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STOCK COMPARISON

Lee & Man Paper Manufacturing vs UPM-Kymmene Oyj: Fair Value & Quality

Both stocks run through our valuation models. Here is how Lee & Man Paper Manufacturing (2314) and UPM-Kymmene Oyj (UPM) compare, as of Sep 25, 2026.

As of Sep 25, 2026, Fair Value Calculator sees Lee & Man Paper Manufacturing as the less overvalued of the two: Lee & Man Paper Manufacturing trades at HK$3.46 versus a fair value of HK$3.05 (-12%), while UPM-Kymmene Oyj trades at €25.58 versus €21.04 (-18%).
Lee & Man Paper Manufacturing
2314.HK · HKD · Materials
-12%
upside to fair value
overvalued
PriceHK$3.46
Fair ValueHK$3.05
Quality54/100
UPM-Kymmene Oyj
UPM.HE · EUR · Materials
-18%
upside to fair value
overvalued
Price€25.58
Fair Value€21.04
Quality60/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Lee & Man Paper ManufacturingUPM-Kymmene Oyj
Valuation
7.7×P/E (TTM)25.1×
0.56×P/S (TTM)1.62×
0.49×P/B1.54×
12.8×EV/EBITDA15.2×
0.03×PEG12.89×
−11.7%Fair value upside−17.7%
5.9%Dividend yield5.9%
HK$0.21Dividend per share€1.50
Profitability
7%Operating margin10%
0.42×EBIT margin trend (5Y)0.51×
7%Return on equity5%
2%Return on assets2%
Growth
7%Revenue growth (YoY)-5%
-3.0%Avg. growth/yr (3Y)-6.3%
0.6%Avg. growth/yr (5Y)2.4%
−3.8%Value creation/yr−8.6%
Balance & size
8.8×Interest coverage (EBIT/interest)4.2×
0.46×Debt / equity0.28×
$2BMarket cap$15B
weakGrowth qualityweak

Lee & Man Paper Manufacturing leads: 9 to 4 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Lee & Man Paper Manufacturingof which business quality 53 · market factors 58 UPM-Kymmene Oyjof which business quality 58 · market factors 65
ProfitabilityMargins and returns on capital today
29
26
Quality GrowthAre margins and returns improving?
52
38
CashflowEarnings quality: real cash, not paper profit
49
66
Fin. StrengthBalance sheet, leverage, solvency risk
46
55
InvestmentDisciplined investing over empire-building
79
96
Low VolatilityCalm price path (market factor)
57
90
MomentumPrice trend over the last 3–12 months (market factor)
63
47
52W MomentumDistance to the 52-week high (market factor)
50
65
Net IssuanceShare count: buybacks or dilution?
83
88

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyLee & Man Paper ManufacturingPrice HK$3.46UPM-Kymmene OyjPrice €25.58
DCF Models-22%below the priceHK$2.70-42%below the price€14.71
Earnings-Based-24%below the priceHK$2.64-84%below the price€4.21
Dividend Discount-59%below the priceHK$1.43-37%below the price€16.20
Multiples+60%above the priceHK$5.52-40%below the price€15.45
Asset-Based+37%above the priceHK$4.75-50%below the price€12.71
Growth DCF-18%below the priceHK$2.83-32%below the price€17.31
Economic Profit-15%below the priceHK$2.94-69%below the price€7.88
Growth Earnings+97%above the priceHK$6.80-54%below the price€11.81
Minimum-59%below the priceHK$1.43-84%below the price€4.21
Maximum+97%above the priceHK$6.80-32%below the price€17.31
Median-17%below the priceHK$2.88-46%below the price€13.71
Geometric mean-4%close to the priceHK$3.33-55%below the price€11.55

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Lee & Man Paper Manufacturing: 16 of 25 models see the stock below the current price.

UPM-Kymmene Oyj: 24 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Lee & Man Paper Manufacturing
Price HK$3.46
Fair Value HK$3.05
Bear HK$2.13Bull HK$5.26
UPM-Kymmene Oyj
Price €25.58
Fair Value €21.04
Bear €15.60Bull €25.27

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Lee & Man Paper Manufacturing · Materials

Quality score54 · above median
Fair value upside-12% · above median

UPM-Kymmene Oyj · Materials

Quality score60 · Top 25%
Fair value upside-18% · above median

Bottom line

As of Sep 25, 2026, Fair Value Calculator sees Lee & Man Paper Manufacturing as the less overvalued of the two: Lee & Man Paper Manufacturing trades at HK$3.46 versus a fair value of HK$3.05 (-12%), while UPM-Kymmene Oyj trades at €25.58 versus €21.04 (-18%).

UPM-Kymmene Oyj has the higher quality score (60/100).

Open Lee & Man Paper Manufacturing live analysis →

More comparisons

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.