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Raul Kirjanen elected Chairman of the Management Board of the Estonian Forest & Wood Industries Association

International Forest Industries - 2 hours 5 min ago

Raul Kirjanen, Chairman of the Management Board of Graanul Invest AS, was elected Chairman of the Management Board of the Estonian Forest and Wood Industries Association. According to the new chairman, the forest and timber sector has great potential in light of the European Green Deal.

‘We need to work to ensure that the general quality of Estonian forests improves, that our forest and wood industry is internationally competitive, and that we are able to sufficiently contribute to innovation to create new value chains for wood with high added value,’ says Kirjanen. He adds that the Estonian society benefits from a well-operating forest and wood industry, and that the wood industry is and will continue to be one of the flagships of Estonian economy.

‘I believe that a sustainable and modern forest and wood industry will ensure a self-sufficient country and allow us to pass down healthy and strong forests for the next generations,’ says Kirjanen.

The following people were elected into the management board of the Estonian Forest and Wood Industries Association: Ando Jukk (Estonian Plywood AS), Ivar Dembovski (Rait AS), Jaak Nigul (Tarmeko Spoon AS), Jaan Kers (TalTech), Jaano Haidla (Graanul Invest AS), Jüri Külvik (Lemeks AS), Linnar Pärn (Estonian University of Life Sciences), Argo Aavik (Stora Enso Eesti AS), Mati Polli (founding member of the association), Margus Kohava (Combimill Sakala OÜ), Raul Kirjanen (Graanul Invest AS), Silver Rõõmussaar (UPM-Kymmene Otepää OÜ), Tiit Nilson (Woodwell AS), Tõnu Ehrpais (Viiratsi Saeveski AS), Mait Kaup (Warmeston OÜ), and Lauri Raid (Estonian Cell AS).

The Estonian Forest and Wood Industries Association, established in 1996, is a non-profit umbrella organisation for companies of the forest and wood industry. The association comprises 67 members, including four educational institutions providing professional education. The CEO of the association is Henrik Välja.

The post Raul Kirjanen elected Chairman of the Management Board of the Estonian Forest & Wood Industries Association appeared first on International Forest Industries.

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J.P. Morgan Presents 3 Stocks With Double Digit-Upside

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November 3 is fast-approaching, and Wall Street is bracing for a Biden win. But what would a Democrat-controlled White House mean for the markets?Even though some investors think a Biden presidency would be detrimental to stocks and put pressure on the markets, Marko Kolanovic, the global head of macro quantitative and derivatives strategy at J.P. Morgan, begs to differ. In a recent note to clients, he writes that regardless of the election’s outcome, its conclusion will remove significant uncertainty.Additionally, the strategist believes the release of a COVID-19 vaccine as well as the reopening of the economy could serve as catalysts that spur a rotation into value stocks. “We think those two catalysts will be catalysts for value, and we think it's going to have legs... The decline of COVID should be a powerful catalyst for value,” Kolanovic commented.Taking Kolanovic’s outlook to heart, J.P. 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On top of this, offering software, cloud solutions and “all of the needed services to create a turnkey single source vendor has helped Sapiens establish the beachhead in segments of the overall market,” in Auty’s opinion.When it comes to its financial position, from 2015-2019, revenue gained 16%, with it also ramping up in 2019 and 1H20. “We believe the intelligent segmentation of the market is going to allow Sapiens to increase the percentage of revenue coming from subscription software, making growth more durable and profitable moving forward,” Auty mentioned.In line with his optimistic approach, Auty kicked off his coverage by assigning an Overweight rating and $40 price target. This target brings the upside potential to 41%. (To watch Auty’s track record, click here)Turning to the rest of the Street, 2 Buys and 1 Hold were published in the last three months. So, SPNS is a Moderate Buy. The $37 average price target puts the upside potential at 30%. 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These initiatives, deemed “retail 101,” include assortment localization, merchandise planning, pricing and promotion, as well as space productivity efforts, and are “harmonizing with strides in customer engagement and share gains from the mall,” in Horvers’ opinion. On top of this, he believes that as ASO expands its e-commerce presence, it could see 150-200 basis points of comp tailwind per year.Going forward, Horvers anticipates a 100-basis point gross margin opportunity thanks to improved merchandising and inventory management. In addition, as ASO improves DC allocation, reorganizes the workforce, optimizes shipping and implements cross-dock, there could be another 100 basis points of gross margin tailwinds, according to the analyst. Currently, only 22% of the product is cross-docked.What’s more, ASO is set to pay down $600 million-plus of debt in Q4 and refinance its term loan, which Horvers notes will reduce interest expense and push it below 4x gross adjusted leverage. In terms of the valuation, ASO is currently trading at only 4.6x the analyst’s 2021 EV/EBITDA estimate, making it attractive.Everything that ASO has going for it convinced Horvers to initiate coverage with an Overweight rating. In addition to the call, he set a $21 price target, suggesting 41% upside potential. (To watch Horvers’ track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 7 to be exact, have been issued in the last three months. Therefore, the message is clear: ASO is a Strong Buy. Given the $19.58 average price target, shares could surge 32% in the next year. (See ASO stock analysis on TipRanks)Mission Produce (AVO)As an advanced avocado network, Mission Produce is one of the top players in the avocado game, with it sourcing, producing and distributing fresh avocados to customers in over 25 countries. Like ASO, this name also recently began trading on the public market, and has scored a thumbs up from J.P. Morgan.Covering the stock for the firm, analyst Thomas Palmer wrote in a recent note to clients, “We see a long runway of EBITDA growth ahead, driven primarily by distribution-driven volume and a higher percentage of avocados sourced from company-owned farms (which carry significantly higher margins than third-party sourcing).”Part of the analyst’s bullish thesis is related to the fact that AVO is a “worldwide leader in avocado distribution,” with it distributing 596 million pounds of avocados in the four quarters ended July 2020 and averaging 12.5% volume growth over the past ten years, versus the industry’s 9%. Additionally, the company boasts margin-accretive farming operations in Peru that supplied 11% of its avocado distribution volume in FY19.Palmer also points out that U.S. Hass avocado consumption has increased at an 8% CAGR over the past decade, according to the Hass Avocado Board. This growth has been brought on by both USDA dietary guidelines, which encourage the consumption of good fats and fiber, and demographic trends.On top of this, Palmer believes volume growth could drive EBITDA expansion. “AVO’s volume growth over the past decade has been driven by its industry-leading (and expanding) network of distribution and ripening centers and its diverse sourcing model (two countries of origin at all times of the year),” he stated.To this end, Palmer estimates that for distribution, high single-digit volume growth, roughly 8-10% per year, and a stable gross profit per pound are on tap. As for company-owned farms, he expects production to increase by 22% in FY20 and 12% in FY21 and FY22, due to improved yields. “Per our model, Mission-farmed avocados generate four times higher gross profit per pound than externally sourced avocados,” he added.When it comes to the valuation, Palmer also likes what he’s seeing. “We think the current valuation of less than 9x FY22E EV/EBITDA presents a compelling entry point, especially when considering its valuation excludes (a) the value of AVO’s equity investment earnings (which are profitable), and (b) investments in farming operations that will not contribute to earnings for several years,” he explained.It should come as no surprise, then, that Palmer joined the bulls. In addition to initiating coverage with an Overweight rating, he put an $18 price target on the stock. Investors could be pocketing a gain of 36%, should this target be met in the twelve months ahead. (To watch Palmer’s track record, click here)Judging by the consensus breakdown, opinions are anything but mixed. With 5 Buys and no Holds or Sells assigned in the last three months, the word on the Street is that AVO is a Strong Buy. At $17.40, the average price target implies 32% upside potential. (See AVO stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.


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by Dr. Radut