Suominen: Gradual improvement continued in Q2 - Nordea

Suominen's Q2 earnings fell slightly short of Vara consensus expectations, which leaves some uncertainty over the recovery pace heading into important H2. Volume development was positive, with an improving sale mix, but sales prices declined. New products continue to support the mix, and the company announced a EUR 20m investment into a new production line at the Alicante site. The company expected a stable market development, while lower pulp prices could support earnings going into 2025, we believe. Our DCF- and multiples-based fair value range is EUR 1.7-2.4 (1.8-2.5). Marketing material commissioned by Suominen Oyj.

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