Dark Clouds Continue to Form Over Stora Enso in 2Q; Shares Fairly Valued
No-moat Stora Enso reported second-quarter EBIT of EUR 287 million, down 12% over 2018 and below consensus. Declining profits look set to accelerate as third-quarter guidance is particularly gloomy. Third-quarter EBIT is expected to be in the range of EUR 200 million-EUR 280 million, indicating a 12%-37% decline over 2018 with the wide range revealing the uncertainty in the current environment. Further, the company has abandoned its 2019 guidance for higher sales over 2018, which the company bla...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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