Stora Enso: We patiently continue to wait for positive signals
We reiterate our Reduce recommendation for Stora Enso and cut our target price to EUR 10.50 (was EUR 11.50). We continued to lower our near-term estimates for Stora Enso, as the company's Q2 report was gloomy even compared to the estimates we lowered before the report. From the perspective of long-term investors, misery has already been priced in Stora Enso’s share, but the company is now treading the path of suffering and there are no concrete signs of how far it still has to go. Therefore, we will wait for the news flow to pick up before we are prepared to move our sights further away for Stora Enso.
Stora Enso
Stora Enso is a global forest industry group. The business segments include the production and development of newsprint and book paper, consumer boxes, industrial packaging and other wood products. The group is active on a global level with the largest presence in Europe and North America. The company was founded in 1998 at the merger of Finska Enso and Swedish Stora Kopparbergs Bergslags Aktiebolag. The head office is located in Helsinki.
Read more on company pageKey Estimate Figures23.07.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 11,679.8 | 9,985.9 | 9,980.3 |
growth-% | 14.92 % | -14.50 % | -0.06 % |
EBIT (adj.) | 1,890.2 | 389.1 | 931.2 |
EBIT-% (adj.) | 16.18 % | 3.90 % | 9.33 % |
EPS (adj.) | 1.84 | 0.28 | 0.80 |
Dividend | 0.60 | 0.30 | 0.45 |
Dividend % | 4.32 % | 2.36 % | 3.54 % |
P/E (adj.) | 7.54 | 46.07 | 15.92 |
EV/EBITDA | 4.92 | 15.59 | 8.21 |