Paper & Pulp Companies- comparison of International vs Domestic
This is an attempt to determine the relative valuation of a group of international players
against a favorite local. Earnings are based on the most recent quarters report, and
where required, currencies have been translated to the US dollar. CA-CL estimated for SPP.
It is quite clear that the domestic favorite, rated Buy/Buy trades at a substantial premium.
It is also interesting that a different analyst follows each stock, and most of the
analysts following the foreign plays recommend caution in light of weaker pulp pricing
in the face of a demand slowdown, but this apparently doesn't concern the IP analyst.
Numbers may be in error, but I tried to get it right<G> MktVal is my estimate of the market
valuation based on reported earnings. Or, EV/Earnings
annualized MarketCap EV MktVal EV/EBITDA Ranking TEV/EBITDA
IP $539,168,000 $18,245,060,000 $27,906,060,000 51.76 Not rptd Buy/Buy 9.2
AMCR $129,076,200 $7,489,200,000 $8,116,100,000 62.88 7.4 Accm/Buy
UPM $934,872,204 $7,419,151,200 $10,249,119,000 10.96 4 Neu/Accum
SPP $323,408,000 $1,919,046,000 $3,219,046,000 9.95 3.1 Neu/Buy 3.4
DTC $382,821,588 $1,491,648,000 $1,874,121,000 4.9 Not Fllwd 2.6
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