Stora Enso’s 3Q Profits Rise on Continued High Prices; Shares Overvalued
No-moat Stora Enso reported third-quarter EBIT of EUR 358 million, up 23% over the prior-year period and ahead of our expectations. Positive results were largely driven by higher pricing, which we see as unsustainable. Volumes declined 3% over 2017. We don’t expect to make a material change to our EUR 9.50 fair value estimate. At current levels, the shares look overvalued.Segment performance was volatile, as per usual. Third-quarter EBIT in packaging solutions, biomaterials, wood products, and ...
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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