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Research Database
STERV.HSE Recommendation Accumulate
Risk - Target price 12
  Share price 11.56
 
 Company Views - Stora Enso
Estimates updated
Price updated
Page generated
Older estimates		 23.Oct.2003 22:23 (EEST)
6.Nov.2003 22:44 (EET)
7.Nov.2003 03:18 (EET)
 

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


Sales per division 2000 2001 2002 2003e 2004e 2005e
1. Publication paper 2818.8 5414.4 4715.6 4257.4 4555.4 4692.1
2. Fine paper 1766.7 3670.4 3427.4 3214.7 3407.6 3475.7
3. Merchants 3473.2 840.3 720.6 645.0 664.3 677.6
4. Packaging products 2975.0 2671.1 2720.2 2779.5 2890.7 2948.5
5. Timber products 1242.1 1180.5 1235.2 1377.6 1425.8 1454.3
6. Forest 890.6 1825.6 1958.7 2068.9 2151.7 2205.4
7. Other 1877.4 -2093.5 -1995.1 -2154.6 -2186.9 -2219.7
8. Division 8 -2066.5 0.0 0.0 0.0 0.0 0.0
9. Division 9 39.7 0.0 0.0 0.0 0.0 0.0
 
Total 13017.0 13508.8 12782.6 12188.5 12908.6 13234.0

Ebit per division 2000 2001 2002 2003e 2004e 2005e
(Ebit margin)            
1. Publication paper 357.8 785.8 257.2 73.0 214.1 412.9
12.7% 14.5% 5.5% 1.7% 4.7% 8.8%
2. Fine paper 264.6 330.7 250.5 136.9 214.7 319.8
15.0% 9.0% 7.3% 4.3% 6.3% 9.2%
3. Merchants 627.8 -10.0 2.8 -3.2 8.0 9.5
18.1% -1.2% 0.4% -0.5% 1.2% 1.4%
4. Packaging products 352.2 333.5 342.8 302.8 346.9 356.8
11.8% 12.5% 12.6% 10.9% 12.0% 12.1%
5. Timber products 69.1 5.2 33.7 10.5 49.9 65.4
5.6% 0.4% 2.7% 0.8% 3.5% 4.5%
6. Forest 8.3 88.1 96.3 121.2 111.9 119.1
0.9% 4.8% 4.9% 5.9% 5.2% 5.4%
7. Other 118.7 -38.1 -56.7 -44.7 -54.7 -55.5
6.3% 1.8% 2.8% 2.1% 2.5% 2.5%
8. Division 8 40.0 0.0 0.0 0.0 0.0 0.0
-1.9% 0.0% 0.0% 0.0% 0.0% 0.0%
9. Division 9 87.0 0.0 0.0 0.0 0.0 0.0
219.1% 0.0% 0.0% 0.0% 0.0% 0.0%
 
Total 1925.5 1495.2 926.6 596.5 890.8 1228.0
14.8% 11.1% 7.2% 4.9% 6.9% 9.3%

Sales growth 2000 2001 2002 2003e 2004e 2005e
 
1. Publication paper 30.7% 92.1% -12.9% -9.7% 7.0% 3.0%
2. Fine paper 7.6% 107.8% -6.6% -6.2% 6.0% 2.0%
3. Merchants 39.3% -75.8% -14.2% -10.5% 3.0% 2.0%
4. Packaging products 17.1% -10.2% 1.8% 2.2% 4.0% 2.0%
5. Timber products 9.0% -5.0% 4.6% 11.5% 3.5% 2.0%
6. Forest 13.1% 105.0% 7.3% 5.6% 4.0% 2.5%
7. Other 15.2% -211.5% -4.7% 8.0% 1.5% 1.5%
8. Division 8 9.9% -100.0% 0.0% 0.0% 0.0% 0.0%
9. Division 9 -68.3% -100.0% 0.0% 0.0% 0.0% 0.0%
 
Total 22.4% 3.8% -5.4% -4.6% 5.9% 2.5%

Growth in Ebit 2000 2001 2002 2003e 2004e 2005e
 
1. Publication paper 16.9% 119.6% -67.3% -71.6% 193.4% 92.9%
2. Fine paper -11.6% 25.0% -24.3% -45.3% 56.8% 49.0%
3. Merchants 163.6% -101.6% -128.0% -216.0% -345.4% 19.0%
4. Packaging products 42.1% -5.3% 2.8% -11.7% 14.5% 2.8%
5. Timber products 68.5% -92.5% 548.1% -68.7% 373.5% 31.1%
6. Forest 1560.0% 961.4% 9.3% 25.9% -7.7% 6.4%
7. Other -10.3% -132.1% 48.8% -21.2% 22.3% 1.5%
8. Division 8 -9.5% -100.0% 0.0% 0.0% 0.0% 0.0%
9. Division 9 -3.7% -100.0% 0.0% 0.0% 0.0% 0.0%
 
Total 37.6% -22.3% -38.0% -35.6% 49.3% 37.9%