Analysts' earnings estimates
The following estimates have been obtained by Vara Research from the brokerage firms listed below. Stora Enso does not endorse or take responsibility for the accuracy of this information.
LAST UPDATE on 14 November 2008
Earnings estimates
(EUR million) |
Q4
2007 |
FY
2007 |
Q4
2008E |
FY
2008E |
FY
2009E |
Sales from
continuing operations |
|
|
|
|
|
| Number of estimates |
|
|
11
|
11
|
11
|
| - Highest |
|
|
2 944.0
|
11 370.0
|
11 453.5
|
| - Average |
2 980.7
|
11 848.5
|
2 736.6
|
11 162.7
|
11 039.0
|
| - Median |
|
|
2 763.0
|
11 189.3
|
11 041.0
|
| - Lowest |
|
|
2 561.0
|
10 987.0
|
10 481.0
|
<>
| |
|
|
|
|
|
| EBITDA* |
|
|
|
|
|
| Number of estimates |
|
|
7
|
7
|
7
|
| - Highest |
|
|
389.8
|
1 214.0
|
1 424.0
|
| - Average |
271.4
|
1 568.4
|
236.2
|
1 060.5
|
1 222.2
|
| - Median |
|
|
251.2
|
1 075.4
|
1 174.0
|
| - Lowest |
|
|
83.8
|
908.0
|
1 039.0
|
| |
|
|
|
|
|
| EBIT* |
|
|
|
|
|
| Number of estimates |
|
|
10
|
10
|
10
|
| - Highest |
|
|
109.0
|
468.8
|
778.0
|
| - Average |
144.1
|
861.1
|
87.9
|
448.7
|
554.2
|
| - Median |
|
|
85.2
|
447.0
|
520.0
|
| - Lowest |
|
|
59.0
|
419.0
|
411.0
|
| |
|
|
|
|
|
| Non-recurring items |
|
|
|
|
|
| Number of estimates |
|
|
11
|
11
|
10
|
| - Highest |
|
|
0.0
|
-280.7
|
0.0
|
| - Average |
-388.5
|
-949.9
|
0.0
|
-280.7
|
0.0
|
| - Median |
|
|
0.0
|
-280.7
|
0.0
|
| - Lowest |
|
|
0.0
|
-280.7
|
0.0
|
| |
|
|
|
|
|
| Pre-tax profit |
|
|
|
|
|
| Number of estimates |
|
|
10
|
10
|
10
|
| - Highest |
|
|
72.0
|
24.0
|
569.0
|
| - Average |
-104.1
|
20.9
|
51.9
|
3.8
|
382.6
|
| - Median |
|
|
48.6
|
0.4
|
387.5
|
| - Lowest |
|
|
24.0
|
-24.0
|
237.0
|
| |
|
|
|
|
|
| EPS continuing reported |
|
|
|
|
|
| Number of estimates |
|
|
9
|
9
|
9
|
| - Highest |
|
|
0.07
|
0.04
|
0.51
|
| - Average |
-0.07
|
0.02
|
0.05
|
0.01
|
0.35
|
| - Median |
|
|
0.05
|
0.01
|
0.35
|
| - Lowest |
|
|
0.02
|
-0.01
|
0.21
|
| |
|
|
|
|
|
| EPS continuing* |
|
|
|
|
|
| Number of estimates |
|
|
7
|
7
|
9
|
| - Highest |
|
|
0.07
|
0.31
|
0.51
|
| - Average |
0.29
|
0.96
|
0.04
|
0.30
|
0.34
|
| - Median |
|
|
0.04
|
0.29
|
0.33
|
| - Lowest |
|
|
0.02
|
0.28
|
0.21
|
*) excl. non-recurring items and fair valuations, incl. share of results from associated companies
The earnings estimates of the following institutions were incl. in the above figures:
Carnegie, Credit Suisse, Deutsche Bank, Enskilda Securities, FIM, Goldman Sachs, Handelsbanken, JP Morgan, Nordea Markets, Pohjola Markets, Swedbank and UBS.
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
