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

Martin Melbye ...
  • Øystein Elton Lodgaard

Sector Fast Comment - December pulp data: shipments +21% y-o-y

Global shipments +21% y-o-y, to China +71% y-o-y Inventories back at historical average (-6% m-o-m) Softwood prices start to turn up (-35% from peak)

Expert Corporate Governance Service (ECGS)

Stora Enso - AGM 19 March 2020

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 board of directors requests an advisory vote on the Company’s executive remuneration policy. ECGS notes that this is the first time that Stora Enso puts its executive remuneration policy to a vote, which it strongly welcomes. Although ECGS has some concerns with regard to Stora Enso’s remuneration policy, the proposed structure is basically in line with its guidelines. Accordingly, ECGS recommends to vote FOR. Under ITEM 11 the shar...

Sector Fast Comment - Chinese RCP imports down 42%

RCP import permits in China -42% y-o-y so far in 2020 RCP prices are down +50% y-o-y Positive for pulp, forest owners and RCP buyers

Christoffer Wang Bjørnsen ...
  • Helene Kvilhaug Brøndbo
  • Jimi Lehtonen
  • Joachim Gunell
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Stefan Gauffin

Northern Lights

Jimi Lehtonen

Stora Enso (Hold, TP: EUR12.40) - Soft outlook, patience required

A disappointing near-term outlook was our main takeaway from Stora Enso’s Q4 results, prompting us to make significant cuts to our 2020 forecasts. We believe Stora Enso is well placed to turn the earnings trend in H2 as commodity headwinds dissipate and cost actions bed in. 2020 is set to be a tough year and the stock looks to be discounting a fairly strong recovery in 2021. We reiterate our HOLD but have lowered our target price to EUR12.4 (12.8).

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 30/10/2019 - Fiat Chrysler Automobiles (Achat) – Peugeot (Achat) - EN

Fiat Chrysler Automobiles (O/P) - Peugeot (O/P): Confirm Merger Talks Unicaja Banco: Tier 2 10NC5 Bond Issue Santander (O/P) - 9M-19:  Revenues of €37.0bn (+2.8%) Deutsche Bank (U/P) - 9M-19: Net Loss of €4.1bn (vs Net Profit of €455m A Year Earlier) Pirelli (O/P) - 9M-19: EBITDA of €979m (+7.8%) Fresenius (M/P) - 9M-19: EBITDA of €4.5bn (+2.7%) Atos (O/P): Completes The Sale of Worldline and €500m Convertible Issue Stora Enso (O/P) - 9M-19: EBIT of €841m (-20.2%)

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

Martin Melbye ...
  • Øystein Elton Lodgaard

Sector Fast Comment - December pulp data: shipments +21% y-o-y

Global shipments +21% y-o-y, to China +71% y-o-y Inventories back at historical average (-6% m-o-m) Softwood prices start to turn up (-35% from peak)

Sector Fast Comment - Chinese RCP imports down 42%

RCP import permits in China -42% y-o-y so far in 2020 RCP prices are down +50% y-o-y Positive for pulp, forest owners and RCP buyers

Jimi Lehtonen

Stora Enso (Hold, TP: EUR12.40) - Soft outlook, patience required

A disappointing near-term outlook was our main takeaway from Stora Enso’s Q4 results, prompting us to make significant cuts to our 2020 forecasts. We believe Stora Enso is well placed to turn the earnings trend in H2 as commodity headwinds dissipate and cost actions bed in. 2020 is set to be a tough year and the stock looks to be discounting a fairly strong recovery in 2021. We reiterate our HOLD but have lowered our target price to EUR12.4 (12.8).

Anders Idborg ...
  • Casper Blom
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • John Olaisen
  • Karl Bokvist
  • Laurits Kjærgaard
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell

Talking Points - Orsted (Sell): Too far, too fast

SpareBank 1 SMN (Hold) Preview of results: Dividend yield of 6.5% for 2019e But we lack valuation support Downgrade to SELL, TP DKK 655 (DKK 590)

Martin Melbye ...
  • Øystein Elton Lodgaard

Stora Enso - Waiting for pulp to come round

Clean Q4 EBIT below cons. – Q1 guidance was weak Late-cyclical prices set to drop in H1, but pulp points up Valuation support from forest assets

Christoffer Wang Bjørnsen ...
  • Helene Kvilhaug Brøndbo
  • Jimi Lehtonen
  • Joachim Gunell
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Stefan Gauffin

Northern Lights

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jesper Ingildsen
  • Jimi Lehtonen
  • Jon Berggren
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Jimi Lehtonen ...
  • Jon Masdal
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn
  • Patrik Ling
  • Tomi Railo

Northern Lights

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

Northern Lights

Thanks to a better fundamental star rating, STORA ENSO OYJ sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to STORA ENSO OYJ (FI), active in the Paper industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date December 24, 2019, the closing price was EUR 12.89 and its expected value was estimated at EUR 12.11.

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

Svenska Cellulosa Aktiebolaget - Strategy, SWOT and Corporate Finance Report

Summary Svenska Cellulosa Aktiebolaget - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Svenska Cellulosa Aktiebolaget (SCA) is a provider of paper and wood-based products. It develops and produces publication papers and solid-wood products. Its major offerings include pulp products, coated papers, uncoated papers, kraftliner and pulp products, and forest based b...

MarketLine Department

Sappi Limited - Strategy, SWOT and Corporate Finance Report

Summary Sappi Limited - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Sappi Limited (Sappi) is a paper and pulp producing company. It manufactures and sells wood fibre products such as packaging, dissolving wood pulp, graphic papers, printing papers and specialty papers. It provides adjacent products such as lignosulphonate and nanocellulose. Sappi's graphic pap...

MarketLine Department

Evergreen Packaging Llc - Strategy, SWOT and Corporate Finance Report

Summary Evergreen Packaging Llc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Scope - Detailed information on Evergreen Packaging Llc required for business and competitor intelligence needs - A study of the major internal and external factors affecting Evergreen Packaging Llc in the form of a SWOT analysis - An in-depth view of the business model of Evergreen Packaging Llc...

MarketLine Department

Graphic Packaging Holding Company - Strategy, SWOT and Corporate Finance Report

Summary Graphic Packaging Holding Company - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Scope - Detailed information on Graphic Packaging Holding Company required for business and competitor intelligence needs - A study of the major internal and external factors affecting Graphic Packaging Holding Company in the form of a SWOT analysis - An in-depth view of the business mo...

MarketLine Department

Crown Van Gelder N.V. - Strategy, SWOT and Corporate Finance Report

Summary Crown Van Gelder N.V. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Scope - Detailed information on Crown Van Gelder N.V. required for business and competitor intelligence needs - A study of the major internal and external factors affecting Crown Van Gelder N.V. in the form of a SWOT analysis - An in-depth view of the business model of Crown Van Gelder N.V. includi...

Expert Corporate Governance Service (ECGS)

Stora Enso - AGM 19 March 2020

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 board of directors requests an advisory vote on the Company’s executive remuneration policy. ECGS notes that this is the first time that Stora Enso puts its executive remuneration policy to a vote, which it strongly welcomes. Although ECGS has some concerns with regard to Stora Enso’s remuneration policy, the proposed structure is basically in line with its guidelines. Accordingly, ECGS recommends to vote FOR. Under ITEM 11 the shar...

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.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Remains In Favor; Shanghai Comp Breaking Out A weakening US dollar (DXY) continues to be a major tailwind for both EM equities and the commodity Sectors. Improving price and RS trends for these risk-on areas of the market are among the many characteristics consistent with historical bull markets. Therefore, we continue to label this a bull market and we believe global equities are still in the early innings of a broad-based advance. • EM Equities. Price action has remained weak for the US dollar (DXY), which has been great news for EM equities. As outlined in our 12/19/19 Int'l Compass an...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The Pause that Refreshes? We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several international markets that are breaking out to new highs or making bullish inflections since our previous Int'l Compass (10/31/19). While developments continue to lean bullish, global equities have rallied substantially since the start of October, making it perfectly reasonable to expect some consolidation of recent gains which would allow for a more meaningful move higher. • New Highs or Bullish Inflections. The number of in...

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