UPM (Buy, TP: EUR45.00) - All eyes on Uruguay
We remain well above consensus on 2024–2025e earnings, and with much higher pulp prices directly benefiting the growing pulp business, as well as continued market support for other industries, we see a strong likelihood of consensus being raised following the Q2 report. We have made relatively few changes to our earnings forecasts, and continue to believe the market is being overly cautious about UPM’s attractive low-cost pulp business being heavily tilted to Uruguay. We reiterate our BUY and EUR45 target price.UPM-Kymmene is a global paper and forest products group, mainly engaged in the production of paper, with an emphasis on the manufacture and sale of printing and writing papers. Co.'s operations comprise of these segments: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM Paper ENA, UPM Plywood and Other. UPM Biocomposites, UPM Biochemicals business units and Group services are reported in Other operations. Co.'s activities are centred in European Union countries, North and South America and Asia with production plants in 13 countries.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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