Berenberg ups Kemira to 'buy' on strong foundation
** Berenberg ups Kemira KEMIRA.HE to "buy" from "hold" as it sees strong foundations for the Finnish chemical solutions maker
** Following Kemira's Q1 results, it is clear that concerns about the company's ability to retain pricing were overdone, the broker says, and ups its EBITDA estimate for 2024 from EUR 441 million to EUR 565 million
** Having called 2024 the "trough" year for Kemira, the broker revising the numbers upwards serves to "highlight the resilient quality of the business"
** It says Kemira is now looking at the top of its EBITDA guidance range of EUR 480-580 million
** Kemira is trading at 5.9x our new 2024 EBITDA estimate, Berenberg says and argues this is "unjustified for a business that has shown such strong pricing power in the last few quarters"
** It ups TP for Kemira to EUR 24.90 vs previous Helsinki close of EUR 20.42 on April 30
** Berenberg notes the "significantly improved" visibility for 2024 and adds that Q1 print shows that changes in pricing and costs have now largely stabilised
** Out of nine analysts covering Kemira, seven analysts rate it "strong buy" or "buy", and two rate it "hold"
Reporting by Elviira Luoma
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