Barclays neutral on Holmen, but prefers it over Stora Enso and SCA
** Barclays initiates Holmen HOLMb.ST with "equal-weight" and PT of SEK 390, and says it prefers the Swedish paper products maker over Stora Enso STERV.HE and Svenska Cellulosa (SCA) SCAb.ST (both "underweight")
** The brokerage likes Holmen's strategy of expanding its renewable energy business to extract more value from its forest land ownership
** The focus on extracting value from forest land has led to higher operational efficiency and Holmen should keep outperforming Stora and SCA on that front, Barclays says
** It adds Holmen's returns to shareholders are higher than those of its two peers, and says it expects that to continue
** However, Holmen's enterprise value is highly dependent on forest valuation and its exposure to construction industry and paper, it says
** In the European forestry, paper and packaging space, Barclays' key "overweight" picks are Smurfit WestRock SWR.L, Huhtamaki HUH1V.HE, SIG SIGNC.S and UPM UPM.HE
** Out of nine analysts that cover Holmen, one rates it "buy", seven "hold" and one "sell"
Reporting by Marta Frąckowiak
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