Strong 4Q for UPM as Pulp Prices Continue to Rise Sharply; Shares Overvalued
No-moat UPM reported a strong fourth quarter with EBIT of EUR 366 million, up 29% over the prior-year period and ahead of our estimate. In addition, market fundamentals remain positive to start 2018. UPM expects healthy demand growth and rising prices to continue for most of its businesses, except UPM Paper Europe and North America. However, the benefits of increased volume and prices are somewhat offset by rising input costs. We expect the first half of 2018 to be stronger than the back end, bu...
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