Suominen: Comparable EBITDA below consensus expectations in Q1 – positive signs of demand recovery - Nordea

Suominen’s result were down slightly from Q4 and fell short of Vara Research consensus expectations. Despite challenging business environment, the management notes positive signals of demand recovery in the market. Sales volumes increased y/y in Q1 (especially in EMEA), while sale prices were down. Guidance of improving comparable EBITDA was maintained intact, while consensus has modelled EUR 30.3m in 2024E after EUR 15.8m in 2023. Initially, we anticipate consensus to revise down 2024 estimates to the tune of mid- to high-single digits.

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