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Research Database
UPM1V.HSE Recommendation Buy
Risk - Target price 16
  Share price 16.16
 
 Company Views - UPM-Kymmene
Estimates updated
Price updated
Page generated
Older estimates		 23.Oct.2003 22:26 (EEST)
6.Nov.2003 23:00 (EET)
7.Nov.2003 03:27 (EET)
 

Analyst: Henry Nurminen, +358 10 236 4709
henry.nurminen@mandatum.fi


Sales per division 2000 2001 2002 2003e 2004e 2005e
1. Magazine Papers 3343.0 3548.0 3577.0 3243.0 3473.9 3543.4
2. Newsprint 1045.0 1058.0 1381.0 1247.0 1322.4 1348.9
3. Fine & Specialty Papers 2390.0 2362.0 2449.0 2270.0 2455.2 2504.3
4. Converting Industry 1272.0 1480.0 1541.0 1383.0 1438.3 1481.5
5. Wood Products Industry 1490.0 1463.0 1489.0 1585.0 1632.6 1665.2
6. Other operations 576.0 489.0 583.0 690.0 703.8 717.9
7. Internal sales -533.0 -482.0 -545.0 -565.0 -576.3 -587.8
 
Total 9583.0 9918.0 10475.0 9853.0 10449.9 10673.3

Ebit per division 2000 2001 2002 2003e 2004e 2005e
(Ebit margin)            
1. Magazine Papers 630.0 598.0 353.0 159.4 239.7 403.9
18.8% 16.9% 9.9% 4.9% 6.9% 11.4%
2. Newsprint 118.0 211.0 170.0 74.5 104.5 153.8
11.3% 19.9% 12.3% 6.0% 7.9% 11.4%
3. Fine & Specialty Papers 404.0 336.0 359.0 248.9 299.5 365.6
16.9% 14.2% 14.7% 11.0% 12.2% 14.6%
4. Converting Industry 61.0 46.0 70.0 57.7 60.4 66.7
4.8% 3.1% 4.5% 4.2% 4.2% 4.5%
5. Wood Products Industry 75.0 27.0 37.0 41.5 62.0 69.9
5.0% 1.8% 2.5% 2.6% 3.8% 4.2%
6. Other operations 272.0 176.0 119.0 120.8 147.8 179.5
47.2% 36.0% 20.4% 17.5% 21.0% 25.0%
 
Total 1560.0 1394.0 1108.0 702.7 914.0 1239.4
16.3% 14.1% 10.6% 7.1% 8.7% 11.6%

Sales growth 2000 2001 2002 2003e 2004e 2005e
 
1. Magazine Papers 31.3% 6.1% 0.8% -9.3% 7.1% 2.0%
2. Newsprint 1.6% 1.2% 30.5% -9.7% 6.0% 2.0%
3. Fine & Specialty Papers 28.6% -1.2% 3.7% -7.3% 8.2% 2.0%
4. Converting Industry 15.8% 16.4% 4.1% -10.3% 4.0% 3.0%
5. Wood Products Industry 14.5% -1.8% 1.8% 6.4% 3.0% 2.0%
6. Other operations -28.2% -15.1% 19.2% 18.4% 2.0% 2.0%
7. Internal sales 42.9% -9.6% 13.1% 3.7% 2.0% 2.0%
 
Total 16.0% 3.5% 5.6% -5.9% 6.1% 2.1%

Growth in Ebit 2000 2001 2002 2003e 2004e 2005e
 
1. Magazine Papers 47.2% -5.1% -41.0% -54.9% 50.4% 68.5%
2. Newsprint 22.9% 78.8% -19.4% -56.2% 40.3% 47.2%
3. Fine & Specialty Papers 103.0% -16.8% 6.8% -30.7% 20.3% 22.1%
4. Converting Industry -26.5% -24.6% 52.2% -17.5% 4.6% 10.4%
5. Wood Products Industry -6.2% -64.0% 37.0% 12.1% 49.6% 12.7%
6. Other operations 205.6% -35.3% -32.4% 1.5% 22.3% 21.4%
 
Total 60.0% -10.6% -20.5% -36.6% 30.1% 35.6%