Company Overview
Metsä Board is a leading global supplier of premium paper and packaging products, serving customers in the packaging, printing, and consumer goods industries. With a strong focus on innovation, sustainability, and customer satisfaction, Metsä Board has established itself as a trusted partner for companies seeking high-quality paper and packaging solutions.
Metsä Board's primary mission is to deliver innovative, sustainable, and high-performance paper and packaging products that meet the evolving needs of its customers. The company's core values include a commitment to sustainability, customer satisfaction, and innovation, which guide its business decisions and operations.
Key Products/Services
Metsä Board offers a range of premium paper and packaging products, including:
- Cartonboard: A high-quality, sustainable cartonboard solution for packaging applications.
- Sellulose: A versatile, renewable raw material used in various applications, such as packaging, printing, and consumer goods.
- Paper: High-performance paper products for printing, writing, and other applications.
- Packaging solutions: Customized packaging solutions for food, beverage, and other industries.
Metsä Board's products are designed to provide excellent performance, sustainability, and customer satisfaction. The company's innovative solutions help its customers reduce their environmental impact while meeting their business needs.
Benefits of Metsä Board's Products/Services
The benefits of Metsä Board's products and services include:
- Sustainability: Metsä Board's products are designed to be environmentally friendly, reducing the carbon footprint of its customers' operations.
- Innovation: The company invests heavily in research and development, ensuring that its products stay ahead of the curve in terms of performance and sustainability.
- Customer satisfaction: Metsä Board is committed to delivering high-quality products that meet the evolving needs of its customers.
- Cost savings: By using Metsä Board's sustainable solutions, companies can reduce their operational costs and improve their bottom line.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 355.5 | 355.5 | 355.5 | 355.5 | 355.5 | 355.5 | 355.5 |
| Target Valuation (MEur) | 17445.2 | 16990.3 | 16388.0 | 15939.2 | 15166.9 | 15092.6 | 15092.6 |
| Targer Price | 49.07 | 47.79 | 46.1 | 44.83 | 42.66 | 42.45 | 42.45 |
| Potential, % | 459.8 | 564.7 | 984.7 | 1340.6 | 1455.9 | 1448.3 | 1448.3 |
| Recommendation | Buy | Buy | Buy | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 3116.1 | 2556.1 | 1510.9 | 1106.4 | 974.8 | 974.8 | 974.8 |
| Price | 8.77 | 7.19 | 4.25 | 3.11 | 2.74 | 2.74 | 2.74 |
| EV | 3211.0 | 2700.0 | 1856.0 | 1361.0 | 1375.0 | 1086.0 | 1039.0 |
| P/S | 1.26 | 1.32 | 0.78 | 0.62 | 0.59 | 0.64 | 0.68 |
| EV/S | 1.29 | 1.39 | 0.96 | 0.77 | 0.84 | 0.71 | 0.72 |
| EV/EBIT | 6.27 | 22.35 | 15.82 | -12.96 | 328.19 | 61.88 | 338.31 |
| P/E | 7.0 | 25.11 | 18.07 | -9.79 | -557.04 | 69.38 | 397.88 |
| P/B | 1.38 | 1.25 | 0.79 | 0.63 | 0.58 | 0.57 | 0.57 |
| P/OCF | 13.44 | 7.45 | 39.97 | 4.62 | -14.69 | 2.6 | 7.32 |
| EV/OCF | 13.84 | 7.87 | 49.1 | 5.68 | -20.73 | 2.89 | 7.8 |
| P/FCF | 117.15 | 13.96 | -16.42 | 9.38 | -6.98 | 3.37 | 20.58 |
| EV/FCF | 120.7 | 14.75 | -20.17 | 11.54 | -9.85 | 3.76 | 21.92 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 2479.6 | 1941.3 | 1938.5 | 1775.6 | 1642.7 | 1533.8 | 1442.0 |
| Rev. Growth, % | 19.0 | -21.7 | -0.1 | -8.4 | -7.5 | -6.6 | -6.0 |
| Ebit | 512.4 | 120.8 | 117.3 | -105.0 | 4.2 | 17.6 | 3.1 |
| Ebit Growth, % | 36.3 | -76.4 | -2.9 | -189.5 | 104.0 | 319.0 | -82.4 |
| Ebit, % | 20.7 | 6.2 | 6.1 | -5.9 | 0.3 | 1.1 | 0.2 |
| Profit | 445.0 | 101.8 | 83.6 | -113.0 | -1.7 | 14.0 | 2.4 |
| EPS | 1.25 | 0.29 | 0.24 | -0.32 | -0.0 | 0.04 | 0.01 |
| Profit Growth, % | 41.7 | -77.1 | -17.9 | -235.2 | 98.5 | 923.5 | -82.9 |
| Profit, % | 17.9 | 5.2 | 4.3 | -6.4 | -0.1 | 0.9 | 0.2 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 506.7 | 394.4 | 472.6 | 374.1 | 469.0 | 375.3 | 468.7 |
| Acc. Receivable | 436.4 | 288.8 | 296.5 | 249.3 | 239.6 | 200.4 | 187.8 |
| Cash | 356.2 | 291.6 | 182.6 | 309.3 | 204.9 | 494.0 | 541.4 |
| Equity | 2255.2 | 2052.6 | 1907.7 | 1756.7 | 1684.0 | 1698.0 | 1700.4 |
| ROE, % | 19.7 | 5.0 | 4.4 | -6.4 | -0.1 | 0.8 | 0.1 |
| ROCE, % | 18.9 | 4.9 | 4.8 | -4.5 | 0.2 | 0.8 | 0.1 |
| Net Debt | 94.5 | 144.0 | 344.9 | 254.8 | 400.3 | 111.2 | 63.8 |
| Gearing, % | 4.2 | 7.0 | 18.1 | 14.5 | 23.8 | 6.5 | 3.8 |
| Equity ratio, % | 66.3 | 67.2 | 63.7 | 60.0 | 60.1 | 60.4 | 60.6 |
| Acc. Payable | 524.4 | 403.4 | 420.3 | 494.8 | 451.8 | 437.0 | 433.4 |
| Total Assets | 3403.2 | 3055.1 | 2994.1 | 2925.8 | 2802.8 | 2811.7 | 2805.5 |
| ROA, % | 13.1 | 3.3 | 2.8 | -3.9 | -0.1 | 0.5 | 0.1 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 231.9 | 342.9 | 37.8 | 239.6 | -66.4 | 375.3 | 133.2 |
| Investment Cash Flow | -205.3 | -159.8 | -129.8 | -121.7 | -73.2 | -86.1 | -85.8 |
| Free Cash Flow | 26.6 | 183.1 | -92.0 | 117.9 | -139.6 | 289.1 | 47.4 |
| OCF/CAPEX | 1.13 | 2.15 | 0.29 | 1.97 | 0.0 | 4.36 | 1.55 |
| Financial Cash Flow | -183.1 | -244.2 | -14.9 | 2.6 | 36.1 | 0.0 | 0.0 |
Disclaimer
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