Suominen: Start of a new journey - Nordea

Suominen's Q3 headline figures had been pre-announced in conjunction with the profit warning on 15 October. Two incidents at US plants had a EUR 2.8m negative impact in Q3, and the company expects further ramp-up costs in Q4. On top of the current EUR 10m cost-savings measures, the new CEO is clearly leaving no stone unturned in order to build a more solid foundation for future growth. We believe the company will announce a new strategy in 2026, according to which it will first focus on restoring margin levels before seeking organic or inorganic growth opportunities. We derive a slightly higher DCF- and multiples-based fair value range of EUR 1.4-2.1 (1.3-2.0) per share.

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