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Stora Enso Oyj (STE-R) Fair Value & Analysis

Consumer Cyclical · SE · Market cap 82.8B SEK (≈ $8.7B) · ISIN FI0009007611

What is Stora Enso Oyj really worth?

SE Stora Enso Oyj STE-R · ST
Pricekr 113.00
Fair Valuekr 125.99
Upside+11.5%
Quality55/100

A solid business, trading 10% below our fair value of kr 125.99.

As of Aug 20, 2026, the fair value of Stora Enso Oyj is kr 125.99 per share against a price of kr 113.00, so the fair value sits 12% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Weak Growth (revenue 5y +1.7 %/yr)
!Thin margins · 6.6% net margin
!Low debt · negative free cash flow
!Mixed vs. peers (6/14)
!Narrow moat 33/100
!Weak on past: 24 out of 100
!Weak on dividend: 5 out of 100
Evidence: High Range kr 96.84 – kr 140.30

Fair value as of: Aug 20, 2026

From 15 valuation models · updated 16 days ago

Fair value updated Aug 20, 2026, revised from kr 125.82 to kr 125.99 (+0.1%) since Aug 13, 2026. Share price +4.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

kr 203.20 kr 81.70 Fair Value kr 125.99 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range kr 81.70 – kr 203.20 · fair‑value band kr 96.84 – kr 140.30 · the kr 113.00 price screens below the kr 125.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Stora Enso Oyj (STE-R) currently trades at kr 113.00, while our model-based Fair Value estimate is kr 125.99, implying the stock looks roughly 10.3% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Consumer Cyclical sector. How firm this estimate is: it rests on 15 models at a data quality of 94/100, which puts the evidence level at high.

Over the trailing twelve months, Stora Enso Oyj generated revenue of 9.3B SEK at a net margin of 6.6%. Revenue declined 0.2% year over year. It earns a return on equity of 6.0%. Net debt stands at 3.3B SEK. Fundamentals as of Aug 20, 2026

Our scenario range runs from kr 96.84 (bear case) to kr 140.30 (bull case); at kr 113.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −39% fair-value upside, at 12%, STE-R screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 5.78 per share, which is 4.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence kr 11.76 kr 12.23 kr 12.71 76
EPV kr 8.41 kr 10.24 kr 11.85 74
Owner Earnings kr 2.76 kr 4.86 kr 8.73 73
All 15 models by family
DCF Models
Owner Earnings kr 2.76 kr 4.86 kr 8.73 73
Earnings-Based
Graham-Dodd kr 6.45 kr 7.88 kr 8.87 67
EPV kr 8.41 kr 10.24 kr 11.85 74
Dividend Discount
Gordon GGM kr 2.62 kr 2.87 kr 3.24 69
DDM Multi-Stage kr 2.62 kr 3.29 kr 4.22 67
Multiples
P/E Multiple kr 12.09 kr 16.12 kr 20.15 63
P/S Multiple kr 12.09 kr 16.12 kr 20.15 58
P/B Multiple kr 12.09 kr 16.12 kr 20.15 55
EV/EBIT kr 10.93 kr 15.43 kr 19.93 65
EV/EBITDA kr 12.01 kr 16.86 kr 21.72 67
EV/Revenue kr 9.13 kr 14.14 kr 19.16 53
Asset-Based
NCAV (Graham) kr 7.37 kr 9.87 kr 14.73 54
Economic Profit
Residual Income best evidence kr 11.76 kr 12.23 kr 12.71 76
ROIC Compounder kr 8.41 kr 10.24 kr 11.85 72
Growth Earnings
Growth-Adj P/E kr 8.61 kr 12.31 kr 16.00 67

Widest divergence: Multiples (kr 16.12) versus Dividend Discount (kr 2.87). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 11.7 as of Jul 9, 2026
P/S ratio 0.87 P/E × margin
EPS (TTM) kr 8.66 price ÷ EPS = P/E 11.7
Dividend yield 0.2% payout 3.0%
Net margin 7.5% FY2025
Return on equity 6.0% TTM
More key figures
Profitability
Return on assets (EBIT) 4.3% avg 5y
Operating margin 5.0% TTM
Growth
Revenue (TTM) 9.3B SEK TTM
Revenue growth (YoY) −0.2% 3y avg −7.2%
EPS growth (YoY) −71.4%
Balance sheet & cash flow
Free cash flow −130M SEK FY2025
Net debt 3.3B SEK FY2025

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 52 · Market factors (momentum, volatility) 53

Profitability 33
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 19
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 45
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Stora Enso Oyj provides renewable solutions for the packaging, biomaterials, wooden constructions, and paper industries in Finland and internationally. It operates through Packaging Materials, Packaging Solutions, Biomaterials, Wood Products, Forest, and Other segments.

Full company description

Stora Enso Oyj provides renewable solutions for the packaging, biomaterials, wooden constructions, and paper industries in Finland and internationally. It operates through Packaging Materials, Packaging Solutions, Biomaterials, Wood Products, Forest, and Other segments. The company's Packaging Materials segment offers virgin and recycled fiber replace fossil-based materials, renewable and recyclable packaging materials for food and beverage, and transport packaging. Its Packaging Solutions segment develops and sells fiber-based packaging products and services, including converting carton and corrugated boards for packaging solutions for retail, e-commerce, and industrials. The company's Biomaterials segment provides various pulp for packaging, paper, tissue, specialties, and hygiene products; and tall oil and turpentine from biomass. Its Wood Products segment offers wood-based solutions, including digital tools for design and construction of building projects with wood; applications for windows and doors; and pellets for sustainable heating solutions. The company's Forest segment engages in sustainable forest management, as well as supplies wood. The company's Other segment produces electricity and heat. It serves packaging manufacturers, brand owners, retailers, converters, and construction companies. The company was incorporated in 1996 and is headquartered in Helsinki, Finland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Stora Enso Oyj reported revenue of €9.3B in FY2025 versus €10.2B in FY2021, a compound −2.1%/yr. Reported net income was €695M in FY2025, compounding −13.9%/yr from FY2021.

Growth Quality 29/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
9.3B SEK
Latest YoY
+3.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−7.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.7%
Avg. revenue growth/yr (26Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.5%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−4.4% · in SEK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−4.6%
Dividend yield0.2%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −4.6% vs 10Y 4.1%, flattening
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10.8% (2020) → 10.1% (2025) · steady
Worst earnings drop214% (2008) (loss year, drop beyond 100%) · in SEK
Revenue −2.1%/yr
FY21 €10.2B
FY22 €11.7B
FY23 €9.4B
FY24 €9.0B
FY25 €9.3B
Net income −13.9%/yr
FY21 €1.3B
FY22 €1.6B
FY23 −€357M
FY24 −€136M
FY25 €695M

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Cite: Fair Value Calculator (2026). "Stora Enso Oyj Fair Value". https://www.fairvalue-calculator.com/stock/STE-R

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Packaging & Containers · 271 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Above median
Fair Value upside +12% · Above median
Return on equity (TTM) 6% · Above median
Return on assets 1% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 5% · Below median
Revenue growth 0% · Below median
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.29× · Higher than median

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/E (TTM) 11.7× · Cheaper than median
P/B 0.80× · Cheaper than median
P/S (TTM) 0.93× · Pricier than median
EV/EBITDA 17.0× · Pricier than 75% of peers
PEG 40.97× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE49 · sector 13
FUTURE0 · sector 2
PAST24 · sector 21
HEALTH86 · sector 93
DIVIDEND5 · sector 43

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Smurfit Westrock Plc, SW $49.25 $22.66 −54%
Packaging Corporation PKG $233.94 $122.63 −48%
International Paper Company IP $36.46 $21.44 −41%
Amcor plc AMCR $46.52 $18.79 −60%
Ball Corporation BALL $61.67 $36.57 −41%
Crown Holdings CCK $119.08 $118.59 +0%
Avery Dennison Corporation AVY $173.07 $113.05 −35%
CCL Industries Inc CCLA C$93.99 C$77.64 −17%
SIG Group SIGN CHF 13.66 CHF 8.32 −39%
Sonoco Products Company SON $56.47 $54.67 −3%

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Frequently asked questions

Is Stora Enso Oyj (STE-R) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of kr 125.99 versus a price of kr 113.00, about +12% upside (undervalued).
What is the fair value of STE-R?
Our model-based fair value for Stora Enso Oyj is kr 125.99 (as of Aug 20, 2026), built from audited fundamentals. The current price: kr 113.00.
What is the quality score of STE-R?
Stora Enso Oyj has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Stora Enso Oyj (STE-R)?
Stora Enso Oyj reported trailing-twelve-month revenue of about 9.3B SEK (latest available figure, as of Aug 20, 2026).
What is the net profit margin of STE-R?
The net profit margin of Stora Enso Oyj is about 6.6%, meaning it keeps roughly 6.6% of revenue as net income. Based on the latest reported figures.
Does Stora Enso Oyj pay a dividend?
Stora Enso Oyj currently shows a dividend yield of about 0.23% relative to its recent price (as of Aug 20, 2026).
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