Stora Enso (Buy, TP: EUR12.00) - Reassuring Q1

After a series of negative earnings surprises, the Q1 results exceeded our expectations, mainly on progress in the key Consumer Packaging division. In addition, we found it reassuring that management reiterated that the forestry asset sale is ongoing, with completion expected before end-H1. We have made limited forecast changes, and reiterate our BUY and EUR12 target price.

All chips on Oulu II

Q1 above on lower ramp-up cost, more in Q2

Metso (Buy, TP: EUR11.00) - Relatively good place to be

We reiterate our BUY and EUR11 target price, with only small estimate changes following the Q1 results (which brought stronger orders but softer earnings than we expected). Despite general uncertainties, we continue to view Metso’s end-market exposure, financials and valuation as attractive.

Orders, margin, cash compensate delivery gap

Q1 delivery shortfall but not fundamentally worrying

Heads-up for report 24 April

Stora Enso (Buy, TP: EUR12.00) - Headwinds versus intrinsic values

Reflecting escalating general macro uncertainty leading to softer prices for most of Stora Enso’s industries and FX headwinds (weaker USD and stronger SEK), we have reduced our 2025–2026e adj. EBITDA by 6% per year. Despite this, we still find the valuation discount too high, especially since we believe Stora Enso’s explicit plan of selling 12% of its Swedish forestland could be a potential positive catalyst. We reiterate our BUY, but have reduced our target price to EUR12 (13).

BioArctic AB: 3 directors

Three Directors at BioArctic AB bought 3,120 shares at between 163.200SEK and 164.700SEK. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over th...

The Capital Goods Data Miner - April 2025

Q1 was OK but that's ancient history now

Did the volatility already affect large orders?

Two negatives and one positive

Q1 preview

Metso (Buy, TP: EUR11.00) - Slow large mining capital decisions

Metso (METSO FH, Buy) - Slow large mining capital decisions (19 pages)

Feb: Pulp shipments +0.3% y-o-y

Germany: Investing its way back to growth

Earnings quality kick continues

Finnish Industrials (, ) - Earnings quality kick continues (32 pages)

The Capital Goods Data Miner - March 2025 (republished)

January: Pulp shipments +6.2% y-o-y