Pöyry will publish FY08 report on Wednesday, February 4th at 8:30am.  Our EBIT expectation for Q4’08 is EUR 24.1m, which is somewhat above consensus. Pöyry will arrange a conference for press and analysts at Hotel Restaurant Savoy, Eteläesplanadi 14 at noon.

Pöyry guides for FY08 that consolidated net sales will increase in 2008 and profit before taxes will improve clearly in 2008. On January 13th Pöyry announced preliminary guidance for FY09. The company sees PTP to be significantly weaker year-on-year in 2009 due to weak prospects in Forest industry and Construction Services business groups.  After the publication of the preliminary guidance, which would have been one of the key worries in the report, we see more room for a positive share price reaction tomorrow.

The key issues in the report will be: 1) Further details of FY09 guidance (on a business division level), 2) Order intake – especially in Forest Industry, and 3) estimated savings from adaptation measures.

In Q4’08, our Forest Industry’s order intake estimate is EUR 42.1m (40% down YoY) and thus Forest Industry’s order book should be roughly EUR 80m at the end of FY08. For the whole group, order book estimate is EUR 570m (down 4% QoQ from EUR 594m). In addition, we are quite positive on Pöyry’s Energy and Infrastructure businesses, even though we see that bigger projects are likely to suffer from financing difficulties. However, a rising interest on energy self-sufficiency (i.e. Russia/Ukraine gas dispute) and governments’ stimulus packages should provide positive momentum also in FY09.

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