Stora Enso Oyj (STEAV.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-50.1%

€4.62

vs €9.26 price

Levered DCF

€0.80

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.72

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.17×	-57.18×	-27.84×	6.68×	10.02×	19.81×	11.58×	7.98×
P/B	0.78×	0.76×	0.9×	0.83×	1.19×	1.4×	1.38×	1.2×
P/S	0.91×	0.85×	1.05×	0.89×	1.25×	1.44×	1.02×	0.77×
EV / EBITDA	8.76×	18.9×	54.57×	5.37×	7.21×	10.46×	8.37×	6.16×
Gross margin	29.0%	39.5%	32.5%	44.1%	46.0%	45.1%	44.1%	41.8%
Operating margin	10.1%	1.0%	-3.4%	17.2%	15.4%	10.8%	13.0%	13.3%
Net margin	7.5%	-1.5%	-3.8%	13.3%	12.5%	7.3%	8.8%	9.7%
Current ratio	1.21×	1.11×	1.65×	1.48×	1.42×	1.43×	1.23×	1.35×
Debt / equity	0.41×	0.57×	0.45×	0.31×	0.36×	0.54×	0.56×	0.49×
Interest coverage	3.58×	0.42×	-1.71×	15.11×	10.81×	6.49×	8.06×	9.52×
Dividend yield	2.5%	1.9%	4.8%	4.2%	1.9%	1.8%	3.9%	4.0%
Payout ratio	30.1%	-107.4%	-132.2%	28.0%	18.7%	35.6%	44.8%	31.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.4%	-1.3%	-3.2%	12.4%	11.9%	7.1%	11.8%	15.1%
Return on invested capital	4.9%	0.5%	-1.6%	9.1%	8.5%	4.7%	7.5%	10.6%
Return on assets	3.6%	-0.7%	-1.7%	7.4%	6.7%	3.6%	5.8%	7.9%
Free cash flow yield	-1.5%	-2.1%	-2.4%	8.5%	6.5%	3.8%	10.4%	7.0%
Earnings yield	8.2%	-1.8%	-3.6%	14.9%	9.9%	5.1%	8.6%	12.6%
Enterprise value	€11.7B	€11.4B	€12.3B	€12.4B	€15.1B	€15.4B	€13.5B	€10.2B
Net debt / EBITDA	2.44×	6.19×	10.85×	0.87×	1.14×	2.09×	2.04×	1.3×
Cash conversion cycle (days)	11	27	37	44	35	44	36	60