >10% above Webcast today at 13.00 CET

Powerpoint Sector Report - Leading indicators for OECD industrial prod...

OECD: The indicator points down, momentum fades. IP has held up well so far. US: The indicator points down from a high level (building permits, monetary policy). EU: The indicator points down (monetary policy, bond yields).

Rottneros - A good start to the year

Q1 EBIT was SEK 145m Pulp prices in Europe back to all-time highs Fair value range of SEK 10-15/share

Rottneros - Pulp prices back to ATH

Q1e EBIT of SEK 53m Pulp prices in Europe back to all-time highs Fair value range of SEK 10-14/share