Barring an operating profit beat, Stora’s Q1 16 results were marginally behind consensus estimates. This was in contrast with UPM’s, materially ahead of consensus, Q1 performance. Stora’s top-line continued to shrink and reached €2.4bn (-1.8% yoy and -1.7% qoq) – the lowest since Q1 10. Despite the ramp-up at Montes del Plata (MdP) and the start-up of the Varkaus Kraftliner mill in Q4 15, the yoy sales were down due to still weak paper volumes (-6.4%), lower pulp ....