Holmen gains on upbeat EBIT, share buyback launch

Holmen AB

15/08/2024 11:26

** Holmen AB  HOLMb.ST  is up 4.4% after it posted EBIT of
SEK 983 million ($94 million), 3% ahead of J.P. Morgan's
estimate 
    ** The Swedish paper products maker also announced a buyback
program of up to 3 million class B shares
    ** Stock on track for best day since May 2023
    ** JPM says EBIT beat is partially offset by headwinds from
higher-than-expected maintenance shutdowns 
    ** Brokerage adds that despite low growth, Holmen can still
generate cash, offering a potential 4.3% annual yield to
investors or buying back shares

($1 = 10.4633 Swedish crowns)

 (Reporting by Anna Chaberska)
 ((Anna.chaberska@thomsonreuters.com))