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BASIC INDUSTRIES: Stora (STERV Baa3/NR/BBB-): 3Q24 Results

BASIC INDUSTRIES
Credit BulletsBulletGlobalRegionFinland

Credit neutral. Asset sales should be the next catalyst.

  • Stora reported revenue 1.5% below consensus, up 6% YoY.
  • EBITDA missed by 4%. Pulpwood input costs rose this quarter.
  • FCF was €42mn up from -€11mn YoY. Adj. net leverage stands at 3.2x, around 0.4x lower QoQ. It targets 2x (3.1x reported). EBITDA recovery should help it get there in the next 12-18 months, with reported forest asset sales another lever.
  • FY24 guidance confirmed. It expects a slowdown in 4Q due to weak demand and corrugated board overcapacity. Wood costs are expected to remain high.
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Credit neutral. Asset sales should be the next catalyst.

  • Stora reported revenue 1.5% below consensus, up 6% YoY.
  • EBITDA missed by 4%. Pulpwood input costs rose this quarter.
  • FCF was €42mn up from -€11mn YoY. Adj. net leverage stands at 3.2x, around 0.4x lower QoQ. It targets 2x (3.1x reported). EBITDA recovery should help it get there in the next 12-18 months, with reported forest asset sales another lever.
  • FY24 guidance confirmed. It expects a slowdown in 4Q due to weak demand and corrugated board overcapacity. Wood costs are expected to remain high.