Q2 EBITDA 2% below, Q3 likely down q-o-q. Early-cyclical prices have already dropped. Forest values of SEK 140/sh. SOTP SEK 170-200/share.

21 Jul 2023
Direction down for Q3, but with value support
Scandinavian Health Innovati (SANNAB:STO), 0 | Scandion Oncology A/S (SCOL:STO), 0 | Scanfil Oyj (SCANFL:HEL), 0 | SCATEC SOLAR (SSO:STO), 0 | Scandion Oncology A/S (SCOL:OME), 0 | Scatec ASA (SCATC:OSL), 0 | Scandinavian House Development (MLSHD:EPA), 0 | SCALA DEVELOPMENT S.A. (NCHI:BSE), 0 | Scandium International Mining Corp. (SCY:TSX), 0 | Scandi Standard AB (SCST:OME), 0 | ScandiDos AB (SDOS:OME), 0 | Scandinavian Investment Group A/S (SIG:CSE), 0 | Scandinavian Private Equity (SPEAS:CPH), 0 | Scandinavian Tobacco Group A/S (STG:CSE), 0 | ScanSource, Inc. (SCSC:NAS), 0 | Matador Technologies Inc. (MATA:TSX), 0 | Scancell Holdings Plc (SCLP:LON), 9.2 | Scancom Plc (MTNGH:GHA), 0 | Scarnose International Ltd. (543537:BOM), 0 | Scandic Hotels Group AB (SHOT:OME), 0 | Scana ASA (SCANA:OSL), 0 | Scan Steels Ltd (511672:BOM), 0 | Scan Projects Ltd. (531797:BOM), 0 | SGL Resources Ltd (526544:BOM), 0 | Scandinavian Medical Solutions A/S (SMSMED:CSE), 0 | SCAT Inc. (3974:TKS), 0 | Scala, Inc. (4845:TKS), 0 | Scales Corp. Ltd. (SCL:NZE), 0 | Scanwolf Corp. Bhd. (7239:KLS), 0 | Scancode AS (SCOD:STO), 0 | Scandinavian ChemoTech AB Class B (CMOTEC.B:OME), 0 | ScandBook Holding AB (SBOK:OME), 0 | Scandinavian Enviro Systems AB (SES:OME), 0 | Scan Inter Public Company Ltd (SCN:BKK), 0 | Scan-D Corporation (6195:ROCO), 0 | Scandia Incorporated (SDNI:OTC), 0 | Scandinavian Real Heart AB (7820:FRA), 0 | Scandi Standard AB (0QVR:LON), 0 | Scandinavian ChemoTech AB Class B (8V6:FRA), 0 | Scandinavian Enviro Systems AB (1HR:FRA), 0 | Strip Tinning Holdings plc (STG:LON), 18.0 | Scandinavian Astor Group AB (Y73:FRA), 0

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Direction down for Q3, but with value support
Scandinavian Health Innovati (SANNAB:STO), 0 | Scandion Oncology A/S (SCOL:STO), 0 | Scanfil Oyj (SCANFL:HEL), 0 | SCATEC SOLAR (SSO:STO), 0 | Scandion Oncology A/S (SCOL:OME), 0 | Scatec ASA (SCATC:OSL), 0 | Scandinavian House Development (MLSHD:EPA), 0 | SCALA DEVELOPMENT S.A. (NCHI:BSE), 0 | Scandium International Mining Corp. (SCY:TSX), 0 | Scandi Standard AB (SCST:OME), 0 | ScandiDos AB (SDOS:OME), 0 | Scandinavian Investment Group A/S (SIG:CSE), 0 | Scandinavian Private Equity (SPEAS:CPH), 0 | Scandinavian Tobacco Group A/S (STG:CSE), 0 | ScanSource, Inc. (SCSC:NAS), 0 | Matador Technologies Inc. (MATA:TSX), 0 | Scancell Holdings Plc (SCLP:LON), 9.2 | Scancom Plc (MTNGH:GHA), 0 | Scarnose International Ltd. (543537:BOM), 0 | Scandic Hotels Group AB (SHOT:OME), 0 | Scana ASA (SCANA:OSL), 0 | Scan Steels Ltd (511672:BOM), 0 | Scan Projects Ltd. (531797:BOM), 0 | SGL Resources Ltd (526544:BOM), 0 | Scandinavian Medical Solutions A/S (SMSMED:CSE), 0 | SCAT Inc. (3974:TKS), 0 | Scala, Inc. (4845:TKS), 0 | Scales Corp. Ltd. (SCL:NZE), 0 | Scanwolf Corp. Bhd. (7239:KLS), 0 | Scancode AS (SCOD:STO), 0 | Scandinavian ChemoTech AB Class B (CMOTEC.B:OME), 0 | ScandBook Holding AB (SBOK:OME), 0 | Scandinavian Enviro Systems AB (SES:OME), 0 | Scan Inter Public Company Ltd (SCN:BKK), 0 | Scan-D Corporation (6195:ROCO), 0 | Scandia Incorporated (SDNI:OTC), 0 | Scandinavian Real Heart AB (7820:FRA), 0 | Scandi Standard AB (0QVR:LON), 0 | Scandinavian ChemoTech AB Class B (8V6:FRA), 0 | Scandinavian Enviro Systems AB (1HR:FRA), 0 | Strip Tinning Holdings plc (STG:LON), 18.0 | Scandinavian Astor Group AB (Y73:FRA), 0
- Published:
21 Jul 2023 -
Author:
ABGSC Pulp & Paper Research | Njål Eivind Kleiven | Martin Melbye -
Pages:
51 -
Q2 EBITDA 2% below, Q3 likely down q-o-q. Early-cyclical prices have already dropped. Forest values of SEK 140/sh. SOTP SEK 170-200/share.