Stora Reports in Line Second Quarter; Shares Overvalued
Stora Enso reported mixed results among the segments in the second quarter but overall EBIT was in line with our expectations. Operational EBIT declined 3% over the prior-year period. Strong performance in packaging solutions and wood products was offset by a significant deterioration in profitability in the paper division. We maintain our EUR 7.50 fair value estimate and no-moat rating. At current levels, the shares look overvalued.Packaging solutions EBIT was up 135% over 2016 to EUR 40 mill...
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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