UPM

Subdued outlook but well placed for recovery

  • Sectors : Paper & Packaging
  • Companies : UPM

Ratings and price correct at time of issue.

  • UPM

    Closing Price: 2906c

  • RATING 17/09/24

  • PREVIOUS RATING 03/04/23

    OUTPERFORM

DAVY VIEW

UPM’s Q3 2024 €291m comparable EBIT was in-line with its October 16th profit warning on weak pulp, label and Asian graphic paper demand. Modelling continued subdued pulp and label demand, our €1,369m 2025E comparable EBIT sits 10% below the street. While awaiting a cyclical recovery in pulp and label demand, UPM offers an appealing over 5% (€1.50/share) dividend yield.

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Oct 29 2024, 15:30 GMT

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