Billerud AB: 1 director

A director at Billerud AB maiden bought 7,000 shares at 99.500SEK and the significance rating of the trade was 71/100. 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 years cle...

September: Pulp shipments -10% y-o-y

Stora acquires a Finnish sawmill company

No rest for the weary

Q3 better, Q4 weaker

Wood is up and Pulp is down

Q3 preview

August: Pulp shipments -10% y-o-y

Billerud (Buy, TP: SEK150.00) - All eyes on capital allocation

We forecast significant earnings growth over the next few quarters on healthy pricing power for the European business and better volumes for the high-margin US. We also expect good earnings conversion into cash given the more cautious investment strategy in the US. We have largely maintained our earnings forecasts, and reiterate our BUY with a raised target price of SEK150 (145), reflecting our increased conviction that Billerud will address its overcapitalised balance sheet, leading to possible...

July: Pulp shipments -4.0% y-o-y

June: Pulp shipments -4.5% y-o-y

Swedish Small and Medium Caps Cases

Swedish Small and Medium Caps Cases

Billerud (Buy, TP: SEK145.00) - Dressed for success

Thanks to market- and company-specific reasons, the Q2 report showed Billerud is moving in the right direction and earnings growth should continue in the coming quarters. Our optimistic earnings scenario is broadly intact, and we still see a solid investment case, particularly as the balance sheet is overcapitalised. We reiterate our BUY and have raised our target price to SEK145 (140) on lower forecast risk. Another solid earnings quarter. Q2 EBITDA of SEK884m was above our forecast, with the ...

En route for mid-cycle

Q2 clean EBITDA +22%

Liquid packaging board just got a bit more risky

Billerud (Buy, TP: SEK140.00) - Solid outlook for earnings and cash

We forecast significant earnings growth for 2024–2025 on improved pricing power for the European business and better volumes for the high-margin US business. In addition, we expect good conversion of earnings into cash given the recent announcement to pursue a more cautious conversion investment strategy in the US. We have largely maintained our earnings scenario and still see a strong investment case, particularly as the balance sheet is heavily overcapitalised. We reiterate our BUY and SEK140 ...

June: Pulp shipments flat y-o-y

Costs push prices higher

A long list of price increases as costs push prices higher. Q2e EBIT likely down q-o-q: higher maintenance costs. Smart to buy when macro is low.

Q2 preview

Billerud will report its next quarterly results on 19 July. We reiterate BUY with a TP of SEK 110. Q2e EBIT of SEK -65m.