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Davy Research

UPM

Pulp-related profit warning

Oct 17 2024, 07:00 IST/BST
Justin Jordan
Company Report
9 page(s)

Sectors : Paper & Packaging

Companies : UPM

Ratings and price correct at time of issue.

UPM

Closing Price: 2897c
RATING 17/09/24
NEUTRAL
PREVIOUS RATING 03/04/23

OUTPERFORM

Person's Name

Justin Jordan

Analyst

DAVY VIEW

UPM has warned on profits due to weak pulp, label and Asian graphic paper demand. Its €291m Q3 2024e comparable EBIT is a 27% consensus miss. Our revised €1.13bn 2024e comparable EBIT and €1.35bn 2025e comparable EBIT sit c.20-25% below the street. We advocate Finnish pulp mill closures, ideally from both UPM and Stora Enso, to stabilise industry profits.

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Oct 17 2024, 07:00 IST/BST