UPM 2Q in line with our expectations but second-half outlook stronger; shares overvalued.
No-moat UPM reported second-quarter EBIT of EUR 334 million, a 24% increase over the prior-year period but largely in line with our expectations. Higher prices were the major driver, as price increases more than offset input cost inflation in most divisions. Unlike its major peer, Stora Enso, UPM did not report any significant challenges with wood harvesting due to the warm weather in Europe. This may be due to a lower exposure to Swedish forestland than Stora Enso. The company is bullish on the...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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