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Oct 29 2024, 15:30 GMT
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.
Oct 29 2024, 15:30 GMT