Solid 1Q for UPM on Energy Rebound and Rising Pulp Prices; Shares Overvalued
No-moat UPM reported a solid first quarter with EBIT of EUR 355 million, up 17% over the prior-year period and ahead of our estimate. However, the stock is trading down, indicating very high market expectations for UPM with the regulatory disruptions in China. EBIT in the energy business nearly doubled over the prior-year period, owing to cold weather in the Nordics driving electricity demand and an 18% increase in average prices for UPM. We adjust our near-term estimates to account for the impr...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.
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