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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






Income statement 2000 2001 2002 2003e 2004e 2005e
Turnover 13017.0 13508.8 12782.6 12188.5 12908.6 13234.0
EBITDA 3054.9 2762.8 2226.6 1783.5 2033.8 2365.1
EBIT 1925.5 1495.2 926.6 596.5 890.8 1228.0
Pre-tax profit 1653.2 1231.3 735.0 410.5 685.8 1054.0
Reported earnings 1118.2 932.2 504.3 275.4 434.6 692.2
Free cash flow -1872.5 1061.2 2694.9 701.2 652.7 1039.6

Balance sheet 2000 2001 2002 2003e 2004e 2005e
Fixed assets 14150.4 13901.7 12189.2 12146.2 12083.5 11923.6
Shareholders' equity 8720.2 9039.2 8187.3 8029.4 8075.1 8378.4
Interest bearing debt 6855.5 6409.5 5175.6 4296.7 4197.2 3672.3
Total assets 21322.8 20558.4 18214.2 17335.5 17404.1 17237.8

Net debt 6014.9 5829.4 3916.6 3748.2 3616.4 3076.8

Key figures 2000 2001 2002 2003e 2004e 2005e
Turnover growth % 22.4% 3.8% -5.4% -4.6% 5.9% 2.5%
EBITDA % 23.5% 20.5% 17.4% 14.6% 15.8% 17.9%
EBIT % 14.8% 11.1% 7.2% 4.9% 6.9% 9.3%
ROE % 15.0% 10.5% 5.9% 3.4% 5.4% 8.4%
ROI % 14.7% 10.5% 7.5% 4.9% 7.5% 10.4%
Equity ratio 40.9% 44.0% 45.0% 46.3% 46.4% 48.6%
Gearing 69.0% 64.5% 47.8% 46.7% 44.8% 36.7%

Share data 2000 2001 2002 2003e 2004e 2005e
EPS (adj.) 1.37 1.02 0.56 0.32 0.50 0.80
FCF per share -2.30 1.16 2.99 0.80 0.76 1.20
Div. per share 0.45 0.45 0.45 0.45 0.45 0.45
Book Value per share 9.40 9.96 9.10 9.29 9.34 9.69

Pricing and key ratios 2000 2001 2002 2003e 2004e 2005e
Share price 12.86 14.20 10.10 11.56 11.56 11.56
Market Cap 11733.6 13022.6 9051.9 10106.0 10106.0 10106.0
EV 17748.5 18852.0 12968.5 13854.3 13722.5 13183.0
 
P/E 9.4 13.9 18.1 36.7 23.0 14.4
P/FCF -5.6 12.2 3.4 14.4 15.3 9.6
P/BV 1.4 1.4 1.1 1.3 1.3 1.2
P/S 0.8 1.0 0.7 0.8 0.8 0.8
EV/EBITDA 5.8 6.8 5.8 7.8 6.7 5.6
Div. yield % 3.5% 3.2% 4.5% 3.9% 3.9% 3.9%