International Paper Likely to Struggle to Achieve Targeted Pulp Synergies; Maintaining $39 FVE
International Paper's full-year results came in below our expectations. Pro forma EBITDA for the newly formed global cellulose fibers segment, which includes IP's legacy pulp business and the assets acquired from Weyerhaeuser, dropped from roughly $480 million in 2015 to $209 million in 2016. Before the fourth-quarter release, it had been difficult to precisely ascertain the performance of that business, since it was commingled with printing papers. Despite high initial hopes, we're now more ske...International Paper is a producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, India and Russia. The company's segments are: Industrial Packaging, which manufactures containerboard, such as linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; Global Cellulose Fibers, which produces fluff pulp for making absorbent hygiene products like baby diapers, feminine care, adult incontinence and other non-woven products; and Printing Papers, which produces printing and writing papers, such as uncoated papers for use in copiers, desktop and laser printers and digital imaging.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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