Quarterly Comment: STORA ENSO
​Stora Enso, the Finland-based papermaker, released decent 4Q16 results. Yoy sales declined 2% to €2.4bn, in line with the whole year. That said, the Nordic giant has made good progress in switching its activity toward growing, profitable consumer board (24%, +4% yoy) and packaging (12%, +18%), from traditional paper (31% from 36% last year, -15%). In this regard, the group guided €800m of CapEx for 2017, including €600m for expansion. It is building a consumer board mill in Beihai, China (fully operational in 1Q18), its largest investment in the area to serve the strong local demand. Meanwhile, the conversion of the Varkaus...
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