Rottneros: Beat from higher prices and better volumes - ABG

Clean EBIT SEK 149m vs. ABGSCe 90m
New investments in CTMP and renewable energy
Conference call at 12:00 CET


Clean EBIT SEK 149m vs. ABGSCe SEK 90m

Clean EBIT was SEK 149m, which compares to our estimate of SEK 90m. The deviation was mainly driven by higher realised prices/mix (+7% vs. ABGSCe), better volumes (+3% vs. ABGSCe) and higher production (+5% vs. ABGSCe, positive effect through fixed costs). EPS came in at SEK 0.77 vs. our estimate of SEK 0.46.

We had the following EBIT bridge in our estimates: Q4 EBIT was SEK 61m. SEK +80m from maintenance/volume/mix effects, SEK +10m from lower chemical costs, SEK +10m from lower personnel expenses, SEK -35m from higher wood costs, SEK -25m from lower prices net of hedging and SEK -10m from FX.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/rottneros/Equity-research/2023/4/rottneros---beat-from-higher-prices-and-better-volumes/