Stora Enso shares slip as 'variable cost pressures' loom

Holmen AB

31/01/2023 08:44

**  Shares in Stora Enso  STERV.HE  fall nearly 3% after the
Finnish forestry company reports Q4 results below estimates,
lowers 2023 guidance due to increasing costs
    ** Stora Enso expects full-year 2023 operational EBIT to be
lower than for the full-year 2022 when it reached EUR 1,891
million ($2.05 billion) 
    ** The group says it expects "variable cost pressures" to be
more challenging in 2023 than in 2022, weighing on its results
    ** Credit Suisse says that guidance of lower y/y operational
EBIT comes as no surprise but near term pressure adds
incremental negative colour
    ** Tuesday's losses wiped off EUR 249.5 million from the
company's market cap
        ** Shares of Swedish peer Holmen  HOLMb.ST , which on
Tuesday posted a better-than-expected Q4 print slide 2% -- 
despite earnings beat Jefferies expects EBIT consensus to move
about 10% lower driven by a normalisation from record 2022
levels
  
($1 = 0.9246 euros)
 (Reporting by Agnieszka Gosciak-Rabalska)
 ((Agnieszka.Gosciak@thomsonreuters.com))