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

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

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

XXL ASA (Hold, TP: NOK11.00) - Encouraging LFL growth

The Q1 results were below expectations, but we find the positive LFL growth encouraging amid challenging winter conditions and years of consecutive negative LFL growth. We have reinstated our recommendation at HOLD (NO REC) and target price at NOK11 (N/A), as the earnings trend remains subdued and near-term multiples and financial risk are high. However, this is partly offset by Frasers' NOK10 per share bid for the company.

XXL ASA (No_rec, TP: NOK) - Q1 below, but back to growth

We consider this a slightly negative report for XXL, including figures below expectations despite revenue growth in a quarter with challenging winter conditions. We expect consensus 2025e EBITDA to come down 3–5% and find a slight negative share price reaction warranted.

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%

Heads-up for report 7 May

Two negatives and one positive

Q1 preview