UPM Q3 Profits Rise on Paper Business Rebound; Shares Overvalued
UPM reported strong third-quarter results, with comparable EBIT increasing 31% year over year, owing largely to a sharp rebound in profitability in the company’s distressed Paper ENA (Europe and North America) segment. The Paper ENA segment benefited from cost-improvement measures and seasonal factors. We’re maintaining our no-moat rating, but increasing our fair value estimate to EUR 13.50 from EUR 12.50 based on increased near-term estimates and the time value of money. Our long-term view rema...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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