Still On A Slippery Path

Nordea has lowered its fair value for Suominen Oyj to EUR 0.8-1.4 following a Q1 EBITDA miss and persistent volume challenges in the US and Europe.

Key Takeaways

• 1.Q1 comparable EBITDA of EUR 2.2m missed Vara Research consensus by 33%.
• 2.Nordea has lowered the fair value range for Suominen to EUR 0.8-1.4 per share from EUR 1.0-1.6.
• 3.The company faces significant refinancing risk with a EUR 50m bond due in June 2027, potentially requiring equity financing.

Table of Contents

• Still on a slippery path
• Comparable EBITDA remained weak in Q1
• We trim our estimates
• Turnaround will take some time
• SUMMARY TABLE - KEY FIGURES
• Estimate revisions
• Valuation
• DCF yields a range of EUR 1.0-1.2 per share
• DCF VALUATION COMPOSITION
• DCF ASSUMPTIONS
• Detailed estimates
• Reported numbers and forecasts
• Disclaimer and legal disclosures

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