Company Overview
Stora Enso is a global leader in the wood products industry, specializing in sustainable forestry, pulp, and paper products. With a rich history dating back to 1920, the company has evolved into a versatile organization that offers a wide range of innovative solutions for various industries.
The primary mission of Stora Enso is to create a more sustainable future by developing and delivering innovative wood-based products and services. The company's core values include a commitment to sustainability, innovation, and customer satisfaction. By embracing these values, Stora Enso aims to become the leading global supplier of forest-based products.
Key Products/Services
Stora Enso offers a diverse portfolio of wood products and services that cater to various industries, including packaging, construction, and consumer goods. Some of its key products include:
- Packaging solutions: Stora Enso provides innovative packaging materials and solutions for the food, beverage, and consumer goods industries.
- Construction materials: The company offers a range of wood-based construction materials, including plywood, medium-density fiberboard (MDF), and oriented strand board (OSB).
- Pulp and paper products: Stora Enso produces high-quality pulp and paper products, such as printing papers, packaging papers, and tissue products.
The benefits of Stora Enso's products and services include reduced environmental impact, improved product performance, and increased customer satisfaction. By choosing Stora Enso, customers can trust that they are receiving high-quality products that meet their specific needs while minimizing their ecological footprint.
In conclusion, Stora Enso is an attractive investment opportunity that offers a unique combination of innovation, sustainability, and financial performance. With its diverse portfolio of products and services, the company is well-positioned to capitalize on emerging trends and customer needs in various industries.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 788.6 | 788.6 | 788.6 | 788.6 | 788.6 | 788.6 | 788.6 |
| Target Valuation (MEur) | 9321.7 | 9337.4 | 9173.5 | 8522.2 | 5713.3 | 5439.5 | 5439.5 |
| Targer Price | 11.82 | 11.84 | 11.63 | 10.81 | 7.24 | 6.9 | 6.9 |
| Potential, % | -10.1 | -5.5 | 19.4 | 0.9 | -23.1 | -26.8 | -26.8 |
| Recommendation | Hold | Hold | Hold | Hold | Sell | Sell | Sell |
| MCAP (MEur) | 10370.3 | 9877.5 | 7681.1 | 8442.2 | 7431.9 | 7431.9 | 7431.9 |
| Price | 13.15 | 12.53 | 9.74 | 10.71 | 9.42 | 9.42 | 9.42 |
| EV | 12223.0 | 13044.0 | 11388.0 | 11623.0 | 9961.0 | 10116.0 | 10016.0 |
| P/S | 0.89 | 1.05 | 0.85 | 0.91 | 0.8 | 0.79 | 0.77 |
| EV/S | 1.05 | 1.39 | 1.26 | 1.25 | 1.08 | 1.08 | 1.04 |
| EV/EBIT | 6.08 | 35.54 | 13.02 | 12.34 | 20.64 | 18.97 | 11.73 |
| P/E | 6.75 | 49.64 | 17.25 | 12.29 | 22.56 | 17.42 | 10.88 |
| P/B | 0.83 | 0.9 | 0.76 | 0.78 | 0.62 | 0.6 | 0.57 |
| P/OCF | 6.56 | 13.13 | 8.07 | 13.09 | 10.99 | 11.91 | 8.44 |
| EV/OCF | 7.73 | 17.35 | 11.96 | 18.02 | 14.73 | 16.22 | 11.37 |
| P/FCF | 12.35 | -12.84 | -42.44 | 11.97 | -77.58 | -47.88 | 74.33 |
| EV/FCF | 14.55 | -16.96 | -62.92 | 16.49 | -103.97 | -65.17 | 100.18 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 11679.0 | 9396.0 | 9048.0 | 9325.0 | 9244.5 | 9373.3 | 9653.5 |
| Rev. Growth, % | 14.9 | -19.5 | -3.7 | 3.1 | -0.9 | 1.4 | 3.0 |
| Ebit | 2009.0 | 367.0 | 875.0 | 942.0 | 482.7 | 533.2 | 854.2 |
| Ebit Growth, % | 31.8 | -81.7 | 138.4 | 7.7 | -48.8 | 10.5 | 60.2 |
| Ebit, % | 17.2 | 3.9 | 9.7 | 10.1 | 5.2 | 5.7 | 8.8 |
| Profit | 1537.0 | 199.0 | 445.4 | 687.0 | 329.4 | 426.6 | 683.3 |
| EPS | 1.95 | 0.25 | 0.56 | 0.87 | 0.42 | 0.54 | 0.87 |
| Profit Growth, % | 25.6 | -87.1 | 123.8 | 54.2 | -52.1 | 29.5 | 60.2 |
| Profit, % | 13.2 | 2.1 | 4.9 | 7.4 | 3.6 | 4.6 | 7.1 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 1810.0 | 1466.0 | 1672.0 | 1802.0 | 1850.5 | 1824.7 | 1856.9 |
| Acc. Receivable | 1473.0 | 1191.0 | 969.0 | 869.0 | 844.5 | 846.9 | 844.1 |
| Cash | 1917.0 | 2464.0 | 1993.0 | 1206.0 | 1647.2 | 1492.0 | 1591.9 |
| Equity | 12532.0 | 10985.0 | 10139.0 | 10796.0 | 11955.4 | 12381.9 | 13065.3 |
| ROE, % | 12.3 | 1.8 | 4.4 | 6.4 | 2.8 | 3.4 | 5.2 |
| ROCE, % | 12.3 | 2.2 | 5.5 | 6.2 | 3.0 | 3.2 | 5.0 |
| Net Debt | 1853.0 | 3167.0 | 3707.0 | 3181.0 | 2528.8 | 2684.0 | 2584.1 |
| Gearing, % | 14.8 | 28.8 | 36.6 | 29.5 | 21.2 | 21.7 | 19.8 |
| Equity ratio, % | 59.9 | 52.9 | 51.2 | 56.6 | 59.8 | 61.0 | 63.3 |
| Acc. Payable | 2410.0 | 2112.0 | 2296.0 | 2293.0 | 2051.4 | 2125.4 | 2058.6 |
| Total Assets | 20922.0 | 20754.0 | 19802.0 | 19059.0 | 19982.7 | 20300.1 | 20641.0 |
| ROA, % | 7.3 | 1.0 | 2.2 | 3.6 | 1.6 | 2.1 | 3.3 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1582.0 | 752.0 | 952.0 | 645.0 | 676.2 | 623.8 | 880.7 |
| Investment Cash Flow | -742.0 | -1521.0 | -1133.0 | 60.0 | -772.0 | -779.1 | -780.8 |
| Free Cash Flow | 840.0 | -769.0 | -181.0 | 705.0 | -95.8 | -155.2 | 100.0 |
| OCF/CAPEX | 2.13 | 0.49 | 0.84 | 0.0 | 0.88 | 0.8 | 1.13 |
| Financial Cash Flow | -450.0 | 1084.0 | -301.0 | -1487.0 | 330.0 | 0.0 | 0.0 |
Disclaimer
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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