Suominen: Volatility in trade flows to remain an issue - Nordea

Suominen's Q4 comparable EBITDA fell clearly short of Vara Research consensus, owing to volume pressure and higher raw material costs. The company expects solid end-market demand to continue, however increasing import volumes from low-cost countries and possible supply-chain issues linked to US tariffs could hamper margins in 2025. The company continues to improve its operational efficiency and new investments should start to support earnings from H2 onwards. We derive a lower DCF- and multiples-based fair value range of EUR 1.6-2.4 (1.8-2.6). Marketing material commissioned by Suominen Oyj.

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