UBS cuts Metsa Board on 'massively oversupplied' paperboard market

Metsa Board Oyj

15/01/2026 11:57

** UBS downgrades Finnish paperboard producer Metsa Board METSB.HE to "sell" from "neutral", citing "massively oversupplied" folding boxboard (FBB) market

** Brokerage says about 15% of European FBB capacity needs to close to restore pricing power, calls it unlikely

** While cost relief from falling input prices is supportive, UBS expects savings will be passed to customers, unlike consensus which it calls "far too high for 2026"

** Sees "restoring profitability will be long-term project" due to structurally declining U.S. profitability, Chinese oversupply limiting exports

** Forecast negative EBIT of 82 million euros ($95.40 million) in 2026; notes U.S. barely profitable after tariffs, falling prices in competing products

** One analyst rates METSB "buy", another "sell", and four "hold"  - LSEG data

($1 = 0.8595 euros)

 (Reporting by Marta Frackowiak)

 ((marta.frackowiak@thomsonreuters.com))