EBITA beat and improvement initiatives

Q3 clean EBITA +5% vs. cons

Wood down and pulp likely up, but not for Q3

Q3 preview

Essity Aktiebolag (publ): 1 director

A director at Essity Aktiebolag (publ) bought 1,000,000 shares at 249.599SEK and 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 last tw...

June: Pulp shipments +5% y-o-y

Soft volumes, nappy rash, Suzano stirs the pot

Clean EBITA -5%, volumes weak

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

More value than momentum, except for wood

Q2 preview

Suzano forms tissue JV with Kimberly

XXL ASA: 3 directors

Three Directors at XXL ASA sold 40,572,464 shares at 10.000NOK. The significance rating of the trade was 89/100. 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 s...

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

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

Schibsted (Sell, TP: NOK290.00) - Muted growth continues

The Q1 results were above expectations on lower-than-expected costs, while growth continued to be muted. We reiterate our SELL as we continue to find the valuation high relative to growth prospects, but have raised our target price to NOK290 (280) on increased estimates.

Trim the cost, be the boss

~20% better on lower cost

Q1: Group EBITDA +17% vs cons on 9% lower cost. Confidence in targets. Cons '25 EBITDA +5%, stock up 5-10%

Schibsted (Sell, TP: NOK280.00) - Prisjakt sold at low price

Schibsted has signed an agreement to sell Prisjakt to eEquity for SEK500m. We find the price low, at c40% of our SOTP value, but find it positive that the company continues to simplify its portfolio to focus on Nordic Marketplaces. We expect a slightly negative share price reaction.

Prisjakt sold - closer to a pure marketplace

Prisjakt sold for SEK 500 / NOK ~2 per share