Suominen: 14% miss on adjusted EBITDA – target market expected to remain stable - Nordea

Suominen’s results continued gradual improvement from Q1, while fell short of Vara Research consensus expectations. The company expects its target market to remains stable in the short term although some uncertainties related to global economic sentiment remain. Sales volumes increased y/y in Q2, while sale prices were down due to lower raw material prices. Americas sales were stronger than we had anticipated while EMEA fell short of our expectations. Guidance of improving comparable EBITDA was maintained intact, while consensus has modelled EUR 26.3m in 2024E after EUR 15.8m in 2023. Initially, we anticipate consensus to take down 2024 estimates to the tune of mid- to high-single digits.

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