Metsä Board Oyj (METSA.HE)

Cash & equivalents declining signals potential liquidity drain. Benjamin Graham would investigate if this is from strategic investments or operational shortfalls.

Declining total liquid assets may signal capital redeployment or liquidity concerns. Howard Marks would investigate the underlying causes.

Net receivables growing more than 5% yoy – potential collection risk if top-line isn't equally strong. Philip Fisher would demand clarity on credit policy vs. revenue gains.

Inventory growth above 5% yoy – potential capital tie-up or excess stock risk. Philip Fisher would demand a correlation with sales growth.

Growth 0-5% – slight uptick. Peter Lynch would see it as generally stable if working capital remains sufficient.

Declining PP&E may indicate underinvestment or asset sales. Seth Klarman would question future capacity constraints.

Intangibles growing over 5% yoy – risk of over-capitalizing IP or acquisitions. Philip Fisher would demand clarity on R&D capitalization or synergy assumptions.

Up to 5% yoy – small intangible increase. Howard Marks would question if synergy or brand value justifies it.

Declining long-term investments may signal strategic refocus. Howard Marks would investigate if this improves capital allocation.

Declining non-current assets may signal asset sales or underinvestment. Howard Marks would investigate future growth implications.

Above 5% yoy – bigger expansions in other assets. Philip Fisher would demand details on these new or intangible holdings.

0-5% yoy – slight growth. Peter Lynch might see it as stable if profitability remains healthy.

AP up over 5% yoy – potential sign of delayed payments or aggressive working capital management. Philip Fisher demands clarity on vendor terms vs. revenue expansion.

Above 5% yoy – possibly heightened near-term obligations. Philip Fisher would check for adequate liquidity or strong cash flows to service these debts.

Declining deferred revenue may signal weaker future sales pipeline. Howard Marks would investigate customer retention and new bookings.

Up to 15% yoy – moderate increase. Howard Marks watches if working capital covers this growth.

Up to 5% yoy – small increase. Howard Marks questions if cash flow comfortably covers new interest.

Declining non-current deferred revenue may signal weaker long-term contract pipeline. Benjamin Graham would investigate business model sustainability.

Up to 20% yoy – a noticeable rise. Howard Marks questions if future tax liabilities might weigh on returns.

Up to 5% yoy – small increase. Howard Marks questions if the firm's cash flow can handle incremental obligations.

Up to 10% yoy – modest increase. Howard Marks questions if incremental liabilities are productive.

Above 5% yoy – more significant share issuance. Philip Fisher demands a strong ROI or else it's dilution.

Declining retained earnings signals net losses or large dividends. Seth Klarman would investigate the sustainability of dividend policy.

Up to 20% yoy – moderate increase. Howard Marks warns these gains can reverse if markets shift.

Declining stockholders equity may signal losses or large distributions. Seth Klarman would investigate the underlying causes and sustainability.

0-3% yoy – small growth. Peter Lynch wonders if expansions are limited or offset by divestitures.

0-5% yoy – slight change. Peter Lynch sees a cautious approach or fewer opportunities.

Above 5% yoy – debt expansion. Philip Fisher demands clarity on whether new debt is productive or just adding leverage.

Above 5% yoy – net debt expansion. Philip Fisher demands clarity on the reason for higher leverage vs. cash.