Big Miss for Stora in 4Q, but Mostly Temporary Factors
No-moat Stora Enso reported fourth-quarter EBIT of EUR 271 million, down 3% from 2017 and below our estimate, which was already well below consensus. However, some EUR 40 million in lost EBIT can be traced to operating issues at six different mills in the quarter, which should be temporary. Excluding those costs would bring EBIT much closer to consensus. With shares trading flat intraday, the market has given Stora a pass on the weak headline number. We don’t expect to make a material change to ...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.
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