Neste - Ilmastonmuutostaistelun eturivissä

[Oxymoron_007]

Nordean analyysi Nesteestä 15.3.2024.

Estimate and valuation changes

Uncertainty related to sales volumes and margins for 2024 remains. Our EBITDA changes are mainly related to production problems in Martinez and in Singapore.

• But the company should overcome ramp-up problems and we believe Q2 could be a catalyst in terms of SAF sales and margins.

• We reiterate our Buy recommendation and DCF-based target price of EUR 49.