UPM Kymmene (UPMMY) remains a high-conviction, premium play on European forestry, with strong strategic positioning and a robust asset mix. I reiterate a 'Buy' rating with a €29/share price target, reflecting a risk/reward-adjusted annualized upside of 15%, including a near-6% yield. Transformation into biofuels, advanced materials, and international expansion underpins the investment thesis, with 2027–2028E likely to see material upside.

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