Ticker	METSA
Recommendation	Hold
Share price	EUR 4.44

Overview

Financial Statements

Quarters

Divisions

Est. vs. Actual

Metsa Board

Following started
Estimates updated
Price updated
Page generated

Nov 7, 2006 8:32:35 PM EET
Dec 11, 2015 4:00:50 PM EET
May 22, 2019 12:17:07 AM EEST
Apr 28, 2021 10:07:11 PM EEST

Estimates on a dark background are based on consensus estimates that are collected from the market. Valuatum calculates the other estimates using the consensus estimates and its own analysis. Actual figures are collected from company disclosures. More information can be found on Valuatum's web site.

Income statement (EURm)		2018e	2019e	2020e	2021e	2022e	2023e

	Net sales	1,991	2,089	2,139	2,185	2,251	2,318
	EBITDA	354	380	388	363	369	374
	EBIT	255	282	293	271	279	283
	Non-recurring items in EBIT	-2.8	0.0	0.0	0.0	0.0	0.0
	EBIT without non-rec. items	257	282	293	271	279	283
	Pre-tax profit (PTP)	226	258	273	254	262	266
	Net earnings	192	213	223	211	215	218
	Free cash flow	221	241	249	218	209	212

See the entire income statement

Balance sheet (EURm)		2015	2016	2017	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e

	Tangible assets	812	830	789	760	738	721	721	732	742	745	767	790	806	0.0
	Shareholders' equity	1,029	1,052	1,167	1,284	1,400	1,510	1,591	1,690	1,790	1,891	1,977	2,067	2,164	0.0
	Interest-bearing liabilities	659	688	577	459	440	440	440	440	440	440	440	440	440	0.00
	Balance sheet total (assets)	2,220	2,194	2,226	2,250	2,366	2,486	2,576	2,689	2,802	2,917	3,018	3,123	3,229	0.0

	Net debt	337	467	362	240	117	-2.55	-76.2	-155	-235	-323	-376	-432	-504	0.00

Key figures		2015	2016	2017	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e

	Net sales growth	-0.0%	-14.3%	7.5%	7.7%	4.9%	2.4%	2.2%	3.0%	3.0%	3.0%	3.0%	3.0%	2.0%	0.0%
	EBITDA %	15.1%	14.0%	16.2%	17.8%	18.2%	18.2%	16.6%	16.4%	16.1%	15.9%	14.8%	14.3%	14.3%	0.0%
	EBIT %	9.9%	7.7%	11.2%	12.8%	13.5%	13.7%	12.4%	12.4%	12.2%	12.0%	11.0%	10.5%	10.5%	0.0%
	ROE %	14.7%	8.7%	13.6%	15.6%	15.9%	15.4%	13.6%	13.1%	12.5%	12.0%	10.8%	10.1%	9.9%	0.0%
	ROI %	12.4%	7.7%	11.9%	14.7%	16.8%	16.5%	13.6%	13.4%	13.0%	12.6%	11.4%	10.8%	10.7%	0.0%
	EVA	12.4	34.7	94.5	128	146	153	139	142	144	145	131	125	127	0.00
	Equity ratio	46.3%	48.0%	52.4%	57.1%	59.2%	60.7%	61.7%	62.8%	63.9%	64.8%	65.5%	66.2%	67.0%	0.0%
	Gearing %	32.8%	44.4%	31.0%	18.7%	8.3%	-0.2%	-4.8%	-9.2%	-13.1%	-17.1%	-19.0%	-20.9%	-23.3%	0.0%

Share data		2015	2016	2017	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e

	EPS, unadjusted	0.39	0.25	0.42	0.54	0.60	0.63	0.59	0.60	0.61	0.62	0.59	0.58	0.59	0.00
	EPS, excl. non-recurring items	0.34	0.26	0.39	0.55	0.60	0.63	0.59	0.60	0.61	0.62	0.59	0.58	0.59	0.00
	FCF/share	0.29	-0.01	0.58	0.62	0.68	0.70	0.61	0.59	0.60	0.62	0.53	0.52	0.56	0.00
	Div. per share	0.17	0.19	0.21	0.28	0.32	0.36	0.33	0.33	0.34	0.34	0.32	0.32	0.32	0.00
	BV/share	2.89	2.96	3.28	3.61	3.94	4.25	4.47	4.75	5.03	5.32	5.56	5.81	6.09	0.00

Pricing and key ratios		2015	2016	2017	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e

	Share price (EUR)	6.86	6.80	7.13	4.44	4.44	4.44	4.44	4.44	4.44	4.44	4.44	4.44	4.44	0.00
	Market cap (EURm)	2,435	2,406	2,538	1,670	1,670	1,670	1,670	1,670	1,670	1,670	1,670	1,670	1,670	0.00
	EV (EURm)	2,771	2,872	2,899	1,909	1,785	1,666	1,593	1,514	1,434	1,346	1,293	1,236	1,165	0.00
	MVA (EURm)	1,406	1,353	1,371	386	270	160	79.3	-19.7	-120	-221	-307	-397	-494	0.00

	P/E	20.5	25.8	18.5	8.14	7.39	7.06	7.49	7.34	7.24	7.14	7.58	7.72	7.56	0.00
	P/FCFF	23.7	-488	12.3	7.1	6.5	6.3	7.3	7.6	7.5	7.1	8.4	8.6	8.0	0.0
	P/BV	2.37	2.29	2.17	1.30	1.19	1.11	1.05	0.99	0.93	0.88	0.84	0.81	0.77	0.00
	P/Sales	1.2	1.4	1.4	0.8	0.8	0.7	0.7	0.7	0.7	0.7	0.6	0.6	0.6	0.0
	EV/EBITDA	9.2	11.9	9.7	5.4	4.7	4.3	4.4	4.1	3.8	3.5	3.6	3.4	3.1	0.0
	EV/EBIT	13.9	21.7	14.0	7.5	6.3	5.7	5.9	5.4	5.1	4.7	4.8	4.6	4.3	0.0
	Payout	44.0%	74.7%	49.6%	51.0%	53.3%	58.1%	55.0%	55.0%	55.0%	55.0%	55.0%	55.0%	55.0%	0.0%
	Dividend yield	2.5%	2.8%	2.9%	6.2%	7.2%	8.2%	7.3%	7.5%	7.6%	7.7%	7.3%	7.1%	7.3%	0.0%