Risk-to-Price Commentary: UPM-Kymme Corp.
Standard & Poors, February 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Halfway through the annual reporting season, 161 companies from the S&P Europe 350 Index have announced their fourth-quarter and full-year 2010 earnings results. According to a Bloomberg survey, 61% of those 161 companies reported earnings that exceeded analysts' consensus expectations. In the index's materials sector, 24 out of a total of 33 companies have reported earnings so far. Of the 24 that have reported, 79% beat earnings expectations. The materials sector so far has the second highest proportion of better-than-expected results--following the consumer discretionary sector, with 83% of its companies that have reported better-than-expected results. Analysts polled by Capital IQ expect the European materials sector to post annual aggregated earnings of $43.93 per share for 2010, a 280% increase from...
Companies mentioned in this report are: Lafarge S.A.,Norsk Hydro ASA,BASF SE,Solvay S.A.,Blue Circle Industries PLC,Ciments Francais S.A.,UPM-Kymmene Corp.,Koninklijke DSM N.V.,Stora Enso Oyj,HeidelbergCement AG,HeidelbergCement Finance B.V.,Linde Finance B.V.,ThyssenKrupp AG,Syngenta Finance N.V.,BHP Billiton Finance B.V.,ThyssenKrupp Finance Nederland B.V.,Holcim Finance (Luxembourg) S.A.,ArcelorMittal Finance,Ciba Speciality Chemicals Finance Inc. Luxembourg S.A.,LANXESS Finance B.V.,Xstrata Finance (Canada) Ltd.,BASF Finance Europe N.V.
Lafarge S.A.,Norsk Hydro ASA,BASF SE,Solvay S.A.,Blue Circle Industries PLC,Ciments Francais S.A.,UPM-Kymmene Corp.,Koninklijke DSM N.V.,Stora Enso Oyj,HeidelbergCement AG,HeidelbergCement Finance B.V.,Linde Finance B.V.,ThyssenKrupp AG,Syngenta Finance N.V.,BHP Billiton Finance B.V.,ThyssenKrupp Finance Nederland B.V.,Holcim Finance (Luxembourg) S.A.,ArcelorMittal Finance,Ciba Speciality Chemicals Finance Inc. Luxembourg S.A.,LANXESS Finance B.V.,Xstrata Finance (Canada) Ltd.,BASF Finance Europe N.V.
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