1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
International Paper's first-quarter results came with few surprises. The industrial packaging segment benefited from improved pricing and volumes, while printing papers lagged. We expect rising shipping volumes to remain a tailwind throughout 2021, with paper volumes recovering in the U.S. during the second half of the year. Given that our business outlook remains intact, we have left our $49 per share fair value estimate and no-moat ratings unchanged.
International Paper manufactures packaging products and printing papers. It accounts for roughly one third of the North American corrugated packaging market and about 25% of the uncoated free sheet paper market. Though it has operations in Brazil, Russia, India, and China, more than three fourths of its sales come from North America.
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