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Research Database
MEO1V.HSE Recommendation Reduce
Risk - Target price 8.5
  Share price 9.58
 
 Company Views - Metso
Estimates updated
Price updated
Page generated
Older estimates		 30.Oct.2003 06:08 (EET)
6.Nov.2003 22:40 (EET)
7.Nov.2003 03:00 (EET)
 

Analyst: Henry Nurminen, +358 10 236 4709
henry.nurminen@mandatum.fi






Income statement 2000 2001 2002 2003e 2004e 2005e
Turnover 3891.0 4343.0 4691.0 4175.0 4295.9 4467.3
EBITDA 328.1 352.9 357.0 264.7 321.9 387.9
EBIT 200.1 203.9 160.0 78.7 138.3 207.1
Pre-tax profit 180.1 179.9 86.0 8.8 83.3 147.5
Reported earnings 121.1 116.9 60.0 6.8 41.0 85.4
Free cash flow 600.1 -1201.3 407.1 91.8 90.4 168.1

Balance sheet 2000 2001 2002 2003e 2004e 2005e
Fixed assets 962.0 1158.0 1110.0 1113.0 1093.4 1076.7
Shareholders' equity 1433.0 1476.0 1389.0 1011.0 1024.8 1083.0
Interest bearing debt 548.0 1568.0 1353.0 1429.7 1410.7 1319.5
Total assets 3564.0 5042.0 4399.0 3951.8 3985.2 4007.1

Net debt 39.0 1356.0 1163.0 1221.0 1195.9 1096.2

Key figures 2000 2001 2002 2003e 2004e 2005e
Turnover growth % 14.9% 11.6% 8.0% -11.0% 2.9% 4.0%
EBITDA % 8.4% 8.1% 7.6% 6.3% 7.5% 8.7%
EBIT % 5.1% 4.7% 3.4% 1.9% 3.2% 4.6%
ROE % 9.6% 8.0% 4.2% 0.6% 4.0% 8.1%
ROI % 12.2% 9.8% 6.1% 3.8% 6.4% 9.2%
Equity ratio 40.2% 29.3% 31.6% 25.6% 25.7% 27.0%
Gearing 2.7% 91.9% 83.7% 120.8% 116.7% 101.3%

Share data 2000 2001 2002 2003e 2004e 2005e
EPS (adj.) 0.89 0.86 0.44 0.05 0.30 0.63
FCF per share 4.42 -8.82 2.99 0.67 0.66 1.23
Div. per share 0.60 0.60 0.60 0.20 0.20 0.30
Book Value per share 10.55 10.83 10.19 7.42 7.52 7.95

Pricing and key ratios 2000 2001 2002 2003e 2004e 2005e
Share price 11.90 11.80 9.70 9.58 9.58 9.58
Market Cap 1616.2 1607.8 1321.6 1305.3 1305.3 1305.3
EV 1655.2 2963.8 2484.6 2526.3 2501.2 2401.8
 
P/E 13.3 13.8 22.0 194.1 31.8 15.3
P/FCF 2.7 -1.3 3.2 14.2 14.4 7.8
P/BV 1.1 1.1 1.0 1.3 1.3 1.2
P/S 0.4 0.4 0.3 0.3 0.3 0.3
EV/EBITDA 5.0 8.4 7.0 9.5 7.8 6.2
Div. yield % 5.0% 5.1% 6.2% 2.1% 2.1% 3.1%