reports
- Alexander Aukner
- Antti Kansanen
- Christer Magnergård
- Håkon Astrup
- Helge André Martinsen
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Mattias Montgomery
- Ole-Andreas Krohn
- Olof Larshammar
- Patrik Ling
- Rune Majlund Dahl
COOR COOR SERVICE MANAGEMENT HOLDING AB
GN GN STORE NORD A/S
ORI SDB ORIFLAME HOLDING AG
NOBI NOBIA AB
SOC SUBSEA 7 S.A.
LUNE LUNDIN ENERGY AB
SALM SALMAR ASA
OCY OCEAN YIELD ASA
KCR KONECRANES OYJ
JM JM AB
E65F VALARIS PLC CLASS A
VALMT VALMET CORP
ALIV AUTOLIV
NETb NETENT
PARB PARETO BANK
ESSITYB ESSITY
ELUX ELECTROLUX
HPOLB HEXPOL
RECIB RECIPHARM
ATORX ALLIGATOR BIOSCIENCE AB
SKFB SKF
HANDI HANDICARE GROUP AB
NODL NORTHERN DRILLING
- Karl-Johan Bonnevier
Essity (Hold, TP: SEK240.00) - Price-cost challenge still escalating
While the Q1 raw materials cost headwind was worse than expected and not yet offset by price rises, still good execution on cost savings and positive temporary items helped. Given the weak Consumer Staples universe, Essity trading at a 10% premium to Kimberly Clark, and management’s outlook of a worsening raw materials cost headwind and price increases in Q1 having their full effect in H2e, we remain neutral on the stock – we thus reiterate our HOLD and SEK240 target price.
- Christoffer Wang Bjørnsen
- Frank Maaø
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Simen Mortensen
- Karl-Johan Bonnevier
Essity (Hold, TP: SEK240.00) -
In our view, Essity faces the continued challenge of raw material headwinds not being fully offset by price rises, looking at Q1 developments (results due 27 April at 08:00am CET), countering the positive contribution from BSN Medical and cost efficiency moves in the quarter. With the shares still in neutral territory in terms of valuation and potential upside, we reiterate our HOLD recommendation and SEK240 target price.
- Håkon Astrup
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Huseby Karlsen
- Mattias Holmberg
- Mattias Montgomery
- Niclas Gehin
- Nicolas McBeath
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Simen Mortensen
- Karl-Johan Bonnevier
Essity (Hold, TP: SEK240.00) - Price-cost challenge not easing
While the Q4 raw material cost headwind was worse than expected, continued good execution on cost savings and positive temporary items balanced. Given the weak Consumer Staples universe and as Essity is trading at a premium to Kimberly Clark, we remain in neutral territory regarding the valuation and potential upside. Thus we reiterate our HOLD recommendation and have adjusted our target price to SEK240 (235) allowing for a move of the valuation base to 2019–2020e.
- Karl-Johan Bonnevier
Significant raw material headwinds
Raw material headwinds not fully compensated by price increases poses a continued challenge for Essity looking at Q3 developments (results due on 26 October), offsetting the positive contribution from BSN Medical and cost efficiency moves in the quarter. We reiterate our HOLD recommendation while we have trimmed our target price to SEK230 (240) after lowering our 2017–2019e EPS (by 2–6%) and generally weak sector performances.
- Ole-Andreas Krohn
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