Suominen: Taking marginal steps in the right direction - Nordea

Suominen's Q4 comparable EBITDA remained virtually intact q/q, but fell short of Vara Research consensus expectations. Volumes improved slightly y/y, while the top line was burdened by lower sales prices. Management continues to see positive signs in the market, despite challenges in the macro environment. Suominen guides for improving comparable EBITDA for 2024, although from a low level of EUR 15.8m in 2023. We cut 2024E EBITDA by 9%, but expect sequentially improving comparable EBITDA for H1, due to a normalising market environment. We derive a slightly lower DCF- and multiples-based fair value range of EUR 2.0-2.7 (2.1-2.9). Marketing material commissioned by Suominen Oyj.

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