The leading domestic tissue, cardboard, and packaging producer in the Baltics, Grigeo, released (26 Nov) a Q3 report that was above our forecast in terms of profits. We reiterate our view that dividends can increase this year.

Grigeo is the leading domestic tissue, cardboard and packaging producer in the Baltics – a region where higher living standards drive demand for paper products. Following scaled back investment plans, we see room for increased dividends.