Q2 EBITDA 14% below, very high tax rate. Lower energy prices flatten the cost curve and lower prices. Valuation not demanding at EV/CE 0.7x, MTM EPS NOK 1.7. BUY.

17 Jul 2023
Direction low, value high

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Direction low, value high
- Published:
17 Jul 2023 -
Author:
Njål Eivind Kleiven | ABGSC Metals & Mining Research | Martin Melbye -
Pages:
70 -
Q2 EBITDA 14% below, very high tax rate. Lower energy prices flatten the cost curve and lower prices. Valuation not demanding at EV/CE 0.7x, MTM EPS NOK 1.7. BUY.