Holmen AB (publ) (HOLM-B.ST) : juste valeur

Thèse ACCE

Holmen is a Swedish forest owner that runs paper and pulp mills (notably its Braviken and Hallsta paper operations and Iggesund board) alongside sawmilling and a large forest land base that gives it biological cost advantages and steady timber income. Its structural edge is the land itself: owning the fibre supply lets it run integrated mills at lower input cost than peers who buy wood on the open market, and forest assets provide a buffer when paper demand weakens. The near-term question is whether the mill-side margin recovers, since a 7.2% operating margin and 4.8% ROE are thin for an asset-heavy business, and revenue growth of only 1.1% offers little operating leverage. At 17.7x trailing and 14.7x forward earnings the stock prices in a modest earnings recovery rather than a sharp rebound, so the case rests on forestry cash generation and cost discipline holding up through a soft paper cycle. Worth a deeper look if you want exposure to European fibre and packaging demand with a real land-backed floor; less compelling if you need near-term earnings momentum.