UPM Reports In-Line Results in 1Q; Shares Overvalued
No-moat UPM reported first-quarter EBIT of EUR 374 million, a 5% increase over the prior-year period. This was broadly in line with our expectations, except for communication papers, where EBIT increased nearly 60% because of significantly higher prices. We don't expect this rebound to continue for long. The decline in demand for paper accelerated in the first quarter. In Europe, the demand for graphic papers decreased 7% compared with 2018, while in North America, demand for magazine papers fel...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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