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

Consumer Cyclical · SE · Market cap 82.8B SEK

SE Stora Enso Oyj STE-R · ST
Pricekr 105.50
Fair Valuekr 125.82
Upside+19.3%
Quality55/100
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Weak Growth
Thin margins · 6.6% net margin
Low debt · negative free cash flow
Mixed vs. peers (6/13)
Narrow moat 33/100
Evidence: High Range kr 96.71 – kr 140.11 Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from kr 126.39 to kr 125.82 (−0.5%) since Jul 9, 2026. Share price +1.4% over the past month.

A solid business, screening 19% undervalued on our models.

What matters now

  • Our model range runs from kr 96.71 (bear) to kr 140.11 (bull), base kr 125.82. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 55/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

kr 203.20 kr 81.70 Fair Value kr 125.82 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 81.70 – kr 203.20 · fair‑value band kr 96.71 – kr 140.11 · the kr 105.50 price screens below the kr 125.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Stora Enso Oyj (STE-R) currently trades at kr 105.50, while our model-based Fair Value estimate is kr 125.82, implying the stock looks roughly 19.3% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

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 13, 2026

Our scenario range runs from kr 96.71 (bear case) to kr 140.11 (bull case); at kr 105.50, 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 18% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -23% fair-value upside, at 19%, STE-R screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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 kr 11.13 kr 11.58 kr 12.03 76
ROIC Compounder kr 7.97 kr 9.70 kr 11.22 72
Gordon GGM kr 2.48 kr 2.71 kr 3.07 70
All 15 models by family
DCF Models
Owner Earnings kr 2.62 kr 4.60 kr 8.27 31
Earnings-Based
Graham-Dodd kr 6.11 kr 7.46 kr 8.40 54
EPV kr 7.97 kr 9.70 kr 11.22 59
Dividend Discount
Gordon GGM kr 2.48 kr 2.71 kr 3.07 70
DDM Multi-Stage kr 2.48 kr 3.11 kr 4.00 61
Multiples
P/E Multiple kr 11.45 kr 15.27 kr 19.08 63
P/S Multiple kr 11.45 kr 15.27 kr 19.08 58
P/B Multiple kr 11.45 kr 15.27 kr 19.08 55
EV/EBIT kr 10.35 kr 14.61 kr 18.87 53
EV/EBITDA kr 11.37 kr 15.97 kr 20.57 54
EV/Revenue kr 8.65 kr 13.39 kr 18.14 43
Asset-Based
NCAV (Graham) kr 6.97 kr 9.35 kr 13.95 50
Economic Profit
Residual Income kr 11.13 kr 11.58 kr 12.03 76
ROIC Compounder kr 7.97 kr 9.70 kr 11.22 72
Growth Earnings
Growth-Adj P/E kr 8.16 kr 11.65 kr 15.15 68

Widest divergence: Multiples (kr 15.27) versus Dividend Discount (kr 2.71). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 9.3B SEK
Revenue growth (YoY) -0.2%
Net margin 6.6%
Return on equity 6.0%
Free cash flow −130M SEK FY2025
P/E ratio 11.7 as of Jul 9, 2026
More key figures
Operating margin 5.0%
EPS (TTM) kr 8.66
EPS growth (YoY) -71.4%
Net debt 3.3B SEK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 52 · Market factors (momentum, volatility) 47

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 35
Price trend over the last 3–12 months (market factor)
52W Momentum 31
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.

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 kr 9.3B in FY2025 versus kr 10.2B in FY2021, a compound −2.1%/yr. Reported net income was kr 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. 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. 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. 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%
Revenue −2.1%/yr
FY21 kr 10.2B
FY22 kr 11.7B
FY23 kr 9.4B
FY24 kr 9.0B
FY25 kr 9.3B
Net income −13.9%/yr
FY21 kr 1.3B
FY22 kr 1.6B
FY23 −kr 357M
FY24 −kr 136M
FY25 kr 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 · 273 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 +19% · Top 25%
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
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

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.

VALUE 59 · sector 9
FUTURE 0 · sector 0
PAST 24 · sector 21
HEALTH 86 · sector 93
DIVIDEND 0 · sector 42

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
ShenZhen YUTO Packaging Technology Co 002831 ¥27.73 ¥20.16 -27%
SCG Packaging Public Company SCGP 31.00 THB 16.12 THB -48%
AblePrint Technology Co 7734 3,350 TWD 675.50 TWD -80%
PT Fajar Surya Wisesa Tbk, FASW 5,312 IDR 1,193 IDR -78%
Taiwan Hon Chuan Enterprise Co 9939 134.00 TWD 127.06 TWD -5%
Time Technoplast Limited TIMETECHNO ₹208.56 ₹161.42 -23%
EPL Limited 500135 ₹247.30 ₹111.65 -55%
Dongwon Systems Corporation 014820 21,650 KRW 31,473 KRW +45%
PT Panca Budi Idaman Tbk, PBID 525.00 IDR 774.13 IDR +47%
Pum-Tech Korea Co 251970 54,800 KRW 47,226 KRW -14%

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Frequently asked questions

Is Stora Enso Oyj (STE-R) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 125.82 versus a price of kr 105.50, about +19% (undervalued).
What is the fair value of STE-R?
Our model-based fair value for Stora Enso Oyj is kr 125.82 (as of Aug 13, 2026), built from audited fundamentals. The current price is kr 105.50.
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 13, 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.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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