Rottneros: Pulp is down, and maintenance in Q4 - ABG

EBIT SEK 40m vs. ABG SEK 47m; Q4e likely weaker
Pulp moving into more challenging territory – prices down
Fair value range: SEK 9-16/sh


Q3 slightly below, Q4e likely weaker on maintenance

EBIT was SEK 40m, which compares to our estimate of SEK 47m. The miss was mainly driven by lower sales volumes and higher costs (wood), which were partly offset by higher selling prices (+4% vs our estimate). Note that production was also higher than expected, which likely boosted EBITDA somewhat. Q4 will likely be weaker than Q3, driven by the annual maintenance stop, which was postponed from Q3 (~SEK -90m), somewhat mitigated by higher volumes. We expect Q4 clean EBIT of ~SEK -50m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/rottneros/Equity-research/2024/10/rottneros---pulp-is-down-and-maintenance-in-q4/