Stora Enso (Buy, TP: EUR16.50) - On track
Due to better volumes and prices in the packaging materials division, underlying Q1 earnings were above our expectations. Looking ahead, earnings are set to be supported by higher pulp prices at the same time as pricing power has strengthened for most of Stora Enso’s packaging products. We have made limited changes to our 2024–2027 forecasts, but as we are increasingly confident that Stora Enso will be able to raise its profits to a sustainably healthy level, we have increased our target price to EUR16.5 (16) and reiterate our BUY.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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