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Stora Enso Misses On Rev and Dividend With No Q1 Improvement In Sight

CAPITAL GOODS


  • Q4 sales fell 24% YoY to EUR 2.17bn, missing consensus by EUR ~80mn while Op EBIT and Op EBITDA fell by 86% and 59% respectively though both slightly exceeded consensus. DPS lowered to 10c from 60c (below consensus of 17c).
  • Op EBITDA leverage rose to 3.2x from 0.7x, far above management’s 2x target on the moves as Net Debt also rose by EUR 1.3bn YoY to EUR 3.2bn on the back of the De Jong acquisition, their Oulu investment and their 2023 div. CFO fell by nearly 25% YoY to EUR 323mn while CapEx is +15% to EUR 422mn.
  • Management outlined cost cutting targeting an annualised EU80mn improvement of the operational EBIT.
  • Guidance consisted only of the view that FY24 Op EBIT will be higher than FY23 while no significant improvement is expected in Q1 (see detail below)
  • Spreads are relatively muted in trading thus far, some lines up to 2bp wider versus swaps.
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