Stock Analysis Report

Executive Summary

Metsä Board Oyj produces folding boxboard, food service boards and white kraftliners worldwide.

Snowflake Analysis

Flawless balance sheet and fair value.

Similar Companies

Share Price & News

How has Metsä Board Oyj's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: METSB's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




FI Forestry


FI Market

1 Year Return




FI Forestry


FI Market

Return vs Industry: METSB underperformed the Finnish Forestry industry which returned -16% over the past year.

Return vs Market: METSB exceeded the Finnish Market which returned -19.3% over the past year.

Shareholder returns

7 Day2.3%12.8%9.8%
30 Day-9.7%-12.8%-18.6%
90 Day-22.2%-22.9%-22.3%
1 Year-18.1%-18.1%-12.9%-16.7%-16.6%-20.6%
3 Year-14.4%-20.9%5.0%-28.4%-3.2%-15.3%
5 Year-4.5%-16.8%40.5%-10.2%5.2%-15.0%

Price Volatility Vs. Market

How volatile is Metsä Board Oyj's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Metsä Board Oyj undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: METSB (€4.67) is trading below our estimate of fair value (€8.35)

Significantly Below Fair Value: METSB is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: METSB is poor value based on its PE Ratio (11.5x) compared to the Forestry industry average (9x).

PE vs Market: METSB is good value based on its PE Ratio (11.5x) compared to the Finnish market (15x).

Price to Earnings Growth Ratio

PEG Ratio: METSB is poor value based on its PEG Ratio (2x)

Price to Book Ratio

PB vs Industry: METSB is overvalued based on its PB Ratio (1.2x) compared to the XE Forestry industry average (0.9x).

Next Steps

Future Growth

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


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: METSB's forecast earnings growth (5.8% per year) is above the savings rate (-0.1%).

Earnings vs Market: METSB's earnings (5.8% per year) are forecast to grow slower than the Finnish market (8.8% per year).

High Growth Earnings: METSB's earnings are forecast to grow, but not significantly.

Revenue vs Market: METSB's revenue (2% per year) is forecast to grow faster than the Finnish market (0.4% per year).

High Growth Revenue: METSB's revenue (2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: METSB's Return on Equity is forecast to be low in 3 years time (11.3%).

Next Steps

Past Performance

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


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: METSB has high quality earnings.

Growing Profit Margin: METSB's current net profit margins (7.5%) are lower than last year (10.4%).

Past Earnings Growth Analysis

Earnings Trend: METSB's earnings have grown by 16.9% per year over the past 5 years.

Accelerating Growth: METSB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: METSB had negative earnings growth (-28.9%) over the past year, making it difficult to compare to the Forestry industry average (-10.7%).

Return on Equity

High ROE: METSB's Return on Equity (10.8%) is considered low.

Next Steps

Financial Health

How is Metsä Board Oyj's financial position?

Financial Position Analysis

Short Term Liabilities: METSB's short term assets (€836.4M) exceed its short term liabilities (€391.0M).

Long Term Liabilities: METSB's short term assets (€836.4M) exceed its long term liabilities (€541.4M).

Debt to Equity History and Analysis

Debt Level: METSB's debt to equity ratio (31.9%) is considered satisfactory.

Reducing Debt: METSB's debt to equity ratio has reduced from 80.4% to 31.9% over the past 5 years.

Debt Coverage: METSB's debt is well covered by operating cash flow (47%).

Interest Coverage: METSB's interest payments on its debt are well covered by EBIT (8.5x coverage).

Balance Sheet

Inventory Level: METSB has a high level of physical assets or inventory.

Debt Coverage by Assets: METSB's debt is covered by short term assets (assets are 2x debt).

Next Steps


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


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: METSB's dividend (5.14%) is higher than the bottom 25% of dividend payers in the Finnish market (3.2%).

High Dividend: METSB's dividend (5.14%) is low compared to the top 25% of dividend payers in the Finnish market (6.48%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, METSB has been paying a dividend for less than 10 years.

Growing Dividend: METSB's dividend payments have increased, but the company has only paid a dividend for 7 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (59%), METSB's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: METSB's dividends in 3 years are forecast to be covered by earnings (59.3% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Mika Joukio (55yo)





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 b ...

CEO Compensation Analysis

Compensation vs Market: Mika's total compensation ($USD2.86M) is above average for companies of similar size in the Finnish market ($USD1.64M).

Compensation vs Earnings: Mika's compensation has been consistent with company performance over the past year.

Leadership Team

Mika Joukio
Chief Executive Officer5.42yrs€2.58m0.084% 1.4m
Jussi Noponen
Chief Financial Officer3.5yrsno data0.021% 346.9k
Katri Sundström
Vice President of Investor Relationsno datano datano data
Marjo Halonen
Vice President of Communicationsno datano datano data
Sari Pajari
Senior Vice President of Sales & Marketing2.75yrsno data0.019% 314.1k
Camilla Wikström
Senior Vice President of Human Resources0.75yrno data0.0050% 84.7k
Ari Kiviranta
Senior Vice President of Development6.17yrsno data0.013% 213.9k
Harri Pihlajaniemi
Senior Vice President of Production2.5yrsno datano data


Average Tenure


Average Age

Experienced Management: METSB's management team is considered experienced (3.1 years average tenure).

Board Members

Veli Sundbäck
Independent Director7.17yrs€74.20k0.018% 297.9k
Kai Korhonen
Independent Director12.17yrs€98.67k0.059% 997.1k
Hannu Anttila
Independent Director2yrs€87.36k0.037% 623.5k
Jussi Linnaranta
Independent Director3yrs€86.53k0.0040% 67.4k
Martti Asunta
Independent Vice Chairman of the Board12.17yrs€107.29k0.016% 265.6k
Ilkka Hamala
Chairman of the Board2yrs€123.51k0.062% 1.0m
Kirsi Komi
Independent Director10.17yrs€86.25k0.021% 347.1k
Juha Niemela
Independent Director12.92yrs€73.50k0.048% 815.8k
Liisa Leino
Independent Director11yrs€85.44k0.050% 844.4k


Average Tenure


Average Age

Experienced Board: METSB's board of directors are seasoned and experienced ( 10.2 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Metsä Board Oyj's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Metsä Board Oyj
  • Ticker: METSB
  • Exchange: HLSE
  • Founded:
  • Industry: Paper Products
  • Sector: Materials
  • Market Cap: €1.690b
  • Shares outstanding: 355.51m
  • Website: https://www.metsaboard.com

Number of Employees


  • Metsä Board Oyj
  • Revontulenpuisto 2
  • Espoo
  • Uusimaa
  • 2100
  • Finland


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MTSA.FOTCPK (Pink Sheets LLC)YesSeries B SharesUSUSDDec 1987
METSBHLSE (OMX Nordic Exchange Helsinki)YesSeries B SharesFIEURDec 1987
0O7ALSE (London Stock Exchange)YesSeries B SharesGBEURDec 1987
MSRBDB (Deutsche Boerse AG)YesSeries B SharesDEEURDec 1987
METSBHBATS-CHIXE (BATS 'Chi-X Europe')YesSeries B SharesGBEURDec 1987
METSAHLSE (OMX Nordic Exchange Helsinki)Series A SharesFIEURJun 1992
0O79LSE (London Stock Exchange)Series A SharesGBEURJun 1992
METSAHBATS-CHIXE (BATS 'Chi-X Europe')Series A SharesGBEURJun 1992


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. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 21:02
End of Day Share Price2020/03/30 00:00
Annual Earnings2019/12/31

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.