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Suominen

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Analyysi
6.2.
2023

Suominen's Q4 result was below our expectations, but the guidance for 2023 was positive as expected. We lowered our estimates slightly due to falling sales prices and the weak Q4 result. We feel the share is already pricing a normal earnings level for Suominen which means the expected return is weak. 

Analyysi
11.1.
2023

Suominen announced yesterday that it is closing one of the company’s two plants in Italy. The plant employs more than 10% of Suominen's personnel, making the move significant. We have updated our estimates for the one-off costs of the closure, but the comparable figures remain almost unchanged. 

Analyysi
13.12.
2022

Suominen's share has risen by over 20% since the Q3 report, and we believe that the share is now correctly priced (2023 P/E 13x and 2024 11x) and is already reflecting clearly better performance than this year for the company, which we believe is normal for Suominen. 

Analyysi
27.10.
2022

Suominen's Q3 performance remained at a weak level despite good growth and was below our expectations. However, the company's problems seem to slowly start alleviating and we expect it to reach its normal performance next year. Considering this earnings level, the valuation (P/E 10x, EV/EBIT 9x) already starts looking favorable. 

Analyysi
10.8.
2022

We feel the overall picture of Suominen's Q2 report published yesterday, was neutral, although the clear estimate undercut and weak gross margin in Q2 depressed our 2022 estimates. Although clear weakness is already priced into the share even in a longer perspective, we still wait for certainty about the earning trend hitting rock bottom and the slope of the turnaround before considering revising our recommendation into the positive.  

Analyysi
15.7.
2022

We retain Suominen’s target price of 3.30 EUR and recommendation to reduce. Suominen’s profit history is bumpy from the last decade while the company has been suffering raw-material and supply chain driven margin issues during the last 12 months. Now the worst seems to be over in these fronts. We argue Suominen’s valuation is moderate compared to the company’s normalized profit potential, but uncertainty related to profit turnaround remains high in short-term.

Analyysi
5.5.
2022

Suominen's Q1 report published yesterday turned to the negative, especially due to the guidance being lowered. We cut our estimates for Suominen significantly for 2022 and clearly also for the coming years.

Analyysi
4.2.
2022

Suominen's Q4 report, published yesterday, was a major disappointment, as the Q4 result fell short of expectations and the company also predicted the downward earnings trend to continue in 2022 due to a tough start to the year.

Analyysi
29.10.
2021

Suominen’s Q3 result was very weak, but more importantly, market comments and further details related to the guidance confirmed that demand recovery has begun. Suominen’s valuation is very moderate from all angles and thus we also find the return expectation good, given that the level of Q3 represent the rock bottom for the earnings.

Analyysi
16.8.
2021

Suominen’s Q2 result was better than we expected but due to the profit warning issued one day before the report the situation has clearly moved to the negative. We do not find the share valuation to be high despite estimate cuts. In addition, 4 % dividend yield encourages to look behind temporarily challenges.

Suominen