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SENASTE
We expect Suominen to continue improving its profitability in Q4, driven by lower raw material prices and self-help measures. However, the recent uptick in pulp prices could cause some pressure in 2024 despite a possibly improving operating environment. We make only marginal revisions to our 2023 estimates, while we trim 2024E adjusted EBITDA by 6% due to higher pulp prices and FX. We derive a fair value range of EUR 2.1-2.9 (2.4-3.1), based on DCF- and multiples-based valuation approaches. Marketing material commissioned by Suominen Oyj.
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