contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


stora-enso-not-yet-convinced-rationale-optimism

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Research

Antti Viljakainen

Stora Enso is a global forest industry group. The group includes the production and development of newsprint and book paper, consumer cardboard, industrial packaging and other wood products. The group operates on a global level with its largest presence in Europe and North America. The company was founded in 1998 by the merger of Finnish Enso and Swedish Stora Kopparbergs Bergslags Aktiebolag. The head office is located in Helsinki.

Here are Stora’s results as well, since they hadn’t been linked yet:                   News Powered by Cision              Stora Enson tilinpäätöstiedote 2025: Terävöitetty strateginen fokus    STORA ENSO OYJ TILINPÄÄTÖSTIEDOTE 4.2.2026 klo 8.30 Q4/2025 (verrattuna Q4/2024)  •                             Q4/2025 (compared to Q4/2024) • Sales decreased by 3% to EUR 2,254 (2,322) million, mainly due to lower board and pulp prices. This was partially offset by the impact of the Junnikkala acquisition and the ramp-up of the consumer board line at the Oulu mill. • Adjusted EBIT decreased by 17% to EUR 100 (121) million. This was driven by lower pulp prices and the start-up of the new line in Oulu, which had a negative impact of EUR 31 million for the quarter. The adjusted EBIT margin decreased to 4.5% (5.2%). • IFRS operating profit was EUR 476 (-279) million. The result includes EUR -90 (-768) million in items affecting comparability and EUR 466 (368) million in fair value changes and non-operational items. This was mainly due to an increase in the fair value of biological assets. • Earnings per share was EUR 0.46 (-0.43) and earnings per share excluding fair value changes was EUR -0.03 (-0.81). • The fair value of forest assets was EUR 8.5 (8.9) billion, which corresponds to EUR 10.75 per share. The change reflects the sale of a 12.4% stake in forest assets in Sweden. • Cash flow from operations was EUR 337 (325) million. It was positively impacted by an improvement in working capital. • The net debt to adjusted EBITDA ratio (last 12 months) improved to 2.8 (3.0). • Adjusted return on capital employed (ROCE, last 12 months) excluding the Forest segment was 2.7% (3.6%). Year 2025 (compared to year 2024) • Sales were EUR 9,326 (9,049) million. • Adjusted EBIT was EUR 528 (598) million. • IFRS operating profit was EUR 942 (93) million. • Earnings per share was EUR 0.88 (-0.17) and earnings per share excluding fair value changes was EUR 0.41 (-0.56). • Cash flow from operations was EUR 897 (1,187) million. Cash flow after investing activities was EUR 122 (74) million. Dividend proposal  The Board’s dividend proposal for the Annual General Meeting to be held on March 24, 2026, is EUR 0.25 (0.25) per share. The Board proposes that the dividend be paid in two installments, in the second and final quarters of 2026. And (quick) comments immediately following:                   Inderes              Stora Enso Q4’25 -pikakommentti: Positiivinen kulma pitää hakea suurempien...    Raportissa ei ollut alustavan tulkintamme mukaan radikaaleja pettymyksiä suhteessa matalalla levänneeseen rimaan, joten emme alustavasti usko raportin aiheuttavan ainakaan radikaaleja muutospaineita meidän tai konsensuksen lähiaikojen ennusteisiin.

As a small forest owner, I looked into what the price per hectare of Stora Enso’s Swedish forests would be if bought through the stock exchange. I roughly divided 1.2 million hectares by the share count of 788 million shares, meaning 650 shares would correspond to one hectare of forest. At the current share price, the cost would be about €6,730. For comparison, I did the same calculation for SCA, which owns a staggering 2.6 million hectares of forest. 702 SCA shares would correspond to one hectare of forest, which at the current price would be 32,508 SEK or €3,023. Although you get a forest hectare for less by buying SCA shares, the location of the forests must be taken into account. Stora’s forests are located in Sweden’s most favorable region for forestry, north of Karlstad and south of Sundsvall, with the largest concentration in Värmland.  SCA’s forests, on the other hand, are relatively far north: the largest concentration is in Jämtland, but the northernmost plots in Lapland are at the same latitude as Kolari in Finland. https://tradevenue.se/@aktiepappa/var-ager-de-svenska-skogsbolagen-sin-skog-1613 Compared to forest prices in Finland, both of these are relatively inexpensive, considering that the industrial business and wind farms are included on top. The taxation side is what makes me wonder, as I am not familiar with Swedish forest taxation at all. Some kind of tax is likely paid to Sweden on timber sales. Let’s imagine then that the profit was distributed as dividends to the owners of a new forest company, in which case capital gains tax would still have to be paid on the dividends. So, in the worst-case scenario, double taxation of capital income if everything were paid out as dividends.

I suspect that the already observed decrease in timber prices and the predicted future rise in interest rates will have an impact on how this situation still turns out. Should have acted a year or two ago. It will probably happen as usual: the price of wood rises sharply and eventually falls to its long-term average. Good and bad for Stora.

It is not yet known and probably won’t be clear for a while. At the CMD, it was mentioned that both companies are aiming for an investment grade credit rating, which practically does not allow debt allocation to only one of the companies. Of course, in this type of extreme solution, tax factors could also become an obstacle.

What portion of the debts will be transferred to the segregated forest? Are interest rates rising in the coming years? This has great significance.

I agree. Perhaps they always make decisions slowly?

The decision to list the forests is welcome, but the timeline for such a project is terribly long. This has already been planned for half a year, and now an additional year and a half is being allocated, making a total of two years to list existing assets, for which balance sheet values should already be available, which do not need to be sold to anyone (meaning no 12-month sales process), and the top management’s will is already clear – so, as I understand it, a very clear process. How can another 18 months be wasted on this? This is a waste of shareholder value; just when momentum, media coverage, and a boost to the stock price were gained, this certainly undermines faith in the company’s ability to innovate and generate added value for its owners. I would expect management to take responsibility and expedite this matter.

Stora Enso

Following the company's weak Q3 report, our near-term estimate revisions for Stora Enso were small but negative.

<p>Following the company's weak Q3 report, our near-term estimate revisions for Stora Enso were small but negative. </p> 

	2022	23e	24e
Revenue	11,679.8	9,511.0	9,396.6
growth-%	14.9 %	-18.6 %	-1.2 %
EBIT (adj.)	1,890.2	357.9	796.6
EBIT-% (adj.)	16.2 %	3.8 %	8.5 %
EPS (adj.)	1.84	0.23	0.66
Dividend	0.60	0.30	0.40
Dividend %	4.6 %	2.6 %	3.4 %
P/E (adj.)	7.1	49.5	17.6
EV/EBITDA	4.7	16.6	8.9

Stora Enso: Not yet convinced of the rationale for optimism

Key Estimate Figures2023-10-24

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