Rauli has published a new company report on Suominen following Q4 
Suominen’s Q4 figures were clearly weaker than our forecasts. In line with our expectations, the company announced a new multi-year and extensive efficiency program that supports our forecasted earnings growth for the coming years. However, in our view, the stock’s valuation is already pricing in a level of earnings better than our forecasts for the next few years. We estimate that, in addition to this, the company may need equity financing to implement the efficiency program and support the balance sheet. We are lowering the target price to EUR 1.3 (prev. EUR 1.6) due to the weakened forecasts and updating our recommendation to Sell (prev. Reduce).