NSKOG reported figures slightly above ARCe and Consensus, but still largely impacted by lower demand and prices due to Covid-19. Management expects demand down 20% for 2020 and hence implying an improving demand situation for Q4, while 2021 is supported by 2mt of announced closures in WE. We have lowered our estimates for 2020 while ’21-22 estimates are lifted by lower costs following closure of PM5 and a weaker NOK. We reiterate BUY and NOK 40/sh tp.
24 Oct 2020
Moving on: investment case still intact
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Moving on: investment case still intact
Norske Skog ASA (NSKOG:OSL) | 0 0 0.0%
- Published:
24 Oct 2020 -
Author:
Thomas Lorck | Kristian Spetalen -
Pages:
16
NSKOG reported figures slightly above ARCe and Consensus, but still largely impacted by lower demand and prices due to Covid-19. Management expects demand down 20% for 2020 and hence implying an improving demand situation for Q4, while 2021 is supported by 2mt of announced closures in WE. We have lowered our estimates for 2020 while ’21-22 estimates are lifted by lower costs following closure of PM5 and a weaker NOK. We reiterate BUY and NOK 40/sh tp.