Stora Enso Oyj R

Stora Enso is a provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets. Co.'s reporting segments are: Consumer Board, which develops and provides consumer packaging boards for printing and packaging applications; Packaging Solutions, which develops fibre-based packaging; Biomaterials, which provides a variety of pulp grades for paper, board, tissue, textile and hygiene product producers; Wood Products, which provides wood-based solutions for building and housing; Paper, which provides paper solutions for print media and office use; as well as Other, which includes Co.'s shareholding in the energy company, Pohjolan Voima.
  • TickerSTERV
  • ISINFI0009005961
  • ExchangeNasdaq Nordic Helsinki
  • SectorForestry & Paper
  • CountryFinland

Analysts

Rob Hales

Morningstar | Dark Clouds Continue to Form Over Stora Enso in 2Q; Shares Fairly Valued

No-moat Stora Enso reported second-quarter EBIT of EUR 287 million, down 12% over 2018 and below consensus. Declining profits look set to accelerate as third-quarter guidance is particularly gloomy. Third-quarter EBIT is expected to be in the range of EUR 200 million-EUR 280 million, indicating a 12%-37% decline over 2018 with the wide range revealing the uncertainty in the current environment. Further, the company has abandoned its 2019 guidance for higher sales over 2018, which the company blames on trade wars and a possible hard Brexit. We have been bearish on Stora for some time, evidenced...

Rob Hales

Dark Clouds Continue to Form Over Stora Enso in 2Q; Shares Fairly Valued

No-moat Stora Enso reported second-quarter EBIT of EUR 287 million, down 12% over 2018 and below consensus. Declining profits look set to accelerate as third-quarter guidance is particularly gloomy. Third-quarter EBIT is expected to be in the range of EUR 200 million-EUR 280 million, indicating a 12%-37% decline over 2018 with the wide range revealing the uncertainty in the current environment. Further, the company has abandoned its 2019 guidance for higher sales over 2018, which the company bla...

Jimi Lehtonen ...
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Jimi Lehtonen

Stora Enso (Buy, TP: EUR12.00) - Back to growth in 2020e

We expect Stora Enso’s Q2 results (due 19 July at 08.30 CET) to reflect the weakened near-term earnings outlook for containerboard and pulp, and we have cut our 2019–2021 EBIT forecasts by 7–10%. We do not materially differ from consensus on Q2 or 2019, but see a return to growth from 2020e onwards on the back of: 1) a Consumer Board recovery, and 2) Oulu conversion thereafter. Following our estimate cuts, we have cut our target price to EUR12 (13), and reiterate our BUY given our above-consensus EBIT forecasts for 2020–2021e and undemanding valuation.

Increased risk weighs on STORA ENSO OYJ, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of STORA ENSO OYJ (FI), active in the Paper industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date May 24, 2019, the closing price was EUR 9.89 and its target price was estimated at EUR 8.97.

Joan Sehim

STORA ENSO- 2Q18 Comments

Stora Enso, the Finish paper and packaging producer, has released good 2Q18 results with sales of €2,664m, up 5% yoy (+9% at constant currency and perimeter), and operational EBIT of €327m (12.3% margin) against €219m (8.7%) last year. The primary driver has been further increase in prices (+9% at the group level), reflecting both a tight supply and higher raw materials costs.

Joan Sehim

Stora Enso 1Q17 - Back to growth with reshaping plan, flattish 2Q17 expected

Stora Enso, the Finnish papermaker, reported solid 1Q17 results. For the first time in years, yoy sales grew +2% to €2.5bn, including +4% from volume and -2% from change in perimeter...

Stora Enso Oyj - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Stora Enso Oyj - December 2016 (LTM) 28 March 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Sep-15 FYE Sep-16 LTM Dec-16

Rob Hales

Morningstar | Dark Clouds Continue to Form Over Stora Enso in 2Q; Shares Fairly Valued

No-moat Stora Enso reported second-quarter EBIT of EUR 287 million, down 12% over 2018 and below consensus. Declining profits look set to accelerate as third-quarter guidance is particularly gloomy. Third-quarter EBIT is expected to be in the range of EUR 200 million-EUR 280 million, indicating a 12%-37% decline over 2018 with the wide range revealing the uncertainty in the current environment. Further, the company has abandoned its 2019 guidance for higher sales over 2018, which the company blames on trade wars and a possible hard Brexit. We have been bearish on Stora for some time, evidenced...

Rob Hales

Dark Clouds Continue to Form Over Stora Enso in 2Q; Shares Fairly Valued

No-moat Stora Enso reported second-quarter EBIT of EUR 287 million, down 12% over 2018 and below consensus. Declining profits look set to accelerate as third-quarter guidance is particularly gloomy. Third-quarter EBIT is expected to be in the range of EUR 200 million-EUR 280 million, indicating a 12%-37% decline over 2018 with the wide range revealing the uncertainty in the current environment. Further, the company has abandoned its 2019 guidance for higher sales over 2018, which the company bla...

Jimi Lehtonen

Stora Enso (Buy, TP: EUR12.00) - Back to growth in 2020e

We expect Stora Enso’s Q2 results (due 19 July at 08.30 CET) to reflect the weakened near-term earnings outlook for containerboard and pulp, and we have cut our 2019–2021 EBIT forecasts by 7–10%. We do not materially differ from consensus on Q2 or 2019, but see a return to growth from 2020e onwards on the back of: 1) a Consumer Board recovery, and 2) Oulu conversion thereafter. Following our estimate cuts, we have cut our target price to EUR12 (13), and reiterate our BUY given our above-consensus EBIT forecasts for 2020–2021e and undemanding valuation.

Henri Parkkinen

STORA ENSO - Measures and curtailment of deliveries

Jimi Lehtonen

Stora Enso (Buy, TP: EUR13.00) - Value over volume

Q1 was better than feared, with macro weakness visible in deliveries but good pricing and active mix management compensating for lost volumes. Biomaterials fared better than expected as the fall in benchmark pulp prices had only a limited impact on the niche pulp portfolio. Consumer Board is slowly moving in the right direction, but the real step-up should be seen in 2020, as key liquid packaging contracts roll over and group-wide cost savings bear fruit. We have raised our 2019–2021e EBIT adj. slightly, and we reiterate our BUY and EUR13 target price.

Jimi Lehtonen ...
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Increased risk weighs on STORA ENSO OYJ, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of STORA ENSO OYJ (FI), active in the Paper industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date May 24, 2019, the closing price was EUR 9.89 and its target price was estimated at EUR 8.97.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

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Summary Marketline's Mondi Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Mondi Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlig...

Stora Enso – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Stora- Enso,, March 14 2019

In general, Stora Enso is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 10, the shareholders nomination board proposes to increase the remuneration of the board of directors by somewhere between 3% and 10%. As ECGS considers the current fees of the board of directors already at the upper level of Finnish market practice for a company with the size and complexity of Stora Enso, it does not approve of any increases without adequate justification. Since the proposal is not adequately justified (i.e. not motivated ...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 27/04/2017

In general, Stora Enso is in compliance with the Finnish regulations relating the organisation and procedures of the Annual General Meeting.We recommend to vote in favour of all proposals.

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