Our survey of the Winter Olympics powerhouses continues. Next up: Finland.

Nearly a week into the Olympics, you should all be familiar with the countries competing -- at least as far as their sports teams go. But how well do you know the countries behind the teams and the investment possibilities they offer?

In our continuing effort to reveal the Wide World of Investing in the context of the wide world of sports, today we'll take a look at yet another arctic sports powerhouse. That's right, folks, it's once again time to ...

Get to know a country
Today's contestant is Finland, home to exactly one company that everyone in America knows: telecommunications titan Nokia (NYSE:NOK). But did you know that Finland offers not just one, but four (count 'em, four) American Depositary Receipts in which U.S. investors can invest from the comfort of their home computers?

Nokia investors, don't fret -- we'll cover your company in this column, too. But before we do, let's take a quick glance over Finland's other expatriates, currently residing on the New York Stock Exchange.

To preserve continuity with the first article of this series, The Olympics and Investing: The Home Team, I'll be presenting all four of these companies in the original format, giving the company name and its NYSE ticker, the "level" of its ADR (to recap, Level II & Level III ADRs can be viewed as essentially the same from an investor's perspective, both indicating that the firm meets all listing requirements for its U.S. exchange), the number of domestic shares represented by one U.S. ADR, and a short description of the business.

Metso (NYSE:MX)
Level II ADR
1 ADR = 1 common share

At the risk of oversimplifying the business, Metso builds stuff that helps other companies build other stuff. While the firm describes itself as an "engineering company," what Metso really does is manufacture machinery. Machines for paper companies (very big in Finland, as we'll see) and for processing rocks and minerals, for the most part. But the company is also home to a division called "Valmet Automotive," which manufactures specialty cars.

The company isn't consistently profitable; its earnings have veered from very positive to very negative in recent years. This makes computing an accurate earnings growth trend next to impossible. Moreover, its trailing P/E of 17.5 may be overstating the firm's true cash profitability. Reviewing the firm's free cash flow over the past six years, we see that Metso has generated about 128 million euro per annum on average over the past six years, which gives it a price-to-free cash flow ratio of about 32. Metso's measly 1.2% dividend does not improve my opinion of the stock, either.

Stora Enso (NYSE:SEO)
Level II ADR
1 ADR = 1 common share
My opinion of Stora Enso is a bit more optimistic. This firm operates as an internationally integrated paper, packaging, and forest products company. Think of it as a Nordic analog to America's International Paper (NYSE:IP) or Weyerhaeuser (NYSE:WY).

Since it has been unprofitable over the past 12 months, you can't compute Stora Enso's trailing P/E. The company also lacks a trailing free cash flow ratio, because it burned through more than 400 million euro worth of free cash over the past year. However, the paper business is notoriously cyclical; historically, Stora Enso has proven itself capable of generating free cash flow when business conditions permit.

Over the past six years, the firm has averaged about 490 million euro worth of free cash flow per annum, giving it a long-run price-to-free cash flow ratio of about 18. Absent a clear idea of where its profits and free cash flow will be heading in the near future, that's not quite cheap enough to get my attention. But for Fools willing to ride out the paper cycle, the firm will reward your patience with a generous 4% dividend -- which is a whole point better than what either International Paper or Weyerhaeuser will pay you. (On the other hand, both of those companies are profitable today.)

UPM-Kymmene (NYSE:UPM)
Level II ADR
1 ADR = 1 common share
Like Stora Enso, UPM-Kymmene operates in the paper industry. Unlike Stora Enso, UPM's products trend toward the higher end of the quality scale, focusing on the production of magazine paper, newsprint, fine paper, and specialty paper.

Another difference between the two companies: UPM is profitable today and has generated positive free cash flow in each of the past six years. (That said, its cash profitability has declined markedly from historical levels in the past two years.) On average, the company has historically generated a bit less than 650 million euro in annual free cash flow, giving it a long-term price-to-free cash flow (P/FCF) ratio of about 14 -- considerably better than the 55 times free cash flow ratio it sports today, based on trailing free cash flow production.

This business seems to have hit a rough patch, or perhaps is simply navigating the downward reaches of a paper industry cycle. If and when things turn around, I expect that UPM will look attractively priced. For instance, if the firm can achieve the 1 billion euro in free cash flow it generated just six years ago, its P/FCF ratio would plummet into the single digits.

While it awaits that happy day, UPM pays its owners a superior dividend yield of 4.4%.

Nokia
Level III ADR
1 ADR = 1 common share
Little needs to be said about the pride and joy of Finland's economy. Nokia is one of the world's leading manufacturers of both cell phones and the networks that carry their users' voices hither and yon. If you haven't heard of the company, chances are you're still talking on a landline and investing in the inevitable comeback of the rotary phone.

On the valuation front, Nokia's stock has rebounded significantly from its August 2004 lows. It currently sits at a fairly pricey 19 times trailing earnings and 22 times free cash flow, with growth projected to average just 10% over the long term. Personally, although I own Nokia stock, I believe it has bounced about as high as it can, absent better growth prospects. I've been selling off the stock in drips and drabs over the past few months.

Now that I've written about the stock, I'll have to suspend my sales for 10 days, per the Fool's gold-medal disclosure policy. But do I complain? Not at all. The opportunity to present this and the other Finnish Olympic investment contenders to my fellow Fools is more than worth the temporary inconvenience. Also, while I wait, I'll continue enjoying the firm's market-beating 2.5% dividend.

Fool contributor Rich Smith owns shares of Nokia, but of no other company named above.