Ahead of Suominen's Q2 results, we make minor estimate revisions and adjust for the successful rights issue. End markets were likely stable in Q2, and the company should start to benefit from easier comps and a partial recovery of previously lost volumes. Rising raw material costs cause some near-term uncertainty, probably as early as Q2. The focus of the Q2 report is likely to be on progress of self-help measures, as the company targets an EBITDA margin recovery to 10% during the first phase of its Full Potential Programme. Following the rights issue, we derive a trimmed fair value range of EUR 0.5-0.8 (0.8-1.4).
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