Financials Stora Enso Oyj Nasdaq Helsinki

Equities

STEAV

FI0009005953

Paper Packaging

Market Closed - Nasdaq Helsinki Other stock markets 11:13:00 2024-04-30 am EDT			After market 11:30:15 am
12.55 ^EUR	-0.40%		12.52	-0.20%

Apr. 26	STORA ENSO : A better Q1; markets are improving + the restructuring measures are delivering
Apr. 25	Transcript : Stora Enso Oyj, Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,328	12,383	12,809	10,503	9,864	9,940	-	-
Enterprise Value (EV) ¹	13,645	15,478	15,118	12,356	13,031	13,139	12,859	12,562
P/E ratio	11.6 x	19.8 x	10.1 x	6.71 x	-27.8 x	27.1 x	14.9 x	12.5 x
Yield	3.86%	1.92%	3.41%	4.56%	0.8%	2.38%	3.12%	3.82%
Capitalization / Revenue	1.03 x	1.45 x	1.26 x	0.9 x	1.05 x	1.08 x	1 x	0.95 x
EV / Revenue	1.36 x	1.81 x	1.49 x	1.06 x	1.39 x	1.43 x	1.29 x	1.2 x
EV / EBITDA	8.85 x	12.2 x	6.92 x	4.89 x	13.2 x	10.7 x	8.11 x	6.98 x
EV / FCF	12.8 x	33.1 x	18.2 x	14.1 x	-55 x	-69.9 x	27.7 x	17.2 x
FCF Yield	7.78%	3.02%	5.5%	7.1%	-1.82%	-1.43%	3.61%	5.82%
Price to Book	1.38 x	1.4 x	1.19 x	0.83 x	0.9 x	0.89 x	0.86 x	0.84 x
Nbr of stocks (in thousands)	788,620	788,620	788,620	788,620	788,620	788,620	-	-
Reference price ²	12.96	15.64	16.14	13.15	12.52	12.60	12.60	12.60
Announcement Date	1/30/20	1/29/21	1/28/22	1/31/23	2/1/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,055	8,553	10,164	11,680	9,396	9,217	9,945	10,438
EBITDA ¹	1,542	1,270	2,184	2,529	989	1,223	1,586	1,800
EBIT ¹	953	650	1,528	1,891	342	611.4	948.7	1,140
Operating Margin	9.48%	7.6%	15.03%	16.19%	3.64%	6.63%	9.54%	10.93%
Earnings before Tax (EBT) ¹	1,137	773	1,419	1,858	-495	454.2	802.3	968.4
Net income ¹	880	617	1,268	1,536	-357	270	615.5	755.4
Net margin	8.75%	7.21%	12.48%	13.15%	-3.8%	2.93%	6.19%	7.24%
EPS ²	1.120	0.7900	1.600	1.960	-0.4500	0.4657	0.8446	1.006
Free Cash Flow ¹	1,062	467	831	877	-237	-187.9	464.8	731.2
FCF margin	10.56%	5.46%	8.18%	7.51%	-2.52%	-2.04%	4.67%	7.01%
FCF Conversion (EBITDA)	68.87%	36.77%	38.05%	34.68%	-	-	29.3%	40.63%
FCF Conversion (Net income)	120.68%	75.69%	65.54%	57.1%	-	-	75.51%	96.8%
Dividend per Share ²	0.5000	0.3000	0.5500	0.6000	0.1000	0.3001	0.3934	0.4814
Announcement Date	1/30/20	1/29/21	1/28/22	1/31/23	2/1/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,719	2,798	3,054	2,963	2,864	2,721	2,374	2,127	2,174	2,164	2,306	2,296	2,322	2,631	2,746
EBITDA ¹	602	662	663	689	515	399	198	180	212	298	283.2	331.4	329.6	436	481
EBIT ¹	426	503	505	527	355	234	37	21	51	156	132.2	178.7	179.4	276	321
Operating Margin	15.67%	17.98%	16.54%	17.79%	12.4%	8.6%	1.56%	0.99%	2.35%	7.21%	5.73%	7.79%	7.73%	10.49%	11.69%
Earnings before Tax (EBT) ¹	793	374	370	448	666	228	-304	-41	-378	101	74.42	140.8	136.5	226	271
Net income ¹	616	287	303	372	584	185	-226	-33	-287	84	61.28	90	111.4	-	-
Net margin	22.66%	10.26%	9.92%	12.55%	20.39%	6.8%	-9.52%	-1.55%	-13.2%	3.88%	2.66%	3.92%	4.8%	-	-
EPS ²	0.7800	0.3700	0.3800	0.4700	0.7400	0.2400	-0.2900	-0.0400	-0.3600	0.1100	0.0783	0.1124	0.1417	-	-
Dividend per Share ²	0.5500	-	-	-	0.6000	-	-	-	-	-	0.4500	-	-	-	0.5500
Announcement Date	1/28/22	4/28/22	7/22/22	10/21/22	1/31/23	4/25/23	7/21/23	10/24/23	2/1/24	4/25/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,317	3,095	2,309	1,853	3,167	3,200	2,920	2,622
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.151 x	2.437 x	1.057 x	0.7327 x	3.202 x	2.615 x	1.841 x	1.457 x
Free Cash Flow ¹	1,062	467	831	877	-237	-188	465	731
ROE (net income / shareholders' equity)	12.1%	7.6%	13%	13.3%	-3.8%	3.36%	5.39%	6.53%
ROA (Net income/ Total Assets)	6.31%	3.8%	6.96%	7.69%	-1.71%	2.05%	3.29%	4.19%
Assets ¹	13,951	16,245	18,229	19,977	20,838	13,199	18,732	18,034
Book Value Per Share ²	9.420	11.20	13.60	15.90	13.90	14.10	14.70	15.10
Cash Flow per Share ²	2.090	1.430	1.870	2.000	0.9500	1.370	1.580	1.740
Capex ¹	587	661	645	705	989	1,052	703	688
Capex / Sales	5.84%	7.73%	6.35%	6.04%	10.53%	11.42%	7.07%	6.59%
Announcement Date	1/30/20	1/29/21	1/28/22	1/31/23	2/1/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Stora Enso Oyj

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

12.6 EUR

Average target price

13.27 EUR

Spread / Average Target

+5.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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DS SMITH PLC	+14.03%	6.08B
SONOCO PRODUCTS COMPANY	+1.20%	5.63B
KLABIN S.A.	+4.31%	4.99B

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