Stora Enso’s acquisition strategy has clear targets. An acquisition must support the Group’s core business development and provide customer, production and other synergies.

The acquisition must meet Stora Enso’s financial targets. It has to be Earnings per Share (EPS) and Cash Earnings per Share (CEPS) accretive after one year excluding synergies. In the near term returns from the acquisition must exceed the Company’s pre-tax weighted average cost of capital of 8.7%, and in the long term the acquisition must support the ROCE target of 13%.

Stora Enso has recently included the Cash Value Added (CVA^®) concept in analysis of acquisition alternatives.

CVA^® is a trademark registered by Anelda AB.