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 31 January 2012
|
Estimates EUR million
|
Q4 2010
|
FY 2010
|
Q4 2011 E
|
FY 2011 E
|
FY 2012 E
|
FY 2013 E
|
|
Sales
|
|
|
|
|
|
|
|
- Number of Estimates
|
|
|
9
|
10
|
9
|
9
|
|
- Highest
|
|
|
2 797.7
|
11 081.0
|
11 004.0
|
11 274.0
|
|
- Consensus
|
2 685.2
|
10 296.9
|
2 658.8
|
10 936.5
|
10 526.9
|
10 819.8
|
|
- Median
|
|
|
2 639.7
|
10 916.5
|
10 516.0
|
10 951.0
|
|
- Lowest
|
|
|
2 598.7
|
10 882.0
|
10 058.0
|
10 061.0
|
|
Operational EBIT
|
|
|
|
|
|
|
|
- Number of Estimates
|
|
|
4
|
4
|
3
|
3
|
|
- Highest
|
|
|
150.4
|
872.2
|
742.0
|
819.0
|
|
- Consensus
|
177.1
|
797.3
|
135.5
|
857.3
|
675.0
|
748.3
|
|
- Median
|
|
|
142.7
|
864.5
|
663.0
|
757.0
|
|
- Lowest
|
|
|
106.2
|
828.0
|
620.0
|
669.0
|
|
Operating Profit (IFRS)
|
|
|
|
|
|
|
|
- Number of Estimates
|
|
|
5
|
5
|
3
|
3
|
|
- Highest
|
|
|
157.2
|
747.0
|
833.0
|
831.0
|
|
- Consensus
|
385.8
|
986.2
|
137.5
|
727.3
|
683.3
|
708.7
|
|
- Median
|
|
|
154.2
|
744.0
|
620.0
|
669.0
|
|
- Lowest
|
|
|
90.3
|
680.1
|
597.0
|
626.0
|
|
Pre-Tax profit
|
|
|
|
|
|
|
|
- Number of Estimates
|
|
|
5
|
5
|
5
|
5
|
|
- Highest
|
|
|
125.4
|
436.0
|
699.0
|
787.0
|
|
- Consensus
|
364.1
|
885.3
|
101.8
|
412.4
|
565.3
|
617.5
|
|
- Median
|
|
|
116.5
|
427.1
|
503.0
|
584.0
|
|
- Lowest
|
|
|
63.4
|
374.0
|
446.5
|
488.5
|
|
EPS**
|
|
|
|
|
|
|
|
- Number of Estimates
|
|
|
7
|
8
|
8
|
8
|
|
- Highest
|
|
|
0.15
|
0.55
|
0.72
|
0.77
|
|
- Consensus
|
0.39
|
0.97
|
0.10
|
0.43
|
0.52
|
0.59
|
|
- Median
|
|
|
0.11
|
0.43
|
0.47
|
0.57
|
|
- Lowest
|
|
|
0.07
|
0.38
|
0.41
|
0.45
|
|
EPS* **
|
|
|
|
|
|
|
|
- Number of Estimates
|
|
|
7
|
7
|
7
|
7
|
|
- Highest
|
|
|
0.18
|
0.71
|
0.72
|
0.77
|
|
- Consensus
|
0.19
|
0.79
|
0.12
|
0.66
|
0.53
|
0.59
|
|
- Median
|
|
|
0.12
|
0.65
|
0.46
|
0.55
|
|
- Lowest
|
|
|
0.09
|
0.62
|
0.41
|
0.45
|
* excluding non-recurring items and fair valuations
** reported in euro
Operational EBIT comprises the operating profit excluding NRI and fair valuations of the segments and Stora Enso's share of the operating profit excluding NRI and fair valuations of its equity accounted investments (EAI). Fair valuations include equity incentive schemes, synthetic options net of realised and open hedges, CO2 emission rights and valuations of biological assets related to forest assets in EAI.
The earnings estimates of the following institutions were included in the above figures:
Carnegie, Cheuvreux, Credit Suisse, Danske Equities, Deutsche Bank, Enskilda Securities, Handelsbanken, Merrill Lynch, Nordea Markets, Pohjola Bank, RBS, Swedbank, UBS and Öhman Equities.
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.
