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Suominen

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Inderes analyysi
16.8.
2021

Suomisen Q2-tulos oli odotuksiamme parempi, mutta päivää ennen raporttia annetun tulosvaroituksen takia tilannekuva on nytkähtänyt selvästi negatiiseen suuntaan. Osakkeen arvostus on lyhyen ajan takaiskutusta huolimatta maltillinen, mikä kannustaa yhdessä 4 %:n osinkotuoton kanssa malttiin. 

Inderes analyysi
23.6.
2021

We argue Suominen’s valuation is low on the short term, and we see upside in multiples when the company proves that gradually normalizing demand and raw-material price increases do not cause a major cut in margins. Therefore, we estimate Suominen’s expected TSR is on good level of 10-15 % for the next twelve months, which is sufficient to purchase the stock.

Inderes analyysi
28.4.
2021

Suomisen eilen julkistama Q1-tulos oli operatiivisesti odotuksiamme parempi. Yhtiön näkymät lähiajoille ovat kysynnän osalta yhä vahvat, mutta raaka-aineiden hintojen nousu tulee lähikvartaaleilla jarruksi. Osakkeen matalan arvostuksen nousuvara ja 4 %:n osinkotuotto tarjoavat näkemyksemme mukaan sijoittajille hyvän tuotto-odotuksen, vaikka emme vieläkään odota yhtiön tuloksen kasvavan lähivuosina viime vuoden korkealta tasolta.

Inderes analyysi
5.2.
2021

Suominen’s Q4-report was in line with our expectations. The company’s near-term outlook remains strong due to solid demand, although there is some uncertainty related to Suominen’s current year cost level. We expect Suominen’s earnings to stay stable at high level in the coming years. Despite horizontal earnings, we see upside in Suominen’s multiples and stock also offers good some 4 % dividend yield. Hence, we argue that Suominen offers good risk adjusted TSR for next 12 months.

Inderes analyysi
28.10.
2020

Suominen’s Q3-report was very strong and clearly better than we expected. Furthermore, company’s outlook for near-term future remained strong. We argue that Suominen’s valuation is still moderate looking also beyond potential earnings peak in 2020. Thus, we consider next 12 months risk adjusted to be adequate to keep on purchasing the share.

Inderes analyysi
3.9.
2020

Suominen held a virtual CMD yesterday. During the CMD, the company presented its business and its strategy, which was published in January, as well as its priorities. We see that the TSR for next 12 months remains good. Our extended company report on Suominen, which was published in June, is still valid and can be read via company page. 

Inderes analyysi
13.8.
2020

Suominen’s Q2-report was very strong and clearly better than we expected. Coronavirus pandemic continues to give tailwind for the company on short-term basis and Suominen has managed to utilize this situation. We increased our estimates substantially after the report. We argue Suominen’s valuation is still moderate (especially cash flow-based) and we consider next 12 months risk adjusted TSR to be adequate to keep on purchasing shares.

Inderes analyysi
18.6.
2020

Suominen revised upwards its financial outlook for 2020 and due to the warning, we also adjusted our earnings estimates higher for upcoming years. We argue Suominen’s valuation is still reasonable, and the risk level is also continuously decreasing as profitability turnaround proceeds. Therefore, 12 month expected TSR remains attractive at some 10 %. Suominen’s extended report updated in May can be read from here.

Inderes analyysi
13.5.
2020

We retain recommendation to accumulate for Suominen and adjust our target price to 3.50 EUR (prev. 3.25 EUR) reflecting small positive estimate revisions. We argue Suominen’s valuation is still moderate on the short term but also on the medium term, while risk profile is reducing simultaneously due to recent positive progress and certain external factors. Therefore, Suominen’s expected TSR is on good level of 10-13 % p.a both short and medium term, which is sufficient to purchase the stock.

Inderes analyysi
24.4.
2020

Suominen’s Q1-report was significantly better than we expected, and company also revised its FY20 guidance upwards. Coronavirus pandemic will give some short-term tailwind but based on Q1-report, we also believe that Suominen has been able to improve its performance in commercial frontier as well as within its production sites at least in US before the pandemic’s outburst. Suominen’s cash flow valuation is cheap and we consider next 12 months risk adjusted TSR to be adequate.

Suominen

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