Stora Ensos konkurrent släppte sina resultat för det fjärde kvartalet, vilket möjligen ger någon insikt i hur branschen har presterat. 
Billerud, the Swedish competitor of Stora Enso and Metsä Board, published its Q4 report this morning. Overall, we think that Billerud’s Q4 report was bearable given the difficult market conditions, and the report indicates that the bottom of the earnings cycle seems to be behind us, as expected. However, market conditions in the forest sector are not showing any rapid and drastic signs of normalization, which keeps uncertainty high about the major earnings improvement expectations that we believe are loaded into forest stocks in the Nordic packaging sector.