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02 Oct 2023

Trying to find a higher trough

Huhtamaki Oyj (HUH1V:HEL), 0 | Huhtamaki India Limited (509820:BOM), 0 | Norske Skog ASA (NSKOG:STO), 0 | Norske Skog ASA (NSKOG:OSL), 0 | Borregaard ASA (BRG:OSL), 0 | BORREGAARD (BRG:STO), 0 | Holmen AB Class B (HOLM.B:OME), 0 | Holmen Ab-B Shares (HOLMB:STO), 0 | Scandic Hotels Group (SHOT:STO), 0 | Scandinavian Brake Systems (SBS:CPH), 0 | Scandinavian Chemotech Ab (CMOTECB:STO), 0 | SCANDIDOS (SDOS:STO), 0 | SCANSOURCE (SCSC:NYSE), 0 | Scandi Standard (SCST:STO), 0 | Scandinavian Health Innovati (SANNAB:STO), 0 | SCANDINAVIAN ENVIRO SYSTEMS (SES:STO), 0 | Scandion Oncology A/S (SCOL:STO), 0 | Scanfil Oyj (SCANFL:HEL), 0 | SCATEC SOLAR (SSO:STO), 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 | SCANDINAVIAN REAL HEART (HEART:STO), 0 | Scandinavian Tobacco Group A (STG:CPH), 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 | Scape Technologies A/S (SCAPE:CPH), 0 | SCANDBOOK (SBOK:STO), 0 | ScanSource, Inc. (SCSC:NAS), 0 | Matador Technologies Inc. (MATA:TSX), 0 | Scancell Holdings Plc (SCLP:LON), 9.6 | 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 | Essity Aktiebolag-A (ESSITYA:STO), 0 | Essity AB Class B (ESSITY.B:OME), 0 | UPM-Kymmene Oyj (UPM:HEL), 0 | BillerudKorsnas (BILL:STO), 0 | Billerud AB (BILL:OME), 0 | Elopak ASA (ELO:OSL), 0 | Stora Enso Oyj Class R (STERV:HEL), 0 | Scandinavian Astor Group AB (Y73:FRA), 0 | Nordic Paper Holding AB (NPH:FRA), 0

- ABGSC Pulp & Paper Research | Njål Eivind Kleiven | Martin Melbye
- 165 pages

Pulp and containerboard appear in better shape. Q3e EBIT flat q-o-q. Less destocking into Q4? Smart to buy when macro is low, valuation already down.

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Trying to find a higher trough

Huhtamaki Oyj (HUH1V:HEL), 0 | Huhtamaki India Limited (509820:BOM), 0 | Norske Skog ASA (NSKOG:STO), 0 | Norske Skog ASA (NSKOG:OSL), 0 | Borregaard ASA (BRG:OSL), 0 | BORREGAARD (BRG:STO), 0 | Holmen AB Class B (HOLM.B:OME), 0 | Holmen Ab-B Shares (HOLMB:STO), 0 | Scandic Hotels Group (SHOT:STO), 0 | Scandinavian Brake Systems (SBS:CPH), 0 | Scandinavian Chemotech Ab (CMOTECB:STO), 0 | SCANDIDOS (SDOS:STO), 0 | SCANSOURCE (SCSC:NYSE), 0 | Scandi Standard (SCST:STO), 0 | Scandinavian Health Innovati (SANNAB:STO), 0 | SCANDINAVIAN ENVIRO SYSTEMS (SES:STO), 0 | Scandion Oncology A/S (SCOL:STO), 0 | Scanfil Oyj (SCANFL:HEL), 0 | SCATEC SOLAR (SSO:STO), 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 | SCANDINAVIAN REAL HEART (HEART:STO), 0 | Scandinavian Tobacco Group A (STG:CPH), 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 | Scape Technologies A/S (SCAPE:CPH), 0 | SCANDBOOK (SBOK:STO), 0 | ScanSource, Inc. (SCSC:NAS), 0 | Matador Technologies Inc. (MATA:TSX), 0 | Scancell Holdings Plc (SCLP:LON), 9.6 | 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 | Essity Aktiebolag-A (ESSITYA:STO), 0 | Essity AB Class B (ESSITY.B:OME), 0 | UPM-Kymmene Oyj (UPM:HEL), 0 | BillerudKorsnas (BILL:STO), 0 | Billerud AB (BILL:OME), 0 | Elopak ASA (ELO:OSL), 0 | Stora Enso Oyj Class R (STERV:HEL), 0 | Scandinavian Astor Group AB (Y73:FRA), 0 | Nordic Paper Holding AB (NPH:FRA), 0

Published: 02 Oct 2023
Author: ABGSC Pulp & Paper Research | Njål Eivind Kleiven | Martin Melbye
Pages: 165

Pulp and containerboard appear in better shape. Q3e EBIT flat q-o-q. Less destocking into Q4? Smart to buy when macro is low, valuation already down.

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