<![CDATA[What the mkt does not know about Norske Skog]]>2022 should be the bast year for Norske Skog (NSKOG) in a decade.

Norske Skog should triple its revenues from CO2 permits in 2022 vs 2021. There is no cost item against this. No analyst research includes this, except DNB.

The CO2 revenues could represent 25% of its market capitalization. Our estimate is 800 million NOK, which is on the top of 1 bln NOK EBITDA from paper business.

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Norske Skog – what the market does not know

I think the consensus does not know or does not appreciate how material CO2 permits are for the NSKOG. Carnegie is the only broker that did the calculations in their research. I have not seen this in any other broker report. Carnegie estimated the CO2 permits revenue between 45-60million EURO. That was done when permits…

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