Strong fourth quarter 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...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.
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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