State of the North American Pulp & Paper Industry - The Center for ...
State of the North American Pulp & Paper Industry - The Center for ...
State of the North American Pulp & Paper Industry - The Center for ...
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Monthly To otal Sharehold der Return (TS SR) Index<br />
<strong>Industry</strong> Per<strong>for</strong>mance -- Total<br />
Shareholder Returns Still Trail S&P 500<br />
400<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
P&FP Shareholder<br />
Risk <strong>of</strong> P&FP Stocks = Market (Beta = 1.0)<br />
S&P 500 TSR = 10.3% Per Year<br />
Returns Have<br />
P&FP W. Avg TSR = 8.5% Per Year<br />
P&FP Avg. TSR = 7.5% Per Year Trailed S&P 500<br />
L.T. Government Bond = 6.2% Per Year<br />
0<br />
'92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03<br />
S&P Return Index P&FP Company Avg. P&FP Company W. Avg.<br />
Yet -- Stocks<br />
Rebounding With<br />
Overall Market<br />
Investment<br />
Services Don’t<br />
Expect Full P&P<br />
Earnings Rebound<br />
Until 2004<br />
12
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