Stora Reports Strong 3Q; Shares Overvalued
We are raising no-moat Stora Enso’s fair value estimate to EUR 8.00 from EUR 7.50 after reviewing third-quarter results. The fair value estimate change is primarily driven by the time value of money and slightly higher expectations for near-term results. Operational EBIT increased 32% over the prior-year period. All segments reported a strong increase in EBIT, with the exception of the structurally declining paper business. At current levels, the shares look overvalued.Packaging solutions was t...
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