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UPM-Kymmene

26.48 EUR

+1.49 %

21,482 following

UPM

NASDAQ Helsinki

Paper & Forest Products

Basic Materials

+1.49 %
+1.18 %
+7.38 %
+6.82 %
+20.69 %
+16.34 %
-8.97 %
-17.79 %
+228.01 %

UPM-Kymmene is active in the forest industry. The company currently works with the development of wood biomass and biofuel. The product portfolio is broad and includes, for example, biochemicals, printing materials, paper, and timber. The company has operations on a global level, with the largest presence around the European market. The head office is located in Helsinki.

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Market cap
13.97B EUR
Turnover
47.41M EUR
P/E (adj.) (26e)
17.57
EV/EBIT (adj.) (26e)
15.49
P/B (26e)
1.4
EV/S (26e)
1.66
Dividend yield-% (26e)
5.66 %
Coverage
Recommendation
Reduce
Target price
24.00 EUR
Updated
05.02.2026
Antti Viljakainen
Antti Viljakainen

Head of Research

Latest research

Latest analysis report

Released: 05.02.2026

Revenue and EBIT-%

Revenue B

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
29.4
2026

Interim report Q1'26

23.7
2026

Interim report Q2'26

28.10
2026

Interim report Q3'26

Risk
Business risk
Valuation risk
Low
High
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UPM Q4'25: Den nedadgående trend i estimaterne er endnu ikke vendt
Research by
Antti Viljakainen

UPM Q4'25: Den nedadgående trend i estimaterne er endnu ikke vendt

Det samlede billede af UPM's Q4 resultat var efter vores mening en smule negativt, især hvad angår forventningerne til begyndelsen af året. Vi har yderligere sænket vores estimater en smule efter regnskabsmeddelelsen. Aktien er ikke billig på kort sigt (2026e: P/E 17x), selvom indtjeningen forventes at vende tilbage til vækst i år fra et lavt niveau. Vi gentager derfor vores kursmål på EUR 24,00 og vores Reducér-anbefaling for UPM.

UPM-Kymmene
Forum discussions
It’s quite incredible how companies fear a temporary dividend cut. This year, Stora is distributing almost 200M in dividends while simultaneously taking out a hybrid loan. The dividend should have been withheld to strengthen the balance sheet.
4/9/2026, 9:06 AM
by R. Ankka
50
Dark clouds gather over Joutseno “History in this region has shown that long production stoppages and layoffs are often followed by the closure of the factory.” Metsälehti Käynnistyykö Joutseno vielä? – "Eihän tilanne hyvältä näytä" - Metsälehti Moni pelkää, että Metsä Fibren Joutsenon...
4/2/2026, 6:10 PM
by Aloittelija
15
Can someone explain the logic behind Enso’s actions? 60 million in interest per annum. Indeed, they could have forgone the dividend and perhaps sold a bit of Tornator or Swedish forests and non-core assets instead of taking on an expensive hybrid.
4/10/2026, 6:29 PM
by Janne
14
The question is highly relevant, and I would extend it almost to the 2024 dividend decision. At that time, the balance sheet was at least as tight based on the net debt/EBITDA ratio, which is a financial target and typically a key metric for creditors. The debts will naturally be...
4/10/2026, 5:21 AM
by Antti Viljakainen
9
Here are Viljakainen’s comments on how Stora Enso is considering strengthening its balance sheet with a hybrid bond Stora Enso announced on Wednesday that it is considering issuing a euro-denominated and credit-rated hybrid bond, depending on market conditions. We consider this announcemen...
4/9/2026, 4:49 AM
by Sijoittaja-alokas
9
The potential impact of the Joutseno closure on the pulpwood market is largely already priced into current prices, as it has mostly been shut down for the past year. And UPM’s and SE’s pulp mills have also been operating below capacity. Still, pulpwood prices are 20-25% higher than...
4/7/2026, 8:45 AM
by Logitech
5
And down in orders. Yle Uutiset – 10 Apr 26 Paperiteollisuuden tilaukset sakkasivat helmikuussa Uutiset nopeasti ja luotettavasti. In the paper and board products sector, the value of orders decreased by over 10 percent.
4/10/2026, 6:57 AM
by Lutuuri
4
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