Suominen: All eyes on margin trajectory going into 2025 - Nordea

For Q4, we expect the gradual volume and price improvement to continue, while variable costs could decline with lower pulp prices. However, we note a recent uptick in pulp prices and clearly positive momentum with three consecutive market pulp price increases from multiple pulp majors. Hence, we expect Suominen to benefit from lower pulp prices in H1 2025 too, while expected raw material headwinds in H2 could be mitigated by self-help measures and new investments in Alicante and Bethune. Our DCF- and multiples-based fair value range is EUR 1.8-2.6 (1.7-2.4). Marketing material commissioned by Suominen Oyj.

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