May: Pulp shipments -1.7% y-o-y

More value than momentum, except for wood

Q2 preview

Improvement, but likely falling short

Suzano forms tissue JV with Kimberly

May as expeced

Group sales NOK 3.1bn, spot on us and cons (NAS 0.1% better, Widerøe 2% below)

Apr: Pulp shipments +2% y-o-y

Expectations running too hot

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

Great deal - bond buyback

NAS calls the convertible bond and contemplates a 50% buyback. Pos: Reduced share overhang + nr of shares down ~7%.

Norwegian Air Shuttle (Buy, TP: NOK16.00) - Positive 2025 outlook

While underlying Q1 results were weaker than we expected, we still see a positive outlook for 2025, with solid bookings, a narrowed CASK guidance supported by a NOK1bn profit improvement programme by 2026, FX, and fuel tailwinds. We reiterate our BUY, but have cut our target price to NOK16 (17) on estimate reductions.

Summer late rush, profits set to flush

Nobia AB: 1 director

A director at Nobia AB bought 83,000 shares at 3.250SEK and the significance rating of the trade was 68/100. 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 clearly showi...

Q1 below on higher cost

Clean EBIT below on higher cost (mainly fuel).

Norwegian Air Shuttle (Buy, TP: NOK17.00) - April traffic statistics

We consider this a slightly positive report for Norwegian Air Shuttle, including figures more or less in line with expectations, with a marginally lower yield offset by a higher load, and positive outlook comments with regard to summer bookings. We expect only minor changes to consensus 2025e adj. EBITDA, and believe a neutral to slightly positive share price reaction is warranted.

Norwegian Air Shuttle (Buy, TP: NOK17.00) - April traffic statistics p...

April’s traffic statistics are due at 08:00 CET on 7 May. We are positive ahead of the report, expecting a strong yield recovery supported by Easter timing effects and easing capacity growth. We reiterate our BUY and have raised our target price to NOK17 (15) on positive estimate changes on our revised fuel and USDNOK assumptions.

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%

Norwegian Air Shuttle (Buy, TP: NOK15.00) - March traffic statistics

We consider this a slightly soft report for Norwegian Air Shuttle, with a slightly weaker load and yield for Norwegian Air only partly offset by strong performance from Widerøe. We expect consensus 2025e adj. EBITDA to come down by c1% on the back of the report and believe a neutral to slightly negative share price reaction is warranted.