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Davy Research

UPM

Subdued outlook but well placed for recovery

Oct 29 2024, 15:30 GMT
Justin Jordan
Company Report
9 page(s)

Sectors : Paper & Packaging

Companies : UPM

Ratings and price correct at time of issue.

UPM

Closing Price: 2906c
RATING 17/09/24
NEUTRAL
PREVIOUS RATING 03/04/23

OUTPERFORM

Person's Name

Justin Jordan

Analyst

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