Stora's 1Q Not as Bad as Expected, but Leading Indicators Are Ominous
No-moat Stora Enso reported first-quarter EBIT of EUR 324 million, down 12% from 2018. This was better than consensus and our expectations. Nevertheless, we continue to have a bearish view on the company, particularly in its biomaterials and packaging solutions segments. Industry pulp inventories have risen sharply, and pulp and containerboard prices are now rolling over, which supports our view. Consequently, we don’t expect to change our below-consensus forecast or EUR 9.50 fair value estimate...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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