Suominen's Q1 2024 adjusted EBITDA fell short of Vara Research consensus. The company has seen improving volumes and noted positive signs of demand in the market. We expect a gradual margin recovery, while high pulp prices create uncertainty. We trim our estimates due to expected higher raw material costs and derive a slightly lower DCF- and multiples-based fair value range of EUR 1.8-2.5 (2.0-2.7). Marketing material commissioned by Suominen Oyj.
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