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

Essity Aktiebolag (publ): 1 director

A director at Essity Aktiebolag (publ) maiden bought 75,000 shares at 274.160SEK and the significance rating of the trade was 100/100. 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 la...

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

Waiting for a volume recovery

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%

Two negatives and one positive

Q1 preview

Feb: Pulp shipments +0.3% y-o-y

January: Pulp shipments +6.2% y-o-y

December: Pulp shipments +1% y-o-y

Essity (Buy, TP: SEK340.00) - Currency headwinds overshadow strong und...

Q4 adj. EBITA was 4% below consensus, largely explained by FX weighing on the gross margin, since organic sales growth was in line. In addition, cost pressure has continued in 2025, with Essity guiding for higher capex, marketing and digital investments, as well as FX and currency headwinds. We continue to like the valuation and reiterate our BUY, but have cut our target price to SEK340 (350), mainly on our lower estimates.

Behind the curve, again

Essity (Buy, TP: SEK350.00) - Soft Q4, and CEO stepping down

We consider this a mixed report for Essity, including a slight miss on adj. EBITA, mainly driven by negative currency effects, as sales were in line, and the CEO deciding to leave the company in 2025. We expect consensus 2024–2025e adj. EBITA to come down c1–2% following the report, and believe a negative share price reaction is warranted.

Clean EBITA -4% below, CEO out

Little momentum, more value

Q4 preview