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Metsä Board Oyj

DB:MSRB
Snowflake Description

Flawless balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MSRB
DB
€2B
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

Metsä Board Oyj produces folding boxboard, food service boards and white kraftliners worldwide. The last earnings update was 73 days ago. More info.


Add to Portfolio Compare Print
  • Metsä Board Oyj has significant price volatility in the past 3 months.
MSRB Share Price and Events
7 Day Returns
17%
DB:MSRB
6.5%
Europe Forestry
2.8%
DE Market
1 Year Returns
-23.8%
DB:MSRB
-11.9%
Europe Forestry
3%
DE Market
MSRB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Metsä Board Oyj (MSRB) 17% 9.2% 24.9% -23.8% 12.9% 91.8%
Europe Forestry 6.5% 1.9% 8.8% -11.9% 1% 49.9%
DE Market 2.8% 0.2% 1.3% 3% 8% 23.6%
1 Year Return vs Industry and Market
  • MSRB underperformed the Forestry industry which returned -11.9% over the past year.
  • MSRB underperformed the Market in Germany which returned 3% over the past year.
Price Volatility
MSRB
Industry
5yr Volatility vs Market

Value

 Is Metsä Board Oyj undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Metsä Board Oyj to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Metsä Board Oyj.

DB:MSRB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:MSRB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.5%
Forestry Unlevered Beta Simply Wall St/ S&P Global 1.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.367 (1 + (1- 20%) (22.16%))
1.409
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.41
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.409 * 6.51%)
9.4%

Discounted Cash Flow Calculation for DB:MSRB using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Metsä Board Oyj is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:MSRB DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 9.4%)
2020 82.77 Analyst x3 75.66
2021 30.38 Analyst x4 25.38
2022 126.00 Analyst x1 96.24
2023 185.00 Analyst x1 129.16
2024 230.36 Est @ 24.52% 147.01
2025 270.05 Est @ 17.23% 157.54
2026 302.81 Est @ 12.13% 161.47
2027 328.73 Est @ 8.56% 160.24
2028 348.65 Est @ 6.06% 155.35
2029 363.67 Est @ 4.31% 148.12
Present value of next 10 years cash flows €1,256.00
DB:MSRB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €363.67 × (1 + 0.23%) ÷ (9.4% – 0.23%)
€3,974.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €3,974.96 ÷ (1 + 9.4%)10
€1,618.98
DB:MSRB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,256.00 + €1,618.98
€2,874.98
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €2,874.98 / 355.51
€8.09
DB:MSRB Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:MSRB represents 0.98974x of HLSE:METSB
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.98974x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 8.09 x 0.98974
€8.00
Value per share (EUR) From above. €8.00
Current discount Discount to share price of €5.79
= -1 x (€5.79 - €8.00) / €8.00
27.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Metsä Board Oyj is available for.
Intrinsic value
28%
Share price is €5.79 vs Future cash flow value of €8
Current Discount Checks
For Metsä Board Oyj to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Metsä Board Oyj's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Metsä Board Oyj's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Metsä Board Oyj's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Metsä Board Oyj's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:MSRB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €0.57
HLSE:METSB Share Price ** HLSE (2019-10-11) in EUR €5.85
Europe Forestry Industry PE Ratio Median Figure of 31 Publicly-Listed Forestry Companies 10.37x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Metsä Board Oyj.

DB:MSRB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= HLSE:METSB Share Price ÷ EPS (both in EUR)

= 5.85 ÷ 0.57

10.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Metsä Board Oyj is good value based on earnings compared to the Europe Forestry industry average.
  • Metsä Board Oyj is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Metsä Board Oyj's expected growth come at a high price?
Raw Data
DB:MSRB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.22x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
1.5%per year
Europe Forestry Industry PEG Ratio Median Figure of 19 Publicly-Listed Forestry Companies 0.3x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

DB:MSRB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.22x ÷ 1.5%

6.98x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Metsä Board Oyj is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Metsä Board Oyj's assets?
Raw Data
DB:MSRB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €3.60
HLSE:METSB Share Price * HLSE (2019-10-11) in EUR €5.85
Europe Forestry Industry PB Ratio Median Figure of 39 Publicly-Listed Forestry Companies 1.17x
Germany Market PB Ratio Median Figure of 598 Publicly-Listed Companies 1.74x
DB:MSRB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= HLSE:METSB Share Price ÷ Book Value per Share (both in EUR)

= 5.85 ÷ 3.60

1.62x

* Primary Listing of Metsä Board Oyj.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Metsä Board Oyj is overvalued based on assets compared to the Europe Forestry industry average.
X
Value checks
We assess Metsä Board Oyj's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Forestry industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Forestry industry average (and greater than 0)? (1 check)
  5. Metsä Board Oyj has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Metsä Board Oyj expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Metsä Board Oyj expected to grow at an attractive rate?
  • Metsä Board Oyj's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Metsä Board Oyj's earnings growth is positive but not above the Germany market average.
  • Metsä Board Oyj's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:MSRB Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:MSRB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 1.5%
DB:MSRB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 1.9%
Europe Forestry Industry Earnings Growth Rate Market Cap Weighted Average 3.2%
Europe Forestry Industry Revenue Growth Rate Market Cap Weighted Average 1.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:MSRB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:MSRB Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,057 305 1
2022-12-31 2,034 283 156 2
2021-12-31 1,993 229 171 7
2020-12-31 1,944 220 144 7
2019-12-31 1,916 246 154 7
2019-10-13
DB:MSRB Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 1,904 151 204
2019-03-31 1,946 157 209
2018-12-31 1,951 151 203
2018-09-30 1,944 227 195
2018-06-30 1,947 240 177
2018-03-31 1,902 241 170
2017-12-31 1,855 236 151
2017-09-30 1,826 185 133
2017-06-30 1,788 184 112
2017-03-31 1,736 125 101
2016-12-31 1,727 77 90
2016-09-30 1,769 88 92

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Metsä Board Oyj's earnings are expected to grow by 1.5% yearly, however this is not considered high growth (20% yearly).
  • Metsä Board Oyj's revenue is expected to grow by 1.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:MSRB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Metsä Board Oyj Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MSRB Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.44 0.44 0.44 1.00
2021-12-31 0.48 0.56 0.43 7.00
2020-12-31 0.41 0.43 0.37 7.00
2019-12-31 0.43 0.45 0.37 7.00
2019-10-13
DB:MSRB Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 0.57
2019-03-31 0.59
2018-12-31 0.57
2018-09-30 0.56
2018-06-30 0.50
2018-03-31 0.47
2017-12-31 0.42
2017-09-30 0.38
2017-06-30 0.32
2017-03-31 0.28
2016-12-31 0.25
2016-09-30 0.25

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Metsä Board Oyj is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Metsä Board Oyj's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Metsä Board Oyj has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Metsä Board Oyj performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Metsä Board Oyj's growth in the last year to its industry (Forestry).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Metsä Board Oyj's year on year earnings growth rate has been positive over the past 5 years.
  • Metsä Board Oyj's 1-year earnings growth is less than its 5-year average (15% vs 19.7%)
  • Metsä Board Oyj's earnings growth has exceeded the Europe Forestry industry average in the past year (15% vs 1.2%).
Earnings and Revenue History
Metsä Board Oyj's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Metsä Board Oyj Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MSRB Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1,904.40 203.60 194.90
2019-03-31 1,946.10 209.10 196.20
2018-12-31 1,951.30 203.40 199.00
2018-09-30 1,943.50 195.30 202.30
2018-06-30 1,947.00 177.10 201.60
2018-03-31 1,902.40 170.20 200.40
2017-12-31 1,854.60 150.50 198.00
2017-09-30 1,826.10 133.10 196.50
2017-06-30 1,787.50 112.40 197.70
2017-03-31 1,736.20 100.70 198.40
2016-12-31 1,727.30 90.40 205.80
2016-09-30 1,768.70 92.20 212.20
2016-06-30 1,826.30 100.40 216.20
2016-03-31 1,925.40 131.90 227.60
2015-12-31 2,015.50 137.30 234.50
2015-09-30 2,053.10 116.90 237.20
2015-06-30 2,069.30 110.90 246.20
2015-03-31 2,041.30 73.00 245.60
2014-12-31 2,016.80 68.50 242.90
2014-09-30 1,997.60 93.50 242.10
2014-06-30 1,986.10 79.90 242.90
2014-03-31 1,994.90 80.70 242.30
2013-12-31 2,028.70 63.90 242.70
2013-09-30 2,059.20 71.00 245.80
2013-06-30 2,089.20 71.50 245.40
2013-03-31 2,108.60 194.50 246.30
2012-12-31 2,118.20 171.10 252.40

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Metsä Board Oyj has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Metsä Board Oyj used its assets more efficiently than the Europe Forestry industry average last year based on Return on Assets.
  • Metsä Board Oyj has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Metsä Board Oyj's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Forestry industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Metsä Board Oyj has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Metsä Board Oyj's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Metsä Board Oyj's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Metsä Board Oyj is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Metsä Board Oyj's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Metsä Board Oyj's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Metsä Board Oyj Company Filings, last reported 3 months ago.

DB:MSRB Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 1,279.30 466.30 83.10
2019-03-31 1,269.80 395.00 95.40
2018-12-31 1,322.90 438.70 109.70
2018-09-30 1,272.90 469.00 122.20
2018-06-30 1,181.40 483.10 91.50
2018-03-31 1,139.80 616.80 278.60
2017-12-31 1,167.40 569.90 215.10
2017-09-30 1,114.60 650.80 210.30
2017-06-30 1,089.60 639.90 141.10
2017-03-31 1,032.30 660.40 198.90
2016-12-31 1,052.50 664.70 220.60
2016-09-30 1,003.30 693.00 201.80
2016-06-30 999.10 702.30 157.30
2016-03-31 985.90 694.60 278.30
2015-12-31 1,028.90 637.20 321.80
2015-09-30 1,015.90 670.00 321.70
2015-06-30 1,007.70 672.80 278.30
2015-03-31 934.00 685.40 360.00
2014-12-31 841.40 660.80 250.40
2014-09-30 854.40 700.80 202.50
2014-06-30 832.40 699.00 15.60
2014-03-31 861.00 720.50 16.30
2013-12-31 849.60 676.90 94.20
2013-09-30 824.50 748.10 12.90
2013-06-30 818.00 1,060.50 361.10
2013-03-31 839.10 1,025.20 340.30
2012-12-31 856.20 1,083.10 428.50
  • Metsä Board Oyj's level of debt (35.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (81% vs 35.8% today).
  • Debt is well covered by operating cash flow (33.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.4x coverage).
X
Financial health checks
We assess Metsä Board Oyj's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Metsä Board Oyj has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Metsä Board Oyj's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.96%
Current annual income from Metsä Board Oyj dividends. Estimated to be 4.63% next year.
If you bought €2,000 of Metsä Board Oyj shares you are expected to receive €99 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Metsä Board Oyj's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Metsä Board Oyj's dividend is above the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:MSRB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Europe Forestry Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 4.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:MSRB Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.28 7.00
2020-12-31 0.27 7.00
2019-12-31 0.26 7.00
2019-10-13
DB:MSRB Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-07 0.290 5.830
2018-02-08 0.210 2.722
2017-02-02 0.190 2.963
2016-02-03 0.170 3.138
2015-02-05 0.120 2.058
2014-02-06 0.090 2.531
2013-03-27 0.060 2.248
2009-10-22 0.000 0.000
2009-07-23 0.000 0.000
2009-04-22 0.000 0.000
2009-02-05 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Metsä Board Oyj has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Metsä Board Oyj only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Metsä Board Oyj's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Metsä Board Oyj's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Metsä Board Oyj afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Metsä Board Oyj has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Metsä Board Oyj's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mika Joukio
COMPENSATION €1,766,254
AGE 55
TENURE AS CEO 5 years
CEO Bio

Mr. Mika Joukio, M.Sc. (Eng), MBA, has been the Chief Executive Officer of Metsa Board Oyj since October 1, 2014. Mr. Joukio has been Chief Executive Officer of Metsä Board Corporation since 2014. He has been a Member of Supervisory Board at Keskinäinen työeläkevakuutusyhtiö Varma since March 2019. Mr. Joukio served as Chief Executive Officer of Metsä Tissue Corporation since February 1, 2012 until 2014. Mr. Joukio has been the Chief Executive Officer of Metsa Tissue Oyj and serves as its President. He served as the Head of Consumer Packaging Business Area and Senior Vice President at Metsa Board Oyj (also known as M-real Corporation and M-real Oyj) from January 2009 to January 2012 and served as its Deputy to Chief Executive Officer since September 15, 2009 until February 2012. He served as an Executive Vice President of Consumer Packaging and Executive Vice President at Metsa Board Oyj since November 2006 and its Member of Management Board since November 10, 2006. Mr. Joukio served as Head of Consumer Packaging Business Area at Metsa Board Oyj since November 10, 2006. He held several Management and Development Tasks within M-real. He started his career at Metsä-Serla (at present M-real) in 1990 and served as Assistant Production Manager for Tako Board Mill since 1990. He served as Production Manager of Metsä-Serla from 1996 to 2001. He served as Vice President and Mill Manager for Äänekoski Board Mill since 2001. He worked in the Headquarters of M-real in the position of Senior Vice President of Corporate Logistics & Supply Chain from 2004 to 2005 and was responsible for the Global Logistics, Delivery Chain Management and Customer Service. He served as Vice President and Mill Manager for M-real Kyro since October 2005 and Vice President & Mill Manager of M-real Kyro and M-real Tako Board since September 2006, after combining of the mill organisations. He serves as a Director of Metsä Fibre Oy. Mr. Joukio holds Master of Science in Technology and MBA.

CEO Compensation
  • Mika's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Mika's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Metsä Board Oyj management team in years:

2.7
Average Tenure
50
Average Age
  • The tenure for the Metsä Board Oyj management team is about average.
Management Team

Mika Joukio

TITLE
Chief Executive Officer
COMPENSATION
€2M
AGE
55
TENURE
5 yrs

Jussi Noponen

TITLE
Chief Financial Officer
AGE
44
TENURE
3.1 yrs

Katri Sundström

TITLE
Vice President of Investor Relations

Marjo Halonen

TITLE
Vice President of Communications

Sari Pajari

TITLE
Senior Vice President of Sales & Marketing
AGE
51
TENURE
2.3 yrs

Camilla Wikström

TITLE
Senior Vice President of Human Resources
AGE
49
TENURE
0.3 yrs

Ari Kiviranta

TITLE
Senior Vice President of Development
AGE
56
TENURE
5.8 yrs

Harri Pihlajaniemi

TITLE
Senior Vice President of Production
AGE
49
TENURE
2.1 yrs
Board of Directors Tenure

Average tenure and age of the Metsä Board Oyj board of directors in years:

9.8
Average Tenure
64
Average Age
  • The tenure for the Metsä Board Oyj board of directors is about average.
Board of Directors

Ilkka Hämälä

TITLE
Chairman of the Board
AGE
58
TENURE
1.6 yrs

Martti Asunta

TITLE
Vice Chairman of the Board
AGE
64
TENURE
11.8 yrs

Kai Korhonen

TITLE
Director
AGE
68
TENURE
11.8 yrs

Hannu Anttila

TITLE
Director
AGE
64
TENURE
1.6 yrs

Liisa Leino

TITLE
Director
AGE
59
TENURE
10.6 yrs

Juha Niemelä

TITLE
Director
AGE
73
TENURE
12.5 yrs

Kirsi Komi

TITLE
Director
AGE
56
TENURE
9.8 yrs

Veli Sundbäck

TITLE
Director
AGE
73
TENURE
6.8 yrs

Jussi Linnaranta

TITLE
Director
AGE
47
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Metsä Board Oyj's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Metsä Board Oyj has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Metsä Board Oyj produces folding boxboard, food service boards and white kraftliners worldwide. The company offers lightweight paperboards for consumer goods, retail-ready, and food service applications, as well as market pulp products. It serves brand owners, retailers, converters, 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 is headquartered in Espoo, Finland.

Details
Name: Metsä Board Oyj
MSRB
Exchange: DB
Founded:
€2,104,667,889
355,512,746
Website: http://www.metsaboard.com
Address: Metsä Board Oyj
Revontulenpuisto 2,
Espoo,
Uusimaa, 02100,
Finland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
HLSE METSB Series B Shares OMX Nordic Exchange Helsinki FI EUR 21. Dec 1987
OTCPK MTSA.F Series B Shares Pink Sheets LLC US USD 21. Dec 1987
DB MSRB Series B Shares Deutsche Boerse AG DE EUR 21. Dec 1987
LSE 0O7A Series B Shares London Stock Exchange GB EUR 21. Dec 1987
BATS-CHIXE METSBH Series B Shares BATS 'Chi-X Europe' GB EUR 21. Dec 1987
HLSE METSA Series A Shares OMX Nordic Exchange Helsinki FI EUR 17. Jun 1992
LSE 0O79 Series A Shares London Stock Exchange GB EUR 17. Jun 1992
BATS-CHIXE METSAH Series A Shares BATS 'Chi-X Europe' GB EUR 17. Jun 1992
Number of employees
Current staff
Staff numbers
2,591
Metsä Board Oyj employees.
Industry
Paper Products
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 22:29
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/11
Last earnings filing: 2019/08/01
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.