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ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye

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...

Martin Melbye ... (+2)
  • Martin Melbye
  • Njål Kleiven

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

Martin Melbye ... (+2)
  • Martin Melbye
  • Njål Kleiven

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

Martin Melbye ... (+2)
  • Martin Melbye
  • Njål Kleiven

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

Benedicte Aass ... (+2)
  • Benedicte Aass
  • Martin Melbye

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

Benedicte Aass ... (+2)
  • Benedicte Aass
  • Martin Melbye

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

Martin Melbye
  • Martin Melbye

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).

Benedicte Aass ... (+2)
  • Benedicte Aass
  • Martin Melbye

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

Benedicte Aass ... (+2)
  • Benedicte Aass
  • Martin Melbye

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

Martin Melbye
  • Martin Melbye

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

OECD: The indicator points down (from a high level), momentum fades USA: The indicator points down from a high level (housing starts, house prices, monetary policy) EU: The indicator points down (monetary policy, bond yields)

Benedicte Aass ... (+2)
  • Benedicte Aass
  • Martin Melbye

Rottneros - 2021 was a solid year

Q4 EBIT at SEK 58m Pulp prices down 6% in Europe, up again in China Fair value range of SEK 10-14/share

Benedicte Aass ... (+2)
  • Benedicte Aass
  • Martin Melbye

Rottneros - Higher energy costs in Q4

Q4 EBIT of SEK 58m Hit by higher energy costs Webcast today at 13:00 CET

Benedicte Aass ... (+2)
  • Benedicte Aass
  • Martin Melbye

Rottneros - Q4e: likely a solid end to the year

Q4e EBIT likely up q-o-q Pulp prices down 6% in Europe, but up again in China Fair value range of SEK 10-14/share

Benedicte Aass ... (+2)
  • Benedicte Aass
  • Martin Melbye

Rottneros - Decent quarter, Q4 likely better

Q3 EBIT at SEK 101m Pulp prices down 13-20% in China and the US Fair value range of SEK 10-14/share

Benedicte Aass ... (+2)
  • Benedicte Aass
  • Martin Melbye

Rottneros - The Nordic pure pulp player

A Nordic pure play on the pulp market Pulp price momentum has slowed down Fair value range of SEK 10-14/share

Martin Melbye ... (+2)
  • Martin Melbye
  • Øystein Elton Lodgaard

Rottneros - Terminating coverage

ABG Sundal Collier ceases coverage of Rottneros End of contractual period with the company Last published estimates are shown in this report

Martin Melbye ... (+2)
  • Martin Melbye
  • Øystein Elton Lodgaard

Rottneros - Strong production, soft deliveries

EBIT 7% below ABGSCe, due to lower volumes Pulp price down 20-30%, still very high pulp inventories The share is trading 10% below peers

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