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1. Company Snapshot

1.a. Company Description

Metsä Board Oyj engages in folding boxboard, fresh fibre linerboard, and market pulp businesses.The company provides barrier boards, food service boards, and white kraft liners.It also offers lightweight paperboards for consumer goods and electronics, beauty care, cigarette, healthcare, beverage, food service, and graphical packaging applications.


The company operates in Germany, Italy, Sweden, Turkey, Finland, the United Kingdom, Russia, Spain, France, Poland, Norway, the Netherlands, Belgium, rest of Europe, the Middle East, the United States, Canada, Asia, and internationally.It serves brand owners, converters, corrugated box manufacturers, and merchants.The company was formerly known as M-real Corporation and changed its name to Metsä Board Oyj in March 2012.


Metsä Board Oyj was incorporated in 1986 and is headquartered in Espoo, Finland.

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1.b. Last Insights on METSB

Metsä Board Oyj faces challenges, as highlighted in its Q3 2025 earnings call, with an operating loss impacting its financials. The company is focusing on cash flow improvement and strategic cost-saving measures to enhance resilience. With no recent announcements on new products, acquisitions, or legal issues, Metsä Board's short-term prospects seem to hinge on its ability to navigate these challenges. Its emphasis on cost-saving measures and cash flow improvement may help mitigate negative factors.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.94%)

6. Segments

Folding Boxboard

Expected Growth: 6%

Metsä Board Oyj's Folding Boxboard segment growth is driven by increasing demand for sustainable packaging, rising e-commerce sales, and growing need for premium packaging in the food and beverage industry. Additionally, the company's focus on innovation, cost savings, and operational efficiency also contribute to its growth.

White Kraftliners

Expected Growth: 5%

The 5% growth of White Kraftliners from Metsä Board Oyj is driven by increasing demand for sustainable packaging, growing e-commerce sales, and rising consumer preference for eco-friendly products. Additionally, advancements in production technology and cost savings from operational efficiencies also contribute to the growth.

Market Pulp

Expected Growth: 8%

Metsä Board Oyj's Market Pulp segment growth is driven by increasing demand for sustainable packaging, rising e-commerce sales, and growing need for eco-friendly products. Additionally, the company's strategic investments in production capacity, cost savings initiatives, and strong relationships with customers contribute to its 8% growth.

Other

Expected Growth: 4%

Metsä Board Oyj's 4% growth is driven by increasing demand for sustainable packaging, expansion into e-commerce and online food delivery, and strategic investments in biogas and bioenergy production. Additionally, the company's focus on innovative and eco-friendly products, such as molded fiber packaging, contributes to its growth momentum.

7. Detailed Products

Folding Boxboard

A lightweight, stiff and strong paperboard used for packaging of food, cosmetics and pharmaceuticals

White Linerboard

A high-quality paperboard used for packaging of food, cosmetics and pharmaceuticals

Barrier Board

A paperboard with a barrier coating used for packaging of food and cosmetics

Kraftliner

A strong and durable paperboard used for packaging of heavy goods

Coreboard

A paperboard used as a core material in composite cans and tubes

Paperboard for Graphical Industry

A high-quality paperboard used for graphical applications such as postcards, folders, and brochures

8. Metsä Board Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Metsä Board Oyj is medium due to the availability of alternative packaging materials such as plastic and glass. However, the company's focus on sustainable and eco-friendly packaging solutions reduces the threat of substitutes.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong relationships with its customers and its ability to offer customized packaging solutions. Additionally, the company's focus on sustainability and eco-friendliness is a key differentiator that reduces the bargaining power of customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's dependence on wood pulp and other raw materials. However, the company's vertical integration and long-term contracts with suppliers reduce the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the packaging industry, including the need for significant capital investment and expertise in paperboard production.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the packaging industry, with several established players competing for market share. However, Metsä Board Oyj's focus on sustainability and eco-friendliness provides a key differentiator that helps the company to stand out in a competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.76%
Debt Cost 3.95%
Equity Weight 81.24%
Equity Cost 6.66%
WACC 6.15%
Leverage 23.09%

11. Quality Control: Metsä Board Oyj passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Viscofan

A-Score: 5.9/10

Value: 4.5

Growth: 5.1

Quality: 7.2

Yield: 7.5

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

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Mayr-Melnhof Karton

A-Score: 5.4/10

Value: 7.4

Growth: 5.3

Quality: 4.4

Yield: 3.8

Momentum: 4.0

Volatility: 7.7

1-Year Total Return ->

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Ardagh Metal Packaging

A-Score: 5.2/10

Value: 6.4

Growth: 4.9

Quality: 2.7

Yield: 10.0

Momentum: 5.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Amcor

A-Score: 4.8/10

Value: 4.8

Growth: 3.3

Quality: 3.2

Yield: 8.8

Momentum: 1.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
SIG

A-Score: 4.2/10

Value: 5.9

Growth: 5.3

Quality: 3.9

Yield: 6.2

Momentum: 0.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Metsä Board

A-Score: 3.7/10

Value: 9.0

Growth: 1.1

Quality: 3.2

Yield: 5.6

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.97$

Current Price

2.97$

Potential

-0.00%

Expected Cash-Flows