Suominen: Market environment starting to support margins - Nordea

While Q3 was still burdened by high costs, we note the market environment looks to be starting to improve, with volumes picking up in the US and a more benign cost development. We raise our EBITDA estimate for 2023 by 5% and we see a fair value range of EUR 3.3-4.4 for the Suominen share. Marketing material commissioned by Suominen Oyj.

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