Third party research

Suominen: Still on a slippery path - Nordea

This is a third party research report and does not necessarily reflect our views or values

Suominen's Q1 comparable EBITDA fell short of Vara Research consensus expectations. The company continues to be impacted by low volumes, driven by incidents in the US in 2025, while it noted a partial recovery of these volumes from Q2. In the wake of increasing raw material and energy costs, the company has shortened pricing periods. In addition to successful pricing actions, the company needs to achieve success with its profitability improvement programme in order to finance required investments. We trim our estimates and derive a lower DCF- and multiples-based fair value range of EUR 0.8-1.4 (1.0-1.6).