Rankings Commodities & uranium Stora Enso

Stora Enso

Commodities & uranium · FinlandRank 383 of 829Prices 3 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

ROIC and margin−10
Capital allocation−5
Quality of growth−4

Strengths

Documented asset value+2

How the score is built

From 100 to 63, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

63Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 9.32 EUR
Median analyst target: 12.00 EUR
Upside to median: +28.8%
Analysts: 15
Target range: 9.00 – 13.50 EUR
52-week change: −7%
P/E (trailing): 19.4
Forward P/E: 14.4
PEG: 12.03

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−21 of −30

ROIC and margin
ROIC has fallen from 8.3-10.0% (2021-22) to 1.2% TTM, and gross margin from 42.8% to 24.7%. The adjusted EBIT margin was 6.6% in Q2 2026, and the reported operating margin only 2.0% TTM. The return is far below the cost of capital (WACC about 6%).
stockanalysis.com
−10
Quality of growth
Revenue has gone from EUR 11.7bn (2022) to EUR 9.3bn TTM and stood still in Q2 2026 (EUR 2,423m). The improvement in adjusted EBIT (+27% in Q2) comes from the Oulu ramp-up and own savings, not from demand, which the company itself calls subdued.
placera.se
−4
Capital allocation
Investments of EUR 1.0-1.1bn a year in 2023-24, especially the rebuild of Oulu for consumer board, have produced negative FCF for four years. Oulu reaches full capacity only in 2027, and extended shutdown weighs again in Q3. At the same time parts of the portfolio are being sold (German corrugated plants, Swedish forest, strategic review of sawmills).
placera.se
−5
Future segment
The most stable and valuable asset, the Swedish forests (EUR 8.5bn), is being spun off in 2027. What remains is a cyclical business of cartonboard, paperboard, pulp and wood products with a low margin history.
placera.se
−2

Price

Today's multiples against the company's own history and its peers. · 1 finding−4 of −35

Multiples vs own history and peers
Forward P/E 16.9 vs 9.8-27.6 in 2021-25 (forward), mid-range; EV/EBITDA 13.8 vs 6.0-26.4. P/B 0.68 is the lowest in five years, but on normalised earnings the stock is not cheap: EV/EBIT 39.7 and no positive FCF.
stockanalysis.com
−4

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35

Cash flow and dividend
FCF has been negative four years in a row (EUR −237m, −161m, −130m and −50m TTM), while the dividend (EUR 198m TTM) was paid with divestments (EUR 619m from the forest sale) and debt. The dividend is not covered by FCF.
stockanalysis.com
−4
Debt
Net debt EUR 2.7bn, and interest cover on reported EBIT is 0.93. The company's own leverage of 2.2x adjusted EBITDA looks better because the proceeds from a hybrid bond are classified as equity. Altman Z-score 1.68.
stockanalysis.com
−3
Execution and one-offs
Recurring impairments and restructurings: −EUR 83m in items outside comparison in Q2 2026 (on top of −EUR 61m in fair value adjustment of biological assets), after impairments of EUR 561m and EUR 325m in 2023-24. IFRS operating profit was only EUR 16m in Q2.
placera.se
−3
Macro and costs
Subdued demand in many end markets, rising energy and logistics costs after the Iran conflict, and income from CO2 allowances falling from about EUR 72m (2025) to EUR 10-20m in 2026 because more plants have lost free allowances.
placera.se
−2

Plus

Only documented strengths. · 1 finding+2 of +15

Documented asset value
The forest assets are valued at EUR 8.5bn or EUR 10.80 per share, above the share price of about EUR 9.97. The spin-off of the Swedish forests as a separately listed company in H1 2027 could make the value visible.
placera.se
+2

Caveats

What the score does not capture, or where the data is weak.

The Q3 results come 30/10/2026 and are not included; the company has not given a figure for full-year adjusted EBIT. Reported net earnings (EUR 577m TTM) include gains from forest sales and reversed impairments, so trailing P/E has not been used. The spin-off of the Swedish forests (Bergslagets Skogar) in H1 2027 changes the company markedly; pro forma figures for the remaining company do not exist yet. Insider trades are not examined. Scored on the R share in Helsinki.