Morningstarin analyytikon Rob Halesin, CFA, analyysi StoraEnson Q3-tuloksesta 23.10. Morningstar pitää ennallaan näkemyksensä yhtiön osakkeen 6,50 euron käyvästä arvosta. Osakekurssi oli 27.10 päättyessä 8,62 euroa, eli näkemyksemme mukaan osake on yliarvostettu.
"We are maintaining our EUR 6.50 fair value estimate and no-moat rating after reviewing Stora Enso’s third-quarter results. At current levels, shares look overvalued.
Third-quarter revenue of EUR 2.5 billion was 2% lower year over year, as the company’s structurally declining paper business (30% of revenue) continued to weigh on growth. Excluding the paper business, sales were up 5%. Operational EBIT rebounded sharply, increasing 17% to EUR 246 million. However, this was due primarily to the strengthening US dollar and depreciating Brazilian real, rather than underlying business strength. Currency effects will likely remain a tailwind for the company in the near term, but these fluctuations tend to reverse over time.
The biomaterials segment was the standout performer in the quarter, with revenue up 38% and operational EBIT up more than 300%. However, year-over-year comparisons are enhanced by the ramp-up of the new Montes del Plata mill in Uruguay. This segment is also the prime beneficiary of recent foreign exchange movements. We expect growth and profitability in this segment to moderate beyond 2015.
