Metsa Board jumps after better-than-expected dividend

Metsa Board Oyj

08/02/2024 11:40

** Shares in Finnish forestry firm Metsa Board  METSB.HE 
jumps around 6% after it announced a better-than-expected
dividend along with its Q4 report
    ** "The dividend proposal came in slightly stronger than
expected," Inderes analyst Antti Viljakainen says
    ** Metsa Board proposed a dividend of EUR 0.25 per share to
be paid for 2023, below last year's dividend of EUR 0.58 per
share but beating both the IBES estimate of EUR 0.18 per share
and Vara consensus of EUR 0.23 per share
    ** Viljakainen says that the report was "poor as expected"
but that it did not really disappoint in terms of Q4 results or
outlook
    ** He adds that in the wake of the rival reports, the market
may have feared worse, which might explain the mildly positive
initial share price reaction
    ** Metsa's rivals UPM and Stora Enso both forecasted a slow
start to 2024, with Stora announcing further job cuts
    ** Metsa Board's stock is among top performers of the
Helsinki blue-chip index  .OMXH25  

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))