Equity Analysis /
Russia

Segezha Group: TP update – Awaiting new records

  • Record non-paper segment profitability in 1H21 underpinned by strong pricing and cost advantage

  • Potential for further margin expansion in 2H21

  • Capex: Revving up post-IPO; likely to proceed with Segezha West. We raise our 12-months TP by 15% to RUB11.5 per share

Anna Kurbatova
Anna Kurbatova

Senior Analyst, TMT & Agro

Olesya Vorobyeva
Olesya Vorobyeva

Analyst, TMT, Agro and Retail

Alfa
13 September 2021
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