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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
EARNINGS BY PERIOD 2002Q1 2002Q2 2002Q3 2002Q4 2003Q1 2003Q2 2003Q3 2003Q4e
 
* Net sales 3228.9 3233.0 3108.6 3212.1 3099.1 3057.0 2987.4 3045.0
Publication paper 1189.4 1143.4 1159.7 1223.1 1058.3 1042.8 1086.3 1070.0
Fine paper 909.2 873.6 832.4 812.2 852.3 793.9 788.5 780.0
Merchants 211.7 183.4 155.8 169.7 176.1 155.4 139.5 174.0
Packaging products 681.3 696.4 675.9 666.6 699.0 711.4 691.1 678.0
Timber products 286.1 320.8 314.1 314.2 316.5 385.6 335.5 340.0
Forest 497.9 479.2 464.7 516.9 534.2 526.7 475.0 533.0
Other -546.7 -463.8 -494.0 -490.6 -537.3 -558.8 -528.5 -530.0
* EBITDA 602.9 517.9 578.5 527.3 500.6 399.7 444.3 438.9
Depreciation -328.9 -327.7 -323.0 -320.4 -289.5 -293.0 -304.5 -300.0
* EBIT 274.0 190.2 255.5 206.9 211.1 106.7 139.8 138.9
Publication paper 85.5 44.5 65.0 62.2 28.5 -13.4 32.2 25.7
Fine paper 80.2 63.2 60.5 46.6 70.4 30.3 12.8 23.4
Merchants -1.7 1.2 0.5 2.8 0.9 -1.7 -2.1 -0.3
Packaging products 96.3 63.4 108.3 74.8 84.0 65.1 86.6 67.1
Timber products 7.9 10.8 6.3 8.7 3.3 9.1 -5.6 3.7
Forest 23.4 25.7 25.3 21.9 34.7 34.0 23.2 29.3
Other -17.6 -18.6 -10.4 -10.1 -10.7 -16.7 -7.3 -10.0
Net financial items -45.2 -44.0 -56.2 -60.8 -81.3 -11.3 -23.4 -54.0
* Pre-tax Profit 240.5 154.6 196.9 143.0 129.3 86.9 107.4 86.9
Taxes -79.4 -46.1 -64.6 -40.8 -40.8 -28.3 -34.0 -28.2
Minorities -0.1 0.1 -2.6 2.7 -3.2 -2.3 1.7 0.0
* Net earnings 161.0 108.6 129.7 104.9 85.3 56.3 75.1 58.7

 
Net sales growth % 0.0% 0.0% 0.0% -76.2% -4.0% -5.4% -3.9% -5.2%
EBITDA % 18.7% 16.0% 18.6% 16.4% 16.2% 13.1% 14.9% 14.4%
EBIT % 8.5% 5.9% 8.2% 6.4% 6.8% 3.5% 4.7% 4.6%
EPS (adj) 0.18 0.12 0.14 0.12 0.10 0.06 0.09 0.07

Cumulative 2002Q1 2002Q2 2002Q3 2002Q4 2003Q1 2003Q2 2003Q3 2003Q4e
 
* Net sales 3228.9 6461.9 9570.5 12782.6 3099.1 6156.1 9143.5 12188.5
Publication paper 1189.4 2332.8 3492.5 4715.6 1058.3 2101.1 3187.4 4257.4
Fine paper 909.2 1782.8 2615.2 3427.4 852.3 1646.2 2434.7 3214.7
Merchants 211.7 395.1 550.9 720.6 176.1 331.5 471.0 645.0
Packaging products 681.3 1377.7 2053.6 2720.2 699.0 1410.4 2101.5 2779.5
Timber products 286.1 606.9 921.0 1235.2 316.5 702.1 1037.6 1377.6
Forest 497.9 977.1 1441.8 1958.7 534.2 1060.9 1535.9 2068.9
Other -546.7 -1010.5 -1504.5 -1995.1 -537.3 -1096.1 -1624.6 -2154.6
* EBITDA 602.9 1120.8 1699.3 2226.6 500.6 900.3 1344.6 1783.5
Depreciation -328.9 -656.6 -979.6 -1300.0 -289.5 -582.5 -887.0 -1187.0
* EBIT 274.0 464.2 719.7 926.6 211.1 317.8 457.6 596.5
Publication paper 85.5 130.0 195.0 257.2 28.5 15.1 47.3 73.0
Fine paper 80.2 143.4 203.9 250.5 70.4 100.7 113.5 136.9
Merchants -1.7 -0.5 0.0 2.8 0.9 -0.8 -2.9 -3.2
Packaging products 96.3 159.7 268.0 342.8 84.0 149.1 235.7 302.8
Timber products 7.9 18.7 25.0 33.7 3.3 12.4 6.8 10.5
Forest 23.4 49.1 74.4 96.3 34.7 68.7 91.9 121.2
Other -17.6 -36.2 -46.6 -56.7 -10.7 -27.4 -34.7 -44.7
Net financial items -45.2 -89.2 -145.4 -206.2 -81.3 -92.6 -116.0 -170.0
* Pre-tax Profit 240.5 395.1 592.0 735.0 129.3 216.2 323.6 410.5
Taxes -79.4 -125.5 -190.0 -230.8 -40.8 -69.1 -103.1 -131.3
Minorities -0.1 0.0 -2.6 0.1 -3.2 -5.5 -3.8 -3.8
* Net earnings 161.0 269.6 399.4 504.3 85.3 141.6 216.7 275.4

 
EBITDA % 18.7% 17.3% 17.8% 17.4% 16.2% 14.6% 14.7% 14.6%
EBIT % 8.5% 7.2% 7.5% 7.2% 6.8% 5.2% 5.0% 4.9%
EPS (adj) 0.18 0.30 0.44 0.56 0.10 0.16 0.25 0.32