Cost EfficiencyIncremental cost improvements in UPM's low-cost pulp mills in Uruguay are expected to further drive earnings and margin expansion.
Dividend StrategyUPM's decision to keep its attractive dividend unchanged and initiate the company's first share repurchase program is seen as a vote of confidence in the business model.
Pulp Market ExposureRising pulp prices are identified as a near-term catalyst, with UPM having the biggest exposure to pulp, particularly hardwood pulp, which is expected to see the strongest recovery.