Documente Academic
Documente Profesional
Documente Cultură
Quote
Analysis
Insiders
22 Performance
24 Financials
27 Valuation / Estimates
29 Key Ratios
32 Ownership
Page 1 of 37
International Paper Co IP
Last Price
Day Change
Open Price
Day Range
52-Week Range
Proj. Yield
Market Cap
Volume
Avg Vol.
Forward P/E
P/B
P/S
P/CF
$ 50.62
]0.32 | 0.64 %
$ 50.92
50.44-51.10
43.05-51.98
3.16
21.62 bil
3.0 mil
3.4 mil
12.34
2.87
0.77
8.1
Dividends
Declared Date
Ex-Dividend Date
Latest Indicated Dividend Amount
Projected Yield
60.00
40.00
09/09/2014
11/13/2014
0.40
3.16 %
20.00
2014
Morningstars Take
International Paper has transformed from a business
with 12 operating units in 2005 to just three today. Over
the past decade, it has shed more than $11 billion worth
of timberland...
$ 48.00
$ 28.80
$ 74.40
High
Narrow
Exemplary
C
C
BBB
Stock
Ind Avg
25.1
2.9
0.8
4.9
29.4
5.5
3.1
2.8
12.4
1.2
18.8
3.2
0.9
8.6
20.4
7.9
4.6
4.3
17.7
1.4
Type
Amount
08/13/2014
05/21/2014
02/12/2014
11/13/2013
Cash Dividends
Cash Dividends
Cash Dividends
Cash Dividends
0.3500
0.3451
0.3451
0.3451
Purchase Options
Direct Investment
Dividend Reinvestment Plan
Relative to Industry
Price
% Chg
TTM Sales
$ mil
$50.62
$41.49
$9.84
$64.43
$36.25
$44.17
0.64 ]
0.63 ]
-4.28 [
1.79 ]
2.95 ]
2.55 ]
28,882
9,547
9,547
8,573
7,726
5,477
4.1
Total Analysts: 7
Avg
Financials
Annual
Quarterly
Income Statement
2013-12
2012-12
2011-12
2014-06
2013-06
Revenue
Operating Income
Net Income
Earnings Per Share
Shares Outstanding
29,080
2,188
1,395
3.11
448
27,833
1,891
794
1.80
440
26,034
2,217
1,341
3.07
437
7,213
313
161
0.37
432
7,335
518
259
0.57
448
9,025
22,503
31,528
5,127
23,423
8,105
8,905
23,248
32,153
4,998
25,849
6,304
10,456
16,537
26,993
4,738
20,373
6,620
8,751
22,051
30,802
5,393
23,280
7,522
9,268
23,277
32,545
5,677
25,838
6,707
Balance Sheet
5.0
Buy
3.0
Hold
1.0
Sell
Ownership
Fund Owners
Current Assets
Non Current Assets
Total Assets
Current Liabilities
Total Liabilities
Stockholders' Equity
Yes
Yes
Competitors
Name
International Paper Co
Amcor Ltd ADR
Amcor Ltd
Ball Corp
Sealed Air Corp
MeadWestvaco Corp
Key Stats
Price/Earnings TTM
Price/Book
Price/Sales TTM
Rev Growth (3 Yr Avg)
Net Income Growth (3 Yr Avg)
Operating Margin % TTM
Net Margin % TTM
ROA TTM
ROE TTM
Debt/Equity
Star
Rating
% Shares
Held
% Total
Assets
1.87
0.45
1.73
1.18
1.63
0.09
1.47
1.01
1.26
1.19
% Change
TTM
% Shares
Outstanding
John V. Faraci
Timothy S. Nicholls
Carol L. Roberts
Mark S. Sutton
Mary A. Laschinger
-194,397
19,021
-90,561
19,407
-35,352
0.33
0.05
0.05
0.04
0.04
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 2 of 37
International Paper Co IP
Last Price
Day Change
Open Price
Day Range
52-Week Range
Proj. Yield
Market Cap
Volume
Avg Vol.
Forward P/E
P/B
P/S
P/CF
$ 50.62
]0.32 | 0.64 %
$ 50.92
50.44-51.10
43.05-51.98
3.16
21.62 bil
3.0 mil
3.4 mil
12.34
2.87
0.77
8.1
Cash Flow
3,028
-1,198
1,830
2,967
-1,383
1,584
2,675
-1,159
1,516
529
748
529
748
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 3 of 37
International Paper Co IP
Quote
Stock Type
Morningstar Rating TM
Cyclical
50.62
$ 48.00
QQQ
Industry Classification
NAICS
SIC
ISIC
Business Description
Folding Paperboard Box Manufacturing (322212)
Folding Carton and Set-up Box Industry (2731);Folding Paperboard Boxes, Including
Sanitary (2657)
Manufacture of Corrugated Paper and Paperboard and of Containers of Paper and
Paperboard (1702)
Operation Details
Fiscal Year Ends
CIK
Year Established
Employees (12/31/2013)
Full Time
Part Time
Auditor (12/31/2013)
Legal Advisor (02/27/2012)
Key Executives
2014-12-31
51434
69,000
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
4.0Mil
21.6Bil
0.9Bil
28.9Bil
Consumer Cyclical
Packaging & Containers
4 Large Core
Yes
Yes
Page 4 of 37
International Paper Co IP
Quote
Stock Type
Morningstar Rating TM
Cyclical
50.62
$ 48.00
QQQ
Industry Peers
Morningstar
Rating
Market
Cap $Mil
Net
Income $Mil
P/S
P/B
P/E
Dividend
Yield%
5 Yr Rev
CAGR%
Med Oper.
Margin%
Interest
Coverage
21,615
12,516
11,873
8,919
7,685
884
564
564
486
197
0.8
1.3
1.3
1.1
1.0
2.9
6.6
6.2
7.4
5.4
25.1
19.6
18.6
19.3
45.5
2.8
3.8
3.9
0.8
1.4
3.2
2.6
2.6
2.3
9.7
6.8
6.0
6.0
9.7
7.8
5.0
5.0
4.2
1.5
7,441
7,323
7,091
6,658
5,450
861
502
497
423
203
1.4
0.8
1.4
0.7
0.9
2.1
1.6
4.8
24.6
2.6
20.8
14.9
14.1
15.6
12.0
2.3
1.4
2.2
-4.1
27.5
9.2
0.8
-3.1
6.6
7.6
12.9
10.1
10.6
2.4
7.6
3.4
4.6
0.5
0.6
1.7
19.3
0.8
5,395
4,733
4,249
4,138
4,056
203
257
128
239
183
0.9
0.9
0.6
0.9
1.6
2.5
1.6
2.5
2.4
2.7
11.9
29.3
28.0
17.7
23.1
4.1
3.0
3.1
1.7
-3.1
2.4
-2.4
3.3
4.0
10.6
8.0
11.0
7.2
11.3
4.6
2.4
2.4
6.1
13.9
0.8
1.3
1.4
0.5
0.2
3,966
3,842
3,841
3,262
3,212
94
225
140
150
239
0.9
0.8
0.6
1.6
1.2
3.6
2.3
2.1
3.2
11.3
43.1
17.6
16.8
26.4
13.7
2.8
4.0
0.9
4.2
1.9
5.9
13.9
9.7
4.3
6.9
7.6
4.4
10.4
13.2
5.7
5.1
6.7
10.0
1.8
0.9
0.7
0.6
2.2
3,117
3,057
2,754
2,445
2,396
175
59
111
1,240
114
0.8
0.6
0.9
1.4
0.5
4.1
-23.0
2.5
3.7
1.9
17.9
53.5
19.6
20.2
21.0
1.2
3.5
4.8
2.1
3.0
2.4
5.0
0.7
-0.2
2.8
9.2
4.9
5.9
10.0
7.8
3.9
0.6
0.5
1.0
2,357
2,356
2,158
2,103
2,020
1,971
257
1,240
114
43
1.8
0.5
1.2
0.5
4.8
5.1
0.8
3.2
1.7
2.4
38.9
14.6
17.8
18.4
45.9
1.3
2.2
3.1
3.8
1.2
13.7
2.4
-0.2
2.8
-0.4
8.2
8.0
10.0
7.8
26.2
Mayr-Melnhof Karton AG
Winpak Ltd
RPC Group PLC
Intertape Polymer Group Inc
Veritiv Corp
2,003
1,732
1,571
891
721
128
75
28
91
244
0.8
2.3
0.8
1.2
0.2
1.5
3.0
3.6
3.6
1.7
12.4
22.8
19.9
10.0
2.5
0.4
2.9
6.9
6.3
1.2
8.7
14.6
6.4
3.6
1.0
433
155
139
83
35
424
10
4
4
1
0.9
1.1
0.7
3.3
0.2
0.8
1.7
2.1
1.9
0.3
8.9
15.4
37.0
19.1
21.7
4.7
3.8
4.8
1.1
12.9
22.2
12.4
6.8
21.1
6.9
8.1
108.6
4.1
34
25
11
10
0
0
-20
-58
-4
-1
7.5
0.2
0.1
-24.4
0.2
0.3
-0.1
-875.9
-5.2
-0.6
-2.7
-23.9
-5.8
-0.0
-33.3
2.8
3.0
5.6
20.6
8.5
18.2
7.5
5.9
108.6
10.3
24.5
0.2
0.1
0.1
-33,264.2
-9.9
0.0
International Paper Co
Amcor Ltd
Amcor Ltd
Ball Corp
Sealed Air Corp
QQQ
MeadWestvaco Corp
Rock-Tenn Company
Packaging Corp of America
Crown Holdings Inc
REXAM PLC
QQQ
QQQQ
QQQ
QQQ
REXAM PLC
Smurfit Kappa Group PLC
Owens-Illinois Inc
Sonoco Products Co
AptarGroup, Inc.
QQQQ
QQQ
QQQ
QQQ
QQQ
QQQQ
QQQ
QQQ
2
331
9
25
15,498
-90
4.1
2.5
6.5
-7.4
10.8
98.7
19.9
1.6
3.6
2.7
9.6
526.3
2.5
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
2.4
3.9
2.3
D/E
1.2
1.5
1.5
2.6
2.9
0.7
1.3
0.5
1.0
0.3
0.1
4,350.7
6.8
6.5
11.9
1.0
0.6
0.8
0.3
0.0
0.4
0.0
0.0
0.9
0.2
Page 5 of 37
International Paper Co IP
Quote
Stock Type
Morningstar Rating TM
Cyclical
50.62
$ 48.00
QQQ
Industry Peers
Morningstar
Rating
Market
Cap $Mil
Net
Income $Mil
28
0
-2
56
Kmbi Corp
Uflex Ltd
Teckwah Industrial Corp Ltd
Cardia Bioplastics Ltd
New Toyo International Holdings Ltd
-1,041
2,225
11
-2
16
P/S
P/B
1.7
0.8
4.5
0.4
0.5
0.7
13
0
-3
0.3
9.4
0.5
5
-66
12
-1
-2
0.4
0.2
1.9
0.2
0.0
0.0
441
0.9
3.2
3,775
5 Yr Rev
CAGR%
Med Oper.
Margin%
Interest
Coverage
D/E
6.3
7.0
6.4
5.9
-97.3
13.1
6.8
-14.3
-321.5
1.0
0.0
1.3
0.4
0.5
0.2
5.1
1.2
5.4
8.0
-97.3
8.7
2.9
8.7
-4.4
3.7
0.0
-361.3
16.6
-2.3
0.1
0.8
0.2
4.2
7.8
9.3
69.5
5.9
5.2
7.4
-8.8
-23,581.6
10.7
1.4
1.8
0.3
0.2
12.7
1.5
7.2
-849.7
83.0
1.4
0.8
22.4
2.6
128
Dividend
Yield%
-2.3
Mayr-Melnhof Karton AG
ThermaFreeze Products Corp
Hung Hing Printing Group Ltd
Radva Corp
Conforce international Inc
Industry Average
P/E
0.3
8.8
12.7
2.8
3.4
10.0
17.5
18.8
1.8
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
72.4
-321.5
18.6
0.1
Page 6 of 37
International Paper Co IP
Analysis
Analyst Note | 09 Sep 2014 | Todd Wenning, CFA, Stock
Analyst
expensive, but given the old business model's inability to sustainably generate returns above its
cost of capital, we think such a move was necessary and believe the new model will increase
shareholder value. IP has done a fantastic job integrating the Temple-Inland acquisition, with realized synergies well ahead of expectations, and its
industry-leading EBITDA margins speak to the
company's ability to efficiently run a large mill network. The other half of IP's business, which includes legacy printing papers and consumer packaging, requires more of management's attention
as each segment has a unique set of challenges.
While more than three fourths of IP's revenue
comes from the United States, the company also
has paper operations or investments in each of the
BRIC countries and in Eastern Europe. The jewel of
IP's emerging-market investments is its joint venture with Ilim, the largest pulp and paper company
in Russia. Ilim has two pulp mills in Siberia that
provide daily rail deliveries into China, the country
with the world's biggest fiber deficit. Despite the
strong uncoated free sheet paper demand in emerging markets, we believe those regions will also
increasingly adopt digital forms of communication.
This is likely to shorten the emerging-market UFS
growth phase, though that growth phase could
nevertheless continue for another five or more
years.
Economic MoatTM | 02 Jul 2014
International Paper has transformed from a business with 12 operating units in 2005 to just three
today. Over the past decade, it has shed more than
$11 billion worth of timberland and noncore businesses and strengthened its position in industrial
packaging by acquiring Weyerhaeuser's packaging division in early 2008 and Temple-Inland in
2012. These acquisitions have resulted in IP having an approximate one-third share of the North
American containerboard industry, compared with
19% for its closest competitor, Rock-Tenn. IP's
massive corporate restructuring has been bold and
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 7 of 37
International Paper Co IP
Analysis
Risk | 02 Jul 2014
We have a high uncertainty rating for International Paper. Now that IP has acquired its way to becoming the largest containerboard player by a
wide margin, it must strike a profitable balance
between production and capacity in an industry
that competes largely on price. Moreover, containerboard mills have high fixed costs and require
utilization rates near 100% to spread out the fixed
costs; in periods of economic decline, then, containerboard producers are faced with the difficult
choice between running mills and realizing lower
margins, or idling mills to better match supply and
demand. In such a situation, the larger producers
often bear most of the industry's burden when it
comes to taking downtime, as smaller competitors
are more able to maintain their prerecession levels
of mill utilization. If the containerboard industry is
able to introduce additional price increases in the
absence of higher input costs, containerboard producers could have the upper hand in future pricing
events and efficient scale could, in fact, be
present. We may be underestimating this opportunity.An accelerated decline in UFS demand
would hurt not only the printing papers segment,
but also IP's industrial packaging and distribution
businesses, since boxed paper shipments make up
approximately 20% of the end uses for corrugated
packaging. If recycled fiber prices fall materially
(unlikely in our estimation), IP's relative position on
the cost curve could diminish, given that 65% of
its North American containerboard fiber supply is
fiber with the balance in recycled. Some peers
have a higher exposure to recycled fiber and would
benefit from this trend. Finally, should political
tensions between Russia and the U.S. escalate,
IP's large investment in the Siberia-based Ilim joint
venture could be at risk.
Management | 09 Sep 2014
We assign International Paper an Exemplary stewardship rating, supported by the company's tremendously successful transformation over the past
decade. Our stewardship rating focuses on how
well management teams have played the hand
they were dealt, and we believe IP worked a minor
ent with decades of experience, so we would anticipate future leadership changes to promote internal candidates and transitions to be relatively
smooth. IP executives' bonuses are tied to free
cash flow, return on investment, and total shareholder return metrics, which we consider appropriate, and we're encouraged that 87% of the CEO's
target compensation is at risk. We think shareholder capital is in good hands with the IP
team.One slight negative point that we take with
IP's management is the frequent use of restructuring charges, which can be very large in some
years. While frequent restructuring charges are
reasonable in industries facing secular declines
(office paper, for example), we would like to see
management include results with and without restructuring charges when making comparisons
with competitors and prior periods.
Bulls Say
With the acquisition of Temple-Inland, IP established a dominant market share lead in corrugated
packaging that brings scale advantages versus
competitors and more stable profit margins.
IP has paper and packaging operations in each of
the BRIC countries, which could fuel top- and bottom-line growth in the medium term.
A rebound in U.S.-based manufacturing will
provide a tailwind to IP's industrial packaging segment.
Bears Say
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 8 of 37
International Paper Co IP
Analysis
Overview
International Paper Co
Amcor Ltd ADR
Amcor Ltd
Ball Corp
Sealed Air Corp
MeadWestvaco Corp
Price
% Chg
TTM Sales
$ mil
$50.62
$41.49
$9.84
$64.43
$36.25
$44.17
0.64 ]
0.63 ]
-4.28 [
1.79 ]
2.95 ]
2.55 ]
28,882
9,547
9,547
8,573
7,726
5,477
Analyst
Price 10-31-2014
Fair Value Estimate
Uncertainty
Consider Buy
Consider Sell
Economic Moat
Stewardship Rating
50.62 USD
48 USD
High
28.8 USD
74.4 USD
Narrow
Exemplary
Quantitative
Price 10-31-2014
Quantitative Fair Value
Quantitative Uncertainty
Quantitative Moat
As of 10-31-2014
50.62 USD
47.85 USD
Low
Narrow
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 9 of 37
International Paper Co IP
Insiders
Total Executive Compensation
38.75 mil
36.15 mil
48.00
29.01 mil
2010
2011
2012
$26,140,662
36.41 %[
32.00
26.14 mil
2009
Total Compensation
1-Year % Change
2013
CEO Compensation
Stock Return
Revenue
Return on Equity
Net Income
1-Year % Change
-22.81%
26.2%
4.48%
57.91%
75.69%
Stock Price
60.00
30.00
2009
2010
2011
2012
2013
Total Return
80.0
0
2009
2010
2011
2012
2013
Revenue
0.00
-1.00
2009
2010
2011
2012
2013
Return of Equity
0.00
-1.00
2009
2010
2011
2012
2013
Net Income
0.00
-1.00
2009
2010
2011
2012
2013
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 10 of 37
International Paper Co IP
Insiders
Key Executive Compensation
Key Executive Compensation
Salary
Bonus
Annual Other Income
Restricted Stock Award
Securities Options
LTIP Payout
Non-Equity Compensation
Other Compensation
Total
John V. Faraci / Chairman of the Board and Chief Executive Officer
Salary
Bonus
Annual Other Income
Restricted Stock Award
Securities Options
LTIP Payout
Non-Equity Compensation
Other Compensation
Total
Carol L. Roberts / Senior Vice President and Chief Financial Officer
Salary
Bonus
Annual Other Income
Restricted Stock Award
Securities Options
LTIP Payout
Non-Equity Compensation
Other Compensation
Total
Mark S. Sutton / Senior Vice President, Industrial Packaging
2009
2010
2011
2012
2013
2,348,100
0
0
3,403,149
0
0
4,307,400
821,307
2,637,725
0
0
10,835,820
0
0
4,106,300
849,566
3,278,875
0
0
14,814,582
0
0
4,865,000
644,932
3,406,000
0
0
14,659,207
0
0
3,341,100
622,644
4,069,375
0
0
16,750,068
0
0
3,951,300
591,444
17,519,615
26,375,694
30,847,842
32,363,037
26,140,662
2009
2010
2011
2012
2013
1,261,400
0
0
2,397,230
0
0
2,727,400
683,576
1,308,725
0
0
7,424,073
0
0
2,250,000
652,395
1,374,375
0
0
9,001,717
0
0
2,500,000
335,563
1,391,000
0
0
8,852,190
0
0
1,784,500
368,908
1,435,250
0
0
9,013,707
0
0
1,874,300
357,653
12,195,181
17,181,113
16,407,713
16,427,291
12,680,910
2009
2010
2011
2012
2013
541,700
0
0
471,417
0
0
800,000
85,763
679,000
0
0
1,604,367
0
0
1,073,500
58,619
694,750
0
0
1,994,330
0
0
865,000
110,932
720,000
0
0
2,021,011
0
0
618,000
102,091
720,000
0
0
2,057,931
0
0
633,000
91,301
2,867,959
5,012,572
5,365,452
6,206,159
3,502,232
2009
2010
2011
2012
2013
Salary
Bonus
Annual Other Income
Restricted Stock Award
Securities Options
LTIP Payout
Non-Equity Compensation
Other Compensation
514,750
0
0
1,534,923
0
0
675,000
45,071
585,000
0
0
1,764,995
0
0
526,100
85,825
628,875
0
0
1,797,184
0
0
577,000
58,008
Total
3,858,691
4,814,971
3,477,112
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 11 of 37
International Paper Co IP
Insiders
Timothy S. Nicholls / Senior VicePresident, Printing and
Communications Papers and IP Brazil
Salary
Bonus
Annual Other Income
Restricted Stock Award
Securities Options
LTIP Payout
Non-Equity Compensation
Other Compensation
Total
Tommy S. Joseph / Senior Vice President, Manufacturing,
Technology, EHS&S and Global Sourcing
2009
2010
2011
2012
2013
545,000
0
0
534,502
0
0
780,000
51,968
650,000
0
0
1,807,380
0
0
782,800
138,552
695,000
0
0
2,283,612
0
0
825,000
153,366
710,000
0
0
2,021,011
0
0
412,500
65,820
710,000
0
0
2,057,931
0
0
434,000
66,225
2,456,475
4,182,009
5,215,986
4,914,616
3,276,892
2009
2010
2011
2012
2013
Salary
Bonus
Annual Other Income
Restricted Stock Award
Securities Options
LTIP Payout
Non-Equity Compensation
Other Compensation
575,250
0
0
1,823,315
0
0
433,000
18,257
Total
3,203,516
A publicly-traded company is only required to disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a given year. Information about
compensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 12 of 37
International Paper Co IP
Insiders
Weekly Insider Transactions
555,915
Buy
Acquisition (Non-open Mkt)
277,958
Option Exercise
Sell
-277,958
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Stock Price
60.00
30.00
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Total Return
10.0
0
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Revenue
0.00
-1.00
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Return of Equity
0.00
-1.00
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Net Income
0.00
-1.00
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Oct
Page 13 of 37
International Paper Co IP
Insiders
Transaction History
Date *
Name
Title
Transaction
Shares
Value
10/01/2014
10/01/2014
09/16/2014
09/15/2014
09/12/2014
Ray G. Young
John V. Faraci
William P. Hoel
William P. Hoel
Sharon R. Ryan
Independent Director
Chairman of the Board
senior vice president, Container The Americas
senior vice president, Container The Americas
Senior Vice President, General Counsel and Corporate Secretary
Acquisition
Sale at 47.388 per share.
Sale at 49.278 per share.
Sale at 50.05 per share.
Sale at 49.624 per share.
3,230
40,000
10,000
10,000
3,000
0
1,895,528
492,783
500,500
148,872
09/03/2014
Timothy S. Nicholls
20,000
976,800
09/02/2014
08/26/2014
07/01/2014
07/01/2014
John V. Faraci
Sharon R. Ryan
William P. Hoel
John V. Faraci
40,000
2,000
10,000
30,000
1,936,064
95,482
510,000
1,524,945
06/30/2014
06/11/2014
06/06/2014
06/05/2014
06/02/2014
William P. Hoel
C. Cato Ealy
Mary A. Laschinger
Thomas G. Kadien
John V. Faraci
10,000
10,000
20,000
22,000
30,000
500,000
481,565
957,802
1,051,316
1,419,297
05/14/2014
05/14/2014
05/13/2014
05/13/2014
05/13/2014
Carol L. Roberts
Carol L. Roberts
Ahmet Dorduncu
J. Steven Whisler
William G. Walter
Gift
Gift
Acquisition
Acquisition
Acquisition
21,100
21,100
2,910
6,072
2,910
0
0
136,013
283,805
136,013
05/13/2014
05/13/2014
05/13/2014
05/13/2014
05/13/2014
John F. Turner
Stacey J. Mobley
Ilene S. Gordon
John L. Townsend
Joan E. Spero
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Acquisition
Acquisition
Acquisition
Acquisition
Acquisition
2,910
2,910
5,537
2,910
5,323
136,013
136,013
258,799
136,013
248,797
* Date represents the date on which the insider initiated the transaction
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 14 of 37
International Paper Co IP
Insiders
Holding Summary
Name
Title
TTM Change %
Shares Outstanding %
Market Value
3,194,390
1,388,644
213,306
-9.49%
-12.28
9.79
0.74%
0.33%
0.05%
160,677,817
69,848,793
10,729,291
208,420
-30.29
0.05%
10,483,526
177,835
171,629
152,224
146,420
12.25
-17.08
-13.4
-1.21
0.04%
0.04%
0.04%
0.03%
8,945,100
8,632,938
7,656,867
7,364,926
134,576
6.86
0.03%
6,769,172
127,980
-34.98
0.03%
6,437,394
101,251
-22.78
0.02%
5,092,925
96,408
70,071
-25.47
0
0.02%
0.02%
4,849,322
3,524,571
David J. Bronczek
Director
Senior Vice President and President, xpedx
senior vice president, Container The Americas
Senior Vice President, Manufacturing, Technology,
EHS&S and Global Sourcing
Senior Vice President, General Counsel and Corporate
Secretary
Senior Vice President, Consumer packaging and IP
India
Senior Vice President, Human Resources and
Communications
Senior Vice President, Corporate Development
Senior Vice President and President, IP Europe, Middle
East, Africa and Russia
Independent Director
53,560
8.33
0.01%
2,694,068
Stacey J. Mobley
John L. Townsend
Terri L. Herrington
Ilene S. Gordon
Ahmet Dorduncu
Independent Director
Independent Director
Vice President, Finance and Controller
Independent Director
Independent Director
42,376
39,714
29,617
15,942
13,571
9.17
7.91
-20.94
57.47
27.3
0.01%
0.01%
0.01%
0%
0%
2,131,512
1,997,614
1,489,735
801,882
682,621
John F. Turner
Ray G. Young
Jay L. Johnson
Joan E. Spero
William G. Walter
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
10,846
0
0
0
0
39.39
0
0
0
0
0%
0%
0%
0%
0%
545,553
0
0
0
0
3,194,390
-9.49%
0.74%
160,677,817
Sharon R. Ryan
Thomas G. Kadien
Paul J. Karre
C. Cato Ealy
Jeanmichel Ribieras
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 15 of 37
International Paper Co IP
Insiders
Key Executive
Timothy S. Nicholls, 52
imothy S. Nicholls was named senior vice president, industrial packaging effective November 1, 2014.
Senior Vice President, Printing and Communications Papers of Currently, he is senior vice president, printing and communications papers-the Americas. Nicholls'
the Americas
Since:2005
previous positions included senior vice president and chief financial officer, vice president of finance, and
vice president and CFO, IP Europe. He has been with International Paper since 1991.
Carol L. Roberts, 54
Mary A. Laschinger, 53
William P. Hoel, 57
Tommy S. Joseph, 54
Sharon R. Ryan, 54
Carol L. Roberts, 54, senior vice president and chief financial officer since November 2011. Ms. Roberts
previously served as senior vice president - industrial packaging from 2008 until 2011 and senior vice
president - IP packaging solutions from 2005 until 2008. Ms. Roberts serves on the board of directors of
Alcoa Inc. and Ilim Holding S.A., a Swiss holding company in which International Paper holds a 50%
interest, and of its subsidiary, Ilim Group. Ms. Roberts joined International Paper in 1981.
Mary A. Laschinger, 53, senior vice president since 2007 and president - xpedx since January 2010. Ms.
Laschinger previously served as president - IP Europe, Middle East, Africa and Russia from 2005 until
2010. Ms. Laschinger joined International Paper in 1992. Ms. Laschinger serves on the board of directors
of the Kellogg Company.
William P. Hoel, 57, senior vice president, Container The Americas, since February 2012. Mr. Hoel
previously served as vice president, Container The Americas, from 2005 until 2012, senior vice president,
corporate sales and marketing, from 2004 until 2005, and vice president, Wood Products, from 2000 until
2004. Mr. Hoel joined International Paper in 1983.
Tommy S. Joseph, 54, senior vice president - manufacturing, technology, EHS&S and global sourcing since
January 2010. Mr. Joseph previously served as senior vice president - manufacturing, technology, EHS&S
from February 2009 until December 2009, and vice president - technology from 2005 until February 2009.
Mr. Joseph is a director of Ilim Holding S.A., a Swiss Holding Company in which International Paper holds
a 50% interest, and of its subsidiary, Ilim Group. Mr. Joseph joined International Paper in 1983.
Sharon Ryan joined International Paper in 1988 as an attorney in the Land and Timber/Forest Products
Division. In 1992, she was named vice president and general counsel of Masonite Corporation, an
International Paper subsidiary. In 1997, Sharon was named general counsel - Building Materials Group,
adding Wood Products and Decorative Products to her Masonite responsibilities. She became general
counsel of Consumer Packaging and Corporate Sales & Marketing in 2000, and, in 2005, expanded her
responsibilities to include IP's Papers businesses and Wood Products business. Sharon was promoted to
associate general counsel - Corporate Law in 2006, and, in 2009, assumed the additional role of Chief
Ethics and Compliance Officer. She was appointed vice president in February 2011 and, in May 2011, was
also named acting general counsel and corporate secretary. Sharon was promoted to senior vice
president, general counsel and corporate secretary November 1, 2011. Prior to joining International Paper,
she was a real estate attorney with Baker, Smith & Mills in Dallas, Texas. She received her undergraduate
degree from George Washington University in 1981. In 1985, she received her JD degree from Boston
College Law School where she was an editor for the Boston College Law Review.
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 16 of 37
International Paper Co IP
Insiders
Key Executive
Thomas G. Kadien, 57
Paul J. Karre, 61
Thomas G. Kadien, 57, senior vice president - consumer packaging and IP Asia since January 2010. Mr.
Kadien previously served as senior vice president and president - xpedx from 2005 until 2009. Mr. Kadien
joined International Paper in 1978. Mr. Kadien serves on the board of directors of The Sherwin-Williams
Company.Thomas G. Kadien was named senior vice president, human resources, communications and
global government relations along with current responsibilities for supply chain and IP India, effective
November 1.
Paul J. Karre, 61, senior vice president - human resources and communications since May 2009. Mr. Karre
Senior Vice President, Human Resources and Communications previously served as vice president - human resources from 2000 until 2009. Mr. Karre joined International
Since:2000
Paper in 1974. Paul J. Karre, senior vice president, human resources and communications, will retire,
effective November 1 2014.
C. Cato Ealy, 57
C. Cato Ealy, 57, senior vice president - corporate development since 2003. Mr. Ealy is a director of Ilim
Holding S.A., a Swiss holding company in which International Paper holds a 50% interest, and of its
subsidiary, Ilim Group. Mr. Ealy joined International Paper in 1992.
Jeanmichel Ribieras, 51
Jean-Michel Ribieras, 51, senior vice president and president - IP Europe, Middle East, Africa and Russia
Senior Vice President and President, IP Europe, Middle East, since June 2013. Mr. Ribieras previously served as president - IP Latin America from 2009 until 2013. Mr.
Africa and Russia
Since:2009
Ribieras is a director of Ilim Holding S.A., a Swiss holding company in which International Paper holds a
50% interest, and of its subsidiary, Ilim Group. Mr. Ribieras joined International Paper in 1993.
Terri L. Herrington,
W. Michael Amick,
Rampraveen Swaminathan,
Glenn R. Landau,
Terri Herrington, has been appointed Vice President, Controller, effective January 31, 2011. Ms.
Herrington joined the Company in November 2007 and served as Vice President, Audit, until May 2009
when she assumed her current role as Vice President, Finance, Consumer Packaging. Prior to joining the
Company she was Director of Audit for BP plc in London.
W. Michael Amick, Jr., was elected senior vice president, N.A. papers, pulp and consumer packaging,
effective November 1, and will report to Sutton. Currently he serves as International Paper vice president
and president, IP India, and as executive chairman, International Paper APPM Limited. Prior to his role in
India, Amick was vice president and general manager for the coated paperboard business. He has been
with International Paper since 1990.
Rampraveen Swaminathan was named president, IP India, effective November 1, and will report to
Kadien. Currently, Swaminathan serves as IP vice president and managing director of IP APPM.
Swaminathan was appointed a director of International Paper APPM Limited in January, 2012 and also as
managing director and CEO of the company in March 2012.
Glenn R. Landau was elected International Paper senior vice president, effective November 1, and will
continue as president, IP Latin America, with responsibilities for operations in Brazil, and will report to
Sutton. Since 2013, Landau has served as International Paper vice president and president, IP Latin
America. Previously, he served as vice president, investor relations, and as vice president and general
manager, containerboard and recycling. He has been with the company since 1991.
Board of Directors
John V. Faraci, 64
John V. Faraci, 64, chairman and chief executive officer of International Paper, since November 2003.
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 17 of 37
International Paper Co IP
Insiders
Chairman of the Board
Since:2003
Earlier in 2003, he was elected president of International Paper, and he previously served as executive
vice president and chief financial officer from 2000 to 2003. From 1999 to 2000, he was senior vice
president - finance and chief financial officer. From 1995 to 1999, he was chief executive officer and
managing director of Carter Holt Harvey Ltd., a former majority-owned subsidiary of International Paper
located in New Zealand. Mr. Faraci is a member of the Council on Foreign Relations and is a member of
the board of directors of United Technologies Corporation, PPG Industries, Inc. and the National Fish and
Wildlife Foundation. He also serves on the board of the Moscow School of Management and is a member
of the U.S. - Brazil CEO Forum. He is a trustee of Denison University and The American Enterprise Institute.
Director since February 11, 2003. John V. Faraci retired as Chief Executive Officer, effective October 31,
2014, as Chairman of the Board and a director, effective December 31, 2014.
Mark S. Sutton, 53
On September 8, 2014, the Board of Directors of International Paper Company appointed Mark S. Sutton,
as Chief Executive Officer, effective November 1, 2014, and as Chairman of the Board, effective January 1,
2015, and Mr. Sutton resigned as President and Chief Operating Officer, effective October 31, 2014. Prior
to becoming President and Chief Operating Officer on June 1, 2014, Mr. Sutton, age 53, served as Senior
Vice President - Industrial Packaging, a position he held since November 2011. He served as Senior Vice
President - Printing & Communications Papers the Americas from 2010 to 2011, as Senior Vice President Global Supply Chain from 2008 through 2009, and as Vice President - Global Supply Chain from 2007 to
2008. He served as Vice President - Strategic Planning of IP from 2005 to 2007. He joined the Company in
1984.
Director
Since:2014
David J. Bronczek, 59
Independent Director
Since:2006
Stacey J. Mobley, 68
Independent Director
Since:2008
John L. Townsend, 58
Independent Director
Since:2006
David J. Bronczek, 59, president and chief executive officer of FedEx Express, the world's largest express
transportation company and a subsidiary of FedEx Corporation, since February 2000. Mr. Bronczek started
with FedEx in 1976 and, prior to being named president, served as executive vice president and chief
operating officer of FedEx Express. He also serves on the Strategic Management Committee of FedEx
Corporation. A native of Cleveland, Ohio, Mr. Bronczek graduated from Kent State University. Mr. Bronczek
was appointed by former President George W. Bush to the National Infrastructure Advisory Council. He is
a member of the Board of Governors of the International Air Transport Association (IATA); a board member
for Airlines for America; a member of the Board of Governors for National Safe Kids Campaign; and a
board member for the Smithsonian's National Air and Space Museum. He is also a member of Memphis
Tomorrow. Director since October 9, 2006.
Stacey J. Mobley, 68, retired in June 2008 as senior vice president, chief administrative officer and
general counsel of DuPont, a global science company, and a member of DuPont's office of the chief
executive. Mr. Mobley was with DuPont for 35 years and had senior management responsibility for legal
and governmental affairs. Since November 2008, Mr. Mobley has served as senior counsel, Dickstein
Shapiro LLP, a multi-service law firm. He is a director of Nuclear Electric Insurance Ltd. and serves on the
board of trustees of Howard University. He previously served as a director of Hewitt Associates Inc.
(through October 2010) and Wilmington Trust Company (through April 2010). Director since July 7, 2008.
John L. Townsend, III, 58, is a senior advisor to Tiger Management, LLC, an investment management
business. From 2010 to 2012, Mr. Townsend served as managing partner and chief operating officer of
Tiger Management, LLC. Mr. Townsend is also a member of the Riverstone Group, a private investment
fund. Mr. Townsend was previously employed by Goldman Sachs & Co. from 1987 to 2002 and was a
general partner from 1992 to 1999 and a managing director from 1999 to 2002. Mr. Townsend is a director
of Belk, Inc., a department store retailer, and The Heritage Group, an industrial conglomerate. Director
since March 13, 2006.
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 18 of 37
International Paper Co IP
Insiders
Ilene S. Gordon, 60
Independent Director
Since:2012
Ahmet Dorduncu, 60
Independent Director
Since:2011
John F. Turner, 72
Independent Director
Since:2005
Ray G. Young, 52
Independent Director
Since:2014
Ilene S. Gordon, 60, chairman, president and chief executive officer of Ingredion Incorporated (formerly
Corn Products International, Inc.), a publicly traded global ingredient solutions company, since May 2009.
Ms. Gordon is also a member of the board of directors of Ingredion Incorporated and World Business
Chicago, a not-for-profit economic development organization. Ms. Gordon previously served as president
and chief executive officer of Rio Tinto's Alcan Packaging, a multinational company engaged in the
production of flexible and specialty packaging, from 2006 until 2009, and in various senior executive roles
at Alcan Packaging and its affiliate and predecessor companies from 1999 until 2006. Prior to 1999, Ms.
Gordon was employed for 17 years with Tenneco Inc., a conglomerate, in a variety of management
positions, including vice president and general manager leading its folding carton business. Additionally,
during the past five years, Ms. Gordon served on the board of directors of United Stationers, Inc., a
publicly traded wholesale distributor of business products, and Arthur J. Gallagher & Co., a publicly traded
international insurance brokerage and risk management business. Director since October 1, 2012.
Ahmet C. Dorduncu, 60, chief executive officer of Akkok Group, a financial and industrial conglomerate
located in Turkey, since January 2013. Mr. Dorduncu served as chief executive officer of Sabanci Holding,
another financial and industrial conglomerate located in Turkey, from 2005 to 2010. He also served from
2006 to 2010 as chairman of the board of Olmuksa, an industrial packaging business joint venture
between Sabanci Holding and International Paper. Sabanci Holding is the parent company of the Sabanci
Group, a leading Turkish financial and industrial company. Director since March 6, 2011.
John F. Turner, 72, former Assistant Secretary of State for Oceans and International and Scientific Affairs
from November 11, 2001, to July 8, 2005. He received the Department of State's Distinguished Honor
Award from Secretary of State Colin Powell in January 2005. Prior to serving in the Department of State,
Mr. Turner was president and chief executive officer of The Conservation Fund. Between 1989 and 1993,
he was director of the U.S. Fish and Wildlife Service. Mr. Turner also served in the Wyoming State
Legislature for 19 years and is a past president of the Wyoming State Senate. Mr. Turner is a director of
American Electrical Power, Inc., Peabody Energy Company, Ashland Inc., and The Bank of Jackson Hole.
He was a visiting professor at the University of Wyoming in the School of Environment & Natural
Resources in 2007 and 2008, and is a managing partner in a family business, The Triangle X Ranch, in
Wyoming. Director since July 11, 2005.
On September 8, 2014, the Board elected Ray G. Young as a director. Mr. Young, age 52, is Senior Vice
President and Chief Financial Officer of Archer-Daniels-Midland Company, a publicly traded company and
one of the largest agricultural processors in the world, a position he has held since 2010. Prior to joining
ADM, he was associated with General Motors Company, a publicly traded company and producer of
vehicles throughout the world, from 1986 to 2010. At GM and its affiliates, he served in various senior
executive roles, including as its Executive Vice President and Chief Financial Officer from 2008 to 2009 and
its Vice President, International Operations, China, from 2009 to 2010. He currently serves on the U.S.
China Business Council. He completed his bachelor's degree in business administration at the Ivey School
of Business at the University of Western Ontario and his master's degree in business administration
(MBA) at the University of Chicago.
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 19 of 37
International Paper Co IP
Insiders
Jay L. Johnson, 67
Independent Director
Since:2013
Joan E. Spero, 69
Independent Director
Since:2011
William G. Walter, 68
Independent Director
Since:2005
W. Michael Amick,
J. Steven Whisler, 59
Jay L. Johnson, 67, retired as chairman and chief executive officer of General Dynamics Corporation, a
publicly traded manufacturer of worldwide defense, aerospace, and other technology products, in
December 2012. He served as its chairman from May 2010 and as its chief executive officer from July
2009. He served as its president from July 2009 to May 2010, and as its vice chairman from September
2008 to June 2009. He served on its board of directors from 2003 to December 2012. From 2000 to 2008,
he served in various senior executive roles at Dominion Resources Inc., a publicly traded energy company,
and its affiliated companies, including as chief executive officer of Dominion Virginia Power. Prior to 2000,
he had a distinguished 32-year career as an officer in the U.S. Navy. He retired as an admiral in July 2000,
after serving as chief of naval operations and as a member of the Joint Chiefs of Staff since 1996. Director
since October 1, 2013.
Joan E. Spero, 69, an adjunct senior research scholar at Columbia University's School of International and
Public Affairs, since November 2010. Ms. Spero is also a member of the board of directors of Citigroup
and International Business Machines Corporation. Ms. Spero previously served as Undersecretary of State
for Economic, Business and Agricultural Affairs of the U.S. Department of State from 1993 until 1996, and
as Ambassador to the United Nations for Economic and Social Affairs of the U.S. Department of State
from 1980 until 1981. Ms. Spero held various leadership positions at American Express Company from
1981 until 1993, served as president of the Doris Duke Charitable Foundation from 1997 to 2008, and was
a visiting scholar at the Foundation Center from 2009 until 2010. Additionally, during the past five years,
Ms. Spero served on the board of directors of ING Groep N.V. and First Data Corporation. Ms. Spero is a
trustee of the International Center for Transitional Justice and the Wisconsin Alumni Research
Foundation, and a trustee (emeritus) of Columbia University, Amherst College and the Council on Foreign
Relations. Director since June 10, 2011.
William G. Walter, 68, retired chairman of FMC Corporation, an agriculture, specialty and industrial
chemical company, a position he held from 2001 to September 2010. Mr. Walter also served as FMC's
president and chief executive officer from 2001 until December 2009. Mr. Walter served as executive vice
president of FMC Corporation from 2000 to 2001 and vice president and general manager of FMC's
Specialty Chemicals Group from 1997 to 2000. Mr. Walter is a member of the board of the New York Life
Insurance Company. Director since January 1, 2005.
W. Michael Amick, Jr., was elected senior vice president, N.A. papers, pulp and consumer packaging,
effective November 1, and will report to Sutton. Currently he serves as International Paper vice president
and president, IP India, and as executive chairman, International Paper APPM Limited. Prior to his role in
India, Amick was vice president and general manager for the coated paperboard business. He has been
with International Paper since 1990.
J. Steven Whisler, 59, retired as chairman and chief executive officer of Phelps Dodge Corporation, an
international mining company, upon its merger with Freeport Copper and Gold, Inc. in March 2007. Mr.
Whisler served as chairman and chief executive officer of Phelps Dodge Corporation from May 2000 until
March 2007, and served on the board of Phelps Dodge Corporation from 1995 through March 2007. Mr.
Whisler is a director of CSX Corporation and the Brunswick Corporation. He is also a director of the C.M.
Russell Museum. Director since December 11, 2007.
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 20 of 37
International Paper Co IP
Insiders
Audit And Finance Committee
Name
Title
William G. Walter
Independent Director, Chairman Of Audit And Finance Committee, Member Of Executive Committee And Member Of
Management Development And Compensation Committee
John L. Townsend
Independent Director, Member Of Audit And Finance Committee And Member Of Management Development And
Compensation Committee
Jay L. Johnson
Independent Director, Member Of Governance Committee And Member Of Audit And Finance Committee
Ilene S. Gordon
Independent Director, Member Of Audit And Finance Committee And Member Of Management Development And
Compensation Committee
Ahmet Dorduncu
Independent Director, Member Of Public Policy And Environment Committee And Member Of Audit And Finance
Committee
Executive Committee
Name
Title
John V. Faraci
Stacey J. Mobley
Independent Director, Chairman Of Governance Committee, Member Of Executive Committee And Member Of Public
Policy And Environment Committee
William G. Walter
Independent Director, Chairman Of Audit And Finance Committee, Member Of Executive Committee And Member Of
Management Development And Compensation Committee
J. Steven Whisler
Presiding Independent Director, Chairman Of Management Development And Compensation Committee, Member Of
Executive Committee And Member Of Governance Committee
John F. Turner
Independent Director, Chairman Of Public Policy And Environment Committee, Member Of Executive Committee And
Member Of Governance Committee
Governance Committee
Name
Title
Stacey J. Mobley
Independent Director, Chairman Of Governance Committee, Member Of Executive Committee And Member Of Public
Policy And Environment Committee
Jay L. Johnson
Independent Director, Member Of Governance Committee And Member Of Audit And Finance Committee
Joan E. Spero
Independent Director, Member Of Governance Committee And Member Of Public Policy And Environment Committee
J. Steven Whisler
Presiding Independent Director, Chairman Of Management Development And Compensation Committee, Member Of
Executive Committee And Member Of Governance Committee
John F. Turner
Independent Director, Chairman Of Public Policy And Environment Committee, Member Of Executive Committee And
Member Of Governance Committee
Title
J. Steven Whisler
Presiding Independent Director, Chairman Of Management Development And Compensation Committee, Member Of
Executive Committee And Member Of Governance Committee
David J. Bronczek
Independent Director, Member Of Public Policy And Environment Committee And Member Of Management
Development And Compensation Committee
John L. Townsend
Independent Director, Member Of Audit And Finance Committee And Member Of Management Development And
Compensation Committee
William G. Walter
Independent Director, Chairman Of Audit And Finance Committee, Member Of Executive Committee And Member Of
Management Development And Compensation Committee
Ilene S. Gordon
Independent Director, Member Of Audit And Finance Committee And Member Of Management Development And
Compensation Committee
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 21 of 37
Title
John F. Turner
Independent Director, Chairman Of Public Policy And Environment Committee, Member Of Executive Committee And
Member Of Governance Committee
David J. Bronczek
Independent Director, Member Of Public Policy And Environment Committee And Member Of Management
Development And Compensation Committee
Joan E. Spero
Independent Director, Member Of Governance Committee And Member Of Public Policy And Environment Committee
Stacey J. Mobley
Independent Director, Chairman Of Governance Committee, Member Of Executive Committee And Member Of Public
Policy And Environment Committee
Ahmet Dorduncu
Independent Director, Member Of Public Policy And Environment Committee And Member Of Audit And Finance
Committee
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 22 of 37
International Paper Co IP
Performance
1-Month Range
52-Week Range
5-Year Range
44.50-51.10
43.05-51.98
19.06-51.98
2.62
2.62
IP
15k
10k
1k
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
YTD
-0.26
15.28
10.88
-15.54
-17.60
-7.29
4.91
-10.31
4.43
14.11
15.79
-9.68
-2.11
8.99
5.49
-11.10
-60.47
-40.50
-37.00
-19.97
129.70
57.09
26.46
72.61
3.21
12.53
15.06
-9.32
12.24
-1.16
2.11
13.40
38.27
20.96
16.00
17.31
26.20
37.18
32.39
-10.98
6.87
4.69
10.99
2.19
-11.14
2.38
20,148
-22.51
2.98
16,253
-11.36
2.93
15,295
-7.61
3.09
13,667
-23.47
8.47
4,974
103.24
1.21
11,435
-11.85
1.47
11,787
10.13
3.29
12,752
22.27
2.73
17,278
-6.18
2.55
21,091
-4.12
2.77
21,616
History
IP
Packaging & Containers
S&P 500 TR USD
+/- Packaging &
Containers
+/- S&P 500 TR USD
Dividend Yield %
Market Cap USD Mil
IP
Packaging & Containers
40.00
30.00
20.00
10.00
1-Day
1-week
1-Month
3-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
0.64
1.54
-0.91
1.40
1.56
-0.16
6.03
4.61
1.42
7.31
3.42
3.89
6.87
4.69
2.19
18.25
11.81
6.43
25.69
21.49
4.20
20.27
16.73
3.54
4.65
8.77
-4.12
1.49
5.76
-4.27
IP
Packaging & Containers
+/- Packaging &
Containers)
IP
Packaging & Containers
40.00
30.00
20.00
10.00
1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
6.03
4.61
1.42
7.31
3.42
3.89
11.58
4.09
7.49
6.87
4.69
2.19
18.25
11.81
6.43
25.69
21.49
4.20
20.27
16.73
3.54
4.65
8.77
-4.12
1.49
5.76
-4.27
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
IP
Packaging & Containers
+/- Packaging &
Containers)
Page 23 of 37
International Paper Co IP
Performance
1-Month Range
52-Week Range
5-Year Range
44.50-51.10
43.05-51.98
19.06-51.98
2.62
2.62
IP
Packaging & Containers
30.00
20.00
10.00
0.00
1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
-1.47
-4.32
2.85
-3.35
-7.19
3.84
7.08
0.02
7.06
0.92
0.07
0.85
11.23
10.06
1.17
30.84
24.67
6.18
19.08
14.89
4.19
3.64
8.28
-4.64
1.80
5.96
-4.16
Open
High
Low
Close
Volume
50.92
49.01
49.78
49.28
49.41
51.10
51.08
49.85
49.83
49.51
50.44
48.20
48.66
49.28
48.63
50.62
50.30
49.14
49.77
48.96
2.98 Mil
4.19 Mil
5.30 Mil
2.40 Mil
3.38 Mil
12-2009
12-2010
12-2011
12-2012
12-2013
Dividend Amount
Year-end Yield %
0.32
1.21
0.39
1.47
0.96
3.29
1.07
2.73
1.23
2.55
Ex-Dividend Date
Declaration Date
Record Date
Payable Date
$ Amount
2014-08-13
2014-05-21
2014-02-12
2013-11-13
2013-08-13
2013-05-22
2013-02-13
2012-11-13
2012-08-13
2012-05-22
2012-02-13
2011-11-14
2011-08-11
2011-05-13
2011-02-11
2010-11-12
2010-08-12
2010-05-13
2010-02-11
2009-11-12
2014-07-08
2014-05-13
2014-01-14
2013-09-10
2013-07-09
2013-05-14
2013-01-08
2012-10-10
2012-07-10
2012-05-09
2012-01-11
2011-10-12
2011-07-13
2011-03-30
2011-01-12
2010-10-13
2010-07-14
2010-04-27
2010-01-13
2009-10-14
2014-08-15
2014-05-23
2014-02-17
2013-11-15
2013-08-15
2013-05-24
2013-02-15
2012-11-15
2012-08-15
2012-05-24
2012-02-15
2011-11-16
2011-08-15
2011-05-17
2011-02-15
2010-11-16
2010-08-16
2010-05-17
2010-02-16
2009-11-16
2014-09-15
2014-06-16
2014-03-17
2013-12-16
2013-09-16
2013-06-14
2013-03-15
2012-12-17
2012-09-17
2012-06-15
2012-03-15
2011-12-15
2011-09-15
2011-06-15
2011-03-15
2010-12-15
2010-09-15
2010-06-15
2010-03-15
2009-12-15
$0.35
$0.3451
$0.3451
$0.3451
$0.2958
$0.2958
$0.2958
$0.2958
$0.2588
$0.2588
$0.2588
$0.2588
$0.2588
$0.2588
$0.1849
$0.1232
$0.1232
$0.1232
$0.0246
$0.0246
2014
2013
2012
2011
2010
2009
IP
Packaging & Containers
+/- Packaging &
Containers)
Split History
Date
Dividend History
Date
Ratio
1995-09-18
1987-05-20
2:1
2:1
Spin-Off History
Date
Child Company
2014-07-02
VRTV
Upcoming Dividends
Ex-Dividend Date
Declaration Date
Record Date
Payable Date
$ Amount
# of Shares
0.019
2014-11-13
2014-09-09
2014-11-17
2014-12-15
$0.40
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 24 of 37
International Paper Co IP
Financials
Income Annual Statement As of Reported
Revenue
Cost of revenue
Gross profit
Sales, General and administrative
Restructuring, merger and acquisition
Other operating expenses
Total operating expenses
Operating income
Interest Expense
Other income (expense)
Income before taxes
Provision for income taxes
Other income
Net income from continuing operations
Net income from discontinuing ops
Other
Net income
Net income available to common shareholders
Earnings per share
Basic
Diluted
Weighted average shares outstanding
Basic
Diluted
EBITDA
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
25,548
18,996
6,552
2,005
211
1,807
24,097
18,139
5,958
2,963
358
1,609
21,995
16,248
5,747
2,923
1,796
1,373
21,890
16,060
5,830
2,865
95
1,255
24,829
18,742
6,087
3,233
370
1,529
23,366
15,220
8,146
3,206
1,353
1,660
25,179
18,482
6,697
3,248
394
2,233
26,034
18,960
7,074
3,277
102
1,478
27,833
20,587
7,246
3,703
1,652
29,080
21,223
7,857
3,937
1,732
28,882
20,992
7,890
3,851
2,455
4,023
2,529
4,930
1,028
6,092
(345)
4,215
1,615
5,132
955
6,219
1,927
5,875
822
4,857
2,217
5,355
1,891
5,669
2,188
6,306
1,584
743
(1,040)
746
593
151
586
521
4,054
3,188
297
336
1,654
492
(1,616)
(1,153)
702
(26)
1,199
608
608
822
(759)
1,458
672
(195)
1,024
(1,339)
849
(1,327)
257
206
(62)
478
(285)
(12)
859
1,889
(17)
1,282
415
(24)
1,215
162
46
(1,269)
469
(49)
681
221
64
665
311
159
1,306
331
61
754
(523)
(39)
1,333
(603)
15
875
(513)
(35)
241
1,100
(232)
1,050
(47)
1,168
(13)
(1,282)
(18)
663
(21)
644
49
(14)
1,341
45
(5)
794
45
17
1,395
(10)
19
884
(35)
1,100
1,050
1,168
(1,282)
663
644
1,341
794
1,395
884
(0.07)
(0.07)
2.26
2.21
2.21
2.18
2.72
2.70
(3.05)
(3.05)
1.56
1.55
1.50
1.48
3.10
3.07
1.82
1.80
3.15
3.11
2.02
2.00
500
500
487
498
475
482
429
433
421
421
425
428
430
434
432
437
435
440
443
448
438
442
3,054
2,555
4,867
3,037
686
3,373
2,886
3,549
3,182
3,735
3,067
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 25 of 37
International Paper Co IP
Financials
Annual Cash Flow As of Reported
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
(35)
1,565
(114)
(66)
(116)
1,154
1,100
1,376
(38)
(16)
(575)
(337)
1,050
1,158
1,619
(43)
(241)
(2,320)
1,168
1,086
232
(82)
(457)
(60)
(1,282)
1,347
(81)
48
269
2,368
1,472
160
316
(8)
(8)
179
2,544
1,456
422
(186)
3
3
(278)
211
1,341
1,332
317
(56)
6
6
(461)
190
799
1,486
204
(45)
(28)
30
30
74
417
1,378
1,547
527
146
(45)
(114)
(57)
(57)
(258)
(39)
865
1,483
(52)
10
(74)
(52)
(52)
(268)
889
2,388
(1,328)
(305)
1,688
1,510
(1,155)
(116)
1,278
1,223
1,635
1,730
(2,331)
1,887
144
(578)
(12)
2,669
(6,086)
(21)
(1,090)
4,655
(17)
(576)
1,631
(775)
(152)
93
2,675
(1,159)
(329)
2,967
(1,383)
(3,779)
304
3,028
(1,198)
65
221
85
2,749
93
722
(1,291)
55
164
(158)
(485)
(1,956)
23
(490)
(1,910)
1,034
32
(1,433)
(485)
(418)
(446)
128
(1,224)
(436)
(720)
(7,197)
(428)
5,286
(593)
3,229
(6,318)
(10)
(140)
(137)
(834)
193
(576)
(26)
(175)
(4)
(1,487)
1,766
(517)
(30)
(427)
(50)
(4,858)
2,132
(2,488)
108
(35)
(476)
(36)
(827)
241
(845)
298
(512)
(554)
(316)
(476)
1,993
(2,120)
95
(1,146)
(590)
(426)
(2,435)
(2,377)
(2,304)
(2,252)
4,859
(3,376)
(588)
742
(795)
(1,688)
(2,194)
225
233
2,363
2,596
(95)
(955)
2,596
1,641
30
(17)
1,641
1,624
92
(719)
1,624
905
(92)
239
905
1,144
62
748
1,144
1,892
(28)
181
1,892
2,073
(9)
1,921
2,073
3,994
(6)
(2,692)
3,994
1,302
(13)
500
1,302
1,802
9
88
1,205
1,293
2,388
(1,328)
1,060
1,510
(1,155)
355
1,223
1,223
1,887
1,887
2,669
2,669
4,655
4,655
1,631
(775)
856
2,675
(1,159)
1,516
2,967
(1,383)
1,584
3,028
(1,198)
1,830
2,749
1,551
Net income
Depreciation & amortization
Investment/asset impairment charges
Deferred income taxes
(Gain) Loss from discontinued operations
Inventory
Accrued liabilities
Interest payable
Other working capital
Other non-cash items
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 26 of 37
International Paper Co IP
Financials
Annual Balance Sheet As of Reported
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
2,596
1,641
1,624
905
1,144
1,892
3,994
1,302
1,802
Total cash
Receivables
Inventories
Deferred income taxes
Other current assets
2,596
2,994
2,718
470
541
1,641
2,926
2,434
279
129
1,624
2,704
1,909
490
1,910
905
3,152
2,071
213
394
1,144
3,288
2,495
261
172
1,892
2,695
2,179
368
417
3,039
2,347
339
2,303
3,994
3,486
2,320
296
360
1,302
3,562
2,730
323
988
1,802
3,497
2,825
302
599
9,319
31,375
(17,943)
7,409
30,604
(16,613)
8,637
23,302
(14,050)
6,735
25,816
(14,905)
7,360
30,409
(15,613)
7,551
31,262
(17,817)
8,028
31,740
(18,991)
10,456
31,068
(18,591)
8,905
33,505
(18,934)
9,025
34,303
(20,074)
13,432
13,991
5,043
9,252
2,929
10,911
3,650
14,796
2,027
13,445
1,077
2,290
12,749
1,092
2,308
12,477
632
2,346
14,571
2,995
3,449
14,229
2,860
3,987
Intangible assets
Other long-term assets
4,994
6,472
2,328
3,216
2,863
2,730
1,185
1,191
1,082
866
1,367
1,427
24,898
21,362
15,397
17,424
19,553
17,997
17,340
16,537
23,248
22,503
Total assets
Short-term debt
Accounts payable
Accrued liabilities
Other current liabilities
34,217
506
2,279
2,005
82
28,771
1,181
2,085
1,542
36
24,034
692
1,907
1,709
333
24,159
267
2,145
1,426
4
26,913
828
2,119
1,808
25,548
304
2,058
473
1,177
25,368
313
2,556
1,634
26,993
719
2,500
467
1,052
32,153
444
2,775
508
1,271
31,528
661
2,900
1,566
4,872
14,132
1,697
1,548
3,714
4,844
11,023
726
211
3,616
4,641
6,531
2,233
213
2,453
3,842
6,353
2,919
228
2,145
4,755
11,246
1,957
232
4,554
4,012
8,729
2,425
3,303
232
824
4,503
8,358
2,793
1,981
250
649
4,738
9,189
2,497
2,851
340
758
4,998
9,696
3,026
4,585
332
3,212
5,127
8,827
3,765
2,617
179
2,908
21,091
15,576
11,430
11,645
17,989
15,513
14,031
15,635
20,851
18,296
Total liabilities
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Accumulated other comprehensive income
25,963
487
6,562
2,562
(1,357)
20,420
491
6,627
3,172
(4)
(1,935)
16,071
493
6,735
3,737
(1,438)
(1,564)
15,487
494
6,755
4,375
(2,481)
(471)
22,744
434
5,845
1,430
(218)
(3,322)
19,525
437
5,803
1,949
(89)
(2,077)
18,534
5,829
2,416
(28)
(1,383)
20,373
439
5,908
3,330
(52)
(3,005)
25,849
440
6,042
3,662
(3,840)
23,423
447
6,463
4,446
(492)
(2,759)
8,254
8,351
7,963
8,672
4,169
6,023
6,834
6,620
6,304
8,105
34,217
28,771
24,034
24,159
26,913
25,548
25,368
26,993
32,153
31,528
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 27 of 37
International Paper Co IP
Valuation / Estimates
Valuation History
50.00
IP
40.00
S&P 500
30.00
20.00
10.00
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
Price/Earnings
42.9
19
19.3
17.3
12.9
16.8
11.5
16.5
-3.9
10.9
17.3
18.6
18.4
15.5
10
13.7
23.4
15
16.3
18.6
25.1
18.4
IP
S&P 500
2.5
3
2
2.8
1.9
2.9
1.6
2.7
1.2
1.7
1.9
2.2
1.7
2.2
1.9
2
2.8
2.1
2.6
2.6
2.9
2.6
Price/Book
IP
S&P 500
Price/Sales
0.8
1.6
0.7
1.5
0.7
1.6
0.6
1.5
0.2
0.9
0.5
1.2
0.5
1.3
0.5
1.2
0.6
1.3
0.8
1.7
0.8
1.8
8.8
11.4
11.1
10.7
13.4
11.1
7.4
11.6
1.9
6.8
2.5
9.1
7.3
9.3
4.8
8.5
5.9
9.2
7.3
11.2
8.1
11.2
IP
S&P 500
Price/Cash Flow
IP
S&P 500
Yields
Current Rates
of Return %
5.4
5.1
4.0
IP
4.00
2.8
2.3
2.00
NA
Earnings Yield
Dividend Yield
Cash Return
IP
Industry Avg
S&P 500
IP 5Y Avg*
25.1
2.9
0.8
8.1
2.8
1.1
18.8
3.2
0.9
9.7
1.8
18.4
2.6
1.8
11.2
2.3
17.1
2.2
0.6
6.0
2.3
Relative to Industry
Avg
Avg
Avg
IP
Industry Avg
S&P 500
12.3
2.1
8.5
17.1
Relative to Industry
Avg
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 28 of 37
International Paper Co IP
Valuation / Estimates
Analyst Ratings
%
6.0%
4.1
4
0
3
0
0
Forward Comparisons
12/2014
High
Low
Mean
30 Days Ago
60 Days Ago
90 Days Ago
Number of Estimates
12/2015
USD
Growth %
USD
Growth %
3.71
3.21
3.43
3.51
3.53
3.50
19.3
3.2
10.3
12.9
13.5
12.5
6
4.46
3.77
4.10
4.21
4.21
4.23
20.2
17.4
19.5
19.9
19.3
20.9
6
IP
Industry
S&P 500
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
5Y Growth
Forecast %
Forward
P/E
PEG
Ratio
9.93
12.35
17.06
2.07
Page 29 of 37
International Paper Co IP
Key Ratios
Financials
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
25,548
25.6
2,529
9.9
-35
-0.07
1.00
102.0
500
16.96
2,388
-1,328
1,060
2.12
4,447
24,097
24.7
1,028
4.3
1,100
2.21
1.00
57.5
498
17.03
1,510
-1,155
355
0.71
2,565
21,995
26.1
-345
-1.6
1,050
2.18
1.00
37.7
482
17.50
1,223
1,223
2.54
3,996
21,890
26.6
1,615
7.4
1,168
2.70
1.00
35.6
433
20.26
1,887
1,887
4.36
2,893
24,829
24.5
955
3.8
-1,282
-3.05
1.00
421
9.75
2,669
2,669
6.34
2,605
23,366
34.9
1,927
8.2
663
1.55
0.33
21.0
428
13.91
4,655
4,655
10.88
3,539
25,179
26.6
822
3.3
644
1.48
0.40
27.0
434
15.57
1,631
-775
856
1.97
3,525
26,034
27.2
2,217
8.5
1,341
3.07
0.98
32.9
437
15.21
2,675
-1,159
1,516
3.47
5,718
27,833
26.0
1,891
6.8
794
1.80
1.09
64.0
440
14.33
2,967
-1,383
1,584
3.60
3,907
29,080
27.0
2,188
7.5
1,395
3.11
1.25
41.5
448
18.58
3,028
-1,198
1,830
4.08
3,898
28,882
27.3
1,584
5.5
884
2.00
1.35
66.8
442
17.62
2,749
1,551
Margins % of Sales
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
Revenue
COGS
Gross Margin
SG&A
R&D
Other
Operating Margin
Net Int Inc & Other
EBT Margin
100.00
74.35
25.65
7.85
7.90
9.90
-6.98
2.92
100.00
75.27
24.73
12.30
8.16
4.27
-1.83
2.43
100.00
73.87
26.13
13.29
14.41
-1.57
16.06
14.49
100.00
73.37
26.63
13.09
6.17
7.38
0.18
7.56
100.00
75.48
24.52
13.02
7.65
3.85
-8.49
-4.64
100.00
65.14
34.86
13.72
12.89
8.25
-3.12
5.13
100.00
73.40
26.60
12.90
10.43
3.26
3.26
100.00
72.83
27.17
12.59
6.07
8.52
-2.92
5.60
100.00
73.97
26.03
13.30
5.94
6.79
-3.12
3.68
100.00
72.98
27.02
13.54
5.96
7.52
-4.60
2.92
100.00
72.68
27.32
13.33
8.50
5.48
-4.59
0.89
2004-12
27.61
-0.14
0.73
-0.10
4.15
-0.42
2.16
2005-12
4.56
0.77
3.49
3.45
13.25
6.84
2006-12
59.25
4.77
0.83
3.98
3.02
12.87
7.77
2007-12
25.09
5.34
0.91
4.85
2.79
14.04
9.12
2008-12
-5.16
0.97
-5.02
6.46
-19.97
-5.45
2009-12
39.12
2.84
0.89
2.53
4.24
13.01
6.97
2.71
2010-12
26.89
2.56
0.99
2.53
3.71
10.02
7.12
2011-12
21.33
5.15
0.99
5.12
4.08
19.93
8.37
2012-12
32.32
2.85
0.94
2.68
5.10
12.29
7.57
2.52
2013-12
4.80
0.91
4.38
3.89
19.36
8.20
TTM
3.06
0.91
2.79
4.09
12.43
5.15
Profitability
Profitability
Tax Rate %
Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 30 of 37
International Paper Co IP
Key Ratios
Growth
Revenue %
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
Latest Qtr
1.47
-1.04
0.78
5.49
-5.68
-1.19
-3.08
1.99
-8.72
-4.41
-3.56
0.88
-0.48
-5.02
-2.60
0.86
13.43
1.00
-0.28
2.42
-5.89
2.04
-1.77
-0.50
7.76
4.78
0.88
-1.12
3.40
1.59
3.43
-0.13
6.91
6.00
4.92
1.09
4.48
4.92
3.21
1.45
-1.66
129.08
109.26
10.42
9.58
-59.35
-0.55
-16.34
-8.58
-13.89
9.10
3.49
-40.87
-2.43
-2.86
-0.62
101.78
-5.29
2.26
-57.34
-20.16
-4.37
-10.56
169.71
32.41
23.16
-14.70
-0.63
3.21
6.11
15.71
38.59
18.03
7.08
-39.58
50.60
-0.47
-4.55
51.49
13.23
11.24
-14.21
13.74
-2.87
-18.00
-10.15
16.32
108.23
5.01
-40.79
6.19
-7.43
75.69
29.39
16.54
47.18
-6.86
-1.36
51.25
7.68
23.85
-10.75
13.42
-4.52
-18.16
-7.71
16.55
107.43
7.09
-41.37
5.11
-7.79
72.78
28.09
17.31
-35.09
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
31.06
61.59
5.20
4.15
-30.29
-36.77
-66.51
4.79
1.47
0.32
-19.01
244.51
5.56
1.16
54.29
54.29
8.62
1.62
41.44
41.44
10.75
-2.08
74.41
74.41
19.92
7.02
-64.96
-81.61
3.08
3.40
1.33
64.01
77.10
4.45
5.82
1.13
10.92
4.49
4.97
5.69
1.99
2.06
15.53
4.12
6.29
1.31
5.37
1.75
Operating Income %
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 31 of 37
International Paper Co IP
Key Ratios
Financial Health
Balance Sheet Items (in %)
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
Latest Qtr
7.59
8.75
7.94
2.95
27.24
39.26
14.60
18.91
100.00
6.66
1.48
5.86
0.24
14.24
41.30
20.34
75.88
24.12
100.00
5.70
10.17
8.46
1.42
25.75
48.63
17.53
8.09
100.00
7.25
4.10
5.36
0.13
16.84
38.31
15.82
70.97
29.03
100.00
6.76
11.25
7.94
9.99
35.94
38.50
12.19
13.38
100.00
7.93
2.88
7.11
1.39
19.31
27.17
20.38
66.87
33.13
100.00
3.75
13.05
8.57
2.51
27.88
45.16
15.11
11.85
100.00
8.88
1.11
5.90
0.02
15.90
26.30
21.90
64.10
35.90
100.00
4.25
12.22
9.27
1.61
27.35
54.98
7.53
10.14
100.00
7.87
3.08
6.72
17.67
41.79
25.05
84.51
15.49
100.00
7.41
10.55
8.53
3.07
29.56
52.63
8.96
8.85
100.00
8.06
1.19
1.85
4.61
15.70
34.17
26.55
76.42
23.58
100.00
11.98
9.25
10.41
31.65
50.26
9.10
9.00
100.00
10.08
1.23
6.44
17.75
32.95
22.36
73.06
26.94
100.00
14.80
12.91
8.59
2.43
38.74
46.22
8.69
6.35
100.00
9.26
2.66
1.73
3.90
17.55
34.04
23.88
75.48
24.52
100.00
4.05
11.08
8.49
4.08
27.70
45.32
13.42
13.57
100.00
8.63
1.38
1.58
3.95
15.54
30.16
34.69
80.39
19.61
100.00
5.72
11.91
8.96
2.04
28.63
45.13
12.65
13.60
100.00
9.20
2.10
4.97
16.26
28.00
30.03
74.29
25.71
100.00
4.20
12.89
9.08
2.24
28.41
44.81
13.01
13.77
100.00
9.47
3.09
1.47
3.47
17.51
29.21
28.86
75.58
24.42
100.00
2004-12
1.15
4.15
1.71
2005-12
0.94
3.45
1.32
2006-12
0.93
3.02
0.82
2007-12
1.06
2.79
0.73
2008-12
0.93
6.46
2.70
2009-12
1.14
4.24
1.45
2010-12
0.67
3.71
1.22
2011-12
1.58
4.08
1.39
2012-12
0.97
5.10
1.54
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
42.06
54.77
43.93
52.90
8.68
6.66
1.84
0.73
44.84
51.84
43.91
52.76
8.14
7.04
1.76
0.77
46.71
48.78
44.84
50.66
7.81
7.48
1.89
0.83
48.82
45.23
46.05
48.00
7.48
8.07
2.17
0.91
47.34
44.46
41.52
50.28
7.71
8.21
1.93
0.97
46.73
56.05
50.09
52.69
7.81
6.51
1.65
0.89
41.56
44.69
45.56
40.69
8.78
8.17
1.92
0.99
45.74
44.92
48.67
42.00
7.98
8.13
2.06
0.99
46.21
44.77
46.76
44.22
7.90
8.15
2.06
0.94
44.30
47.77
48.80
43.27
8.24
7.64
2.02
0.91
46.48
48.19
50.81
43.86
7.85
7.57
2.05
0.91
Liquidity/Financial Health
Liquidity/Financial Health
Quick Ratio
Financial Leverage
Debt/Equity
Efficiency Ratios
Efficiency
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 32 of 37
International Paper Co IP
Ownership
Equity and Debt
Equity
Debt
Mil USD
400.00
550.00
7,522.0
9,949.0
320.00
440.00
240.00
330.00
160.00
220.00
80.00
110.00
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
05
06
07
08
09
10
11
12
13
14
Equity Owners
Institutions
Current Ownership
380.95
30,000
20,000
Institutions
380.95
390.00
510.00
260.00
340.00
130.00
170.00
10,000
Q3
Type
Q1
Q2
Q3
Q4
Q1
Q2
Mutual Funds
Mil USD
Institutions
Mutual Funds
Insiders
Q4
186.44
18,412.6
8,970.0
160.7
Q3
Q4
Q1
05
Q2
Q3
Q4
Q1
Q4
Q2
Q3
Q4
Q1
08
09
10
11
12
13
14
Mutual Funds
186.44
360.00
140.00
240.00
70.00
120.00
Q2
05
1.81
Q1
07
210.00
Insiders
Q3
06
06
07
08
09
10
11
12
13
14
Insiders
1.81
3.00
3.00
2.00
2.00
1.00
1.00
Q2
05
06
07
08
09
10
11
12
13
14
39
38
17
--
Value
Blend
Growth
Small
119
Mid
1,037
Large
366
Buying Trend
SellingTrend
# of Funds
Shares
Buy
Sell
Net % Chg
Large Value
Large Blend
Large Growth
Mid Value
Mid Blend
Mid Growth
Small Value
Small Blend
Small Growth
366
1,037
119
39
38
17
3
1
--
93,013,519
76,292,304
7,635,546
3,569,222
4,860,856
871,847
190,205
2,650
--
7,147,846
5,167,848
143,554
254,811
178,664
10,911
11,000
2,650
--
7,790,376
3,498,691
1,456,855
46,258
51,724
1,192,520
5,000
---
-0.69
2.24
-14.68
6.21
2.68
-57.54
3.26
---
Total
1,620
186,436,149
12,917,284
14,041,424
-0.6
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 33 of 37
International Paper Co IP
Ownership
Owner Activity
Institutions
Name
Total Owners
New Owners
Sold Out
# of Owners Buying
# of Owners Selling
Total Shares Owned (Mil)
Total Shares Bought (Mil)
Total Shares Sold (Mil)
Net Share Change (Mil)
Funds
Current
Current
1,131
158
90
372
342
381
37
35
2
24.97
77.53
32.35
22.37
9.62
2.45
11.66
-14.04
-125.40
1,620
96
99
452
408
186
13
14
-1
2.99
35.21
-34.44
3.91
1.24
2.00
6.03
-37.55
-89.08
Peer Comparison
Equity Ownership
IP
RKT
PKG
---
21,616
1,131
7,323
576
7,092
526
-----
Shares
Change
% Total
Shares Held
% Total
Assets
Date
7,870,300
7,403,436
6,957,546
6,263,550
5,366,500
4,362,382
4,433,202
4,325,854
4,144,000
3,879,234
1,266,700
-636,200
-66,400
630,360
-2,153,500
-16,320
-53,520
-109,979
0
-431,026
1.87
1.73
1.63
1.47
1.26
1.08
1.04
1.01
0.97
0.91
0.45
1.18
0.09
1.01
1.19
0.12
0.12
0.12
2.16
1.14
06/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
10/30/2014
09/30/2014
09/30/2014
08/31/2014
09/30/2014
55,006,004
-1,569,885
12.97
31,479,602
30,106,173
22,394,012
21,297,990
13,200,335
10,438,152
9,368,946
7,270,747
7,353,486
6,695,809
1,309,899
-1,537,088
129,908
-155,041
-999,004
100,809
2,000,310
11,844
1,472,088
649,992
7.42
7.15
5.32
5.06
3.09
2.48
2.22
1.73
1.72
1.59
0.34
0.16
0.09
0.29
0.09
1.29
0.79
0.24
0.35
1.29
06/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
159,605,252
2,983,717
37.78
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 34 of 37
International Paper Co IP
Ownership
Major Shareholders
Funds
Star Rating
Shares Held
% Total
Shares Held
Shares
Change
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
QQQQQ
QQQ
7,870,300
7,403,436
6,957,546
6,263,550
5,366,500
4,362,382
4,433,202
4,325,854
4,144,000
3,879,234
2,961,926
2,536,240
2,477,590
2,357,344
2,257,000
1,994,800
1,777,900
1,869,604
1,731,140
1,674,686
1.87
1.73
1.63
1.47
1.26
1.08
1.04
1.01
0.97
0.91
0.73
0.59
0.58
0.55
0.54
0.47
0.42
0.44
0.41
0.39
1,266,700
-636,200
-66,400
630,360
-2,153,500
-16,320
-53,520
-109,979
0
-431,026
53,400
0
0
112,020
374,000
24,300
-100
-8,944
28,055
1,674,686
19.18
-7.91
-0.95
11.19
-28.64
-0.37
-1.19
-2.48
0.00
-10.00
1.84
0.00
0.00
4.99
19.86
1.23
-0.01
-0.48
1.65
New
0.45
1.18
0.09
1.01
1.19
0.12
0.12
0.12
2.16
1.14
3.77
0.96
0.47
0.99
0.23
1.41
1.44
0.11
0.9
0.55
06/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
10/30/2014
09/30/2014
09/30/2014
08/31/2014
09/30/2014
10/30/2014
06/30/2014
09/30/2014
08/31/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
08/31/2014
07/31/2014
Institutions
Shares Held
% Total
Shares Held
Shares
Change
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
31,479,602
30,106,173
22,394,012
21,297,990
13,200,335
10,438,152
9,368,946
7,270,747
7,353,486
6,695,809
6,485,444
6,235,871
5,663,706
5,413,970
4,741,839
4,231,695
4,179,864
4,175,598
3,925,960
3,871,304
7.42
7.15
5.32
5.06
3.09
2.48
2.22
1.73
1.72
1.59
1.54
1.48
1.34
1.29
1.13
1.00
0.99
0.99
0.93
0.92
1,309,899
-1,537,088
129,908
-155,041
-999,004
100,809
2,000,310
11,844
1,472,088
649,992
-1,961,970
-24,713
534,460
-1,370,261
130,282
3,732,573
42,102
192,915
125,006
-573,471
4.34
-4.86
0.58
-0.72
-7.04
0.98
27.15
0.16
25.03
10.75
-23.23
-0.39
10.42
-20.20
2.83
747.83
1.02
4.84
3.29
-12.90
0.34
0.16
0.09
0.29
0.09
1.29
0.79
0.24
0.35
1.29
0.32
0.1
4.33
0.63
0.27
0.2
0.14
0.45
0.14
0.13
06/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
QQQ
QQQQ
QQQQ
QQQQ
QQQQ
QQQ
QQQ
QQQQ
QQQ
QQQQQ
QQQQQ
QQQQ
QQ
QQQQ
QQQQ
QQQQ
QQQQ
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 35 of 37
International Paper Co IP
Ownership
Concentrated Shareholders
Funds
ICON Materials S
Guggenheim Timber ETF
Croft Focus I
iShares Global Timber & Forestry
JNL/Mellon Cptl 25 B
Virtus Mid-Cap Value A
Materials Select Sector SPDR ETF
Hartford Global Equity Income A
Guggenheim S&P 500 Eq Wt Materials ETF
iShares US Basic Materials
Monteagle Value I
ProFunds VP Basic Materials
Meydenbauer Dividend Growth No Load
Snow Capital Mid Cap Value A
Snow Capital Infl Advtgd Equities A
RNC Genter Dividend Income
BlackRock Real Asset Equity Common
TETON Westwood Income AAA
M.D. Sass Equity Income Plus Instl
Fidelity MSCI Materials ETF
Institutions
Star Rating
Shares Held
% Total
Shares Held
Shares
Change
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
QQQQ
QQQQ
120,000
218,687
7,703
228,865
812,566
442,740
2,961,926
208,471
56,671
502,801
14,000
21,204
40,000
215
190
11,200
341,900
4,700
47,400
59,283
0.03
0.05
0.00
0.06
0.19
0.10
0.73
0.05
0.01
0.12
0.00
0.01
0.01
0.00
0.00
0.00
0.08
0.00
0.01
0.01
0
0
0
0
-29,065
10,000
53,400
0
0
-2,094
0
1,170
3,000
50
0
1,700
0
-500
0
0
0.00
0.00
0.00
0.00
-3.45
2.31
1.84
0.00
0.00
-0.41
0.00
5.84
8.11
30.30
0.00
17.89
0.00
-9.62
0.00
0.00
5.52
5.01
4.65
4.12
3.86
3.85
3.77
3.55
3.52
3.34
3.26
3.14
3.04
3.04
2.95
2.72
2.7
2.69
2.62
2.58
06/30/2014
10/30/2014
09/30/2014
10/30/2014
06/30/2014
08/31/2014
10/30/2014
09/30/2014
10/30/2014
10/30/2014
08/31/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
07/31/2014
07/31/2014
06/30/2014
09/30/2014
10/30/2014
Shares Held
% Total
Shares Held
Shares
Change
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
109,119
3,505
149,305
6,490
5,350
5,663,706
700,000
1,022
860
150,000
14,000
1,060,000
109,767
142,270
77,163
189,097
2,150,000
185,629
145,962
25,000
0.03
0.00
0.03
0.00
0.00
1.34
0.17
0.00
0.00
0.04
0.00
0.25
0.03
0.03
0.02
0.04
0.51
0.04
0.03
0.01
-10,152
3,505
6,000
130
1,150
534,460
65,000
0
860
100,000
0
0
300
7,240
4,721
14,955
2,150,000
773
77
-7,000
-8.51
New
4.19
2.04
27.38
10.42
10.24
0.00
New
200.00
0.00
0.00
0.27
5.36
6.52
8.59
New
0.42
0.05
-21.88
5.3
4.76
4.76
4.73
4.49
4.33
4.16
4.08
3.79
3.47
3.26
3.24
3.2
3.17
3.02
3.01
3
2.97
2.93
2.64
06/30/2014
06/30/2014
08/31/2014
09/30/2014
12/31/2013
06/30/2014
06/30/2014
09/30/2014
03/31/2014
09/30/2014
08/31/2014
06/30/2014
06/30/2014
09/30/2014
09/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
12/31/2013
QQQQ
QQQQ
QQQ
QQQQ
QQQ
QQQQQ
QQQQ
QQ
QQQ
QQQ
QQQ
QQQ
QQQ
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 36 of 37
International Paper Co IP
Ownership
Shareholders Buying
Funds
Star Rating
Shares
Bought
% Total
Shares Held
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
QQQQ
QQQQQ
QQQQ
QQQ
QQQQ
QQQQ
QQQQ
QQQQ
QQQQ
QQQ
QQQQ
QQQ
QQQQ
QQQ
QQQ
QQQQQ
QQQQ
1,674,686
1,266,700
1,141,800
630,360
493,615
374,000
320,185
255,030
224,776
202,700
165,068
164,895
164,318
132,600
124,800
112,020
104,200
100,500
84,000
82,170
0.39
1.87
0.27
1.47
0.12
0.54
0.07
0.06
0.26
0.08
0.04
0.04
0.17
0.06
0.35
0.55
0.24
0.02
0.12
0.03
New
19.18
New
11.19
New
19.86
New
New
25.59
134.68
New
New
30.12
115.20
9.21
4.99
11.26
New
19.13
314.06
0.55
0.45
2.36
1.01
0.47
0.23
0.13
0.97
1.21
1.17
0.08
0.49
1.34
0.51
1.9
0.99
1.77
0.58
1.02
0.32
07/31/2014
06/30/2014
06/30/2014
09/30/2014
07/31/2014
06/30/2014
07/31/2014
09/30/2014
06/30/2014
08/31/2014
07/31/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
08/31/2014
06/30/2014
09/30/2014
06/30/2014
09/30/2014
Shares
Bought
% Total
Shares Held
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
3,732,573
2,967,024
2,425,000
2,150,000
2,000,310
1,472,088
1,309,899
867,894
776,025
695,806
649,992
540,298
534,460
426,940
408,700
401,875
371,679
361,793
342,880
326,102
1.00
0.70
0.56
0.51
2.22
1.72
7.42
0.21
0.18
0.39
1.59
0.81
1.34
0.15
0.14
0.10
0.33
0.20
0.08
0.08
747.83
New
New
New
27.15
25.03
4.34
15304.07
New
73.75
10.75
18.76
10.42
189.42
204.35
2991.25
36.37
77.70
New
New
0.2
2.43
0
3
0.79
0.35
0.34
0.62
2.28
0.09
1.29
0.36
4.33
2.14
2.42
0.05
0.06
1.79
0.11
1.77
06/30/2014
06/30/2014
12/31/2013
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
12/31/2009
06/30/2014
Institutions
Citigroup Inc
Sound Shore Management Inc
Senator Investment Group LP
Perry Corp
Robeco Investment Management, Inc.
BlackRock Advisors LLC
T. Rowe Price Associates, Inc.
Baird Robert W & Co, Inc.
Northcoast Asset Management, LLC
BMO Asset Management Inc.
NFJ Investment Group LLC
Lazard Asset Management LLC
Sasco Capital Inc
J O Hambro Investment Management Ltd
Cobalt Capital Management Inc
BB&T SECURITIES, LLC
Credit Suisse First Boston (CSFB)
Wealth Builders
Shell Pension Plan
Valley Forge Asset Management Corp
QQ
QQQQ
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 37 of 37
International Paper Co IP
Ownership
Shareholders Selling
Funds
Star Rating
Shares Sold
% Total
Shares Held
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
QQQQ
QQQ
QQQQ
QQQ
QQQ
QQ
QQQ
QQQQ
QQQQ
QQQQQ
QQ
-2,153,500
-1,745,429
-1,537,447
-636,200
-431,026
-189,300
-173,670
-157,300
-109,979
-98,500
-69,800
-66,400
-64,700
-54,037
-53,520
-49,531
-44,887
-42,100
-41,400
-40,800
1.26
0.21
0.27
1.73
0.91
0.02
0.29
0.15
1.01
0.11
0.11
1.63
0.04
0.14
1.04
0.34
0.00
0.06
0.01
0.00
-28.64
-66.16
-57.89
-7.91
-10.00
-68.00
-12.42
-19.94
-2.48
-17.85
-12.83
-0.95
-27.50
-8.15
-1.19
-3.38
-83.05
-14.00
-50.00
-68.11
1.19
0.12
0.31
1.18
1.14
0.1
1.15
1.41
0.12
0.24
0.42
0.09
0.2
0.02
0.12
1.32
0.1
0.3
0.12
0.1
09/30/2014
06/30/2014
06/30/2014
09/30/2014
09/30/2014
06/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
06/30/2014
09/30/2014
09/30/2014
08/31/2014
09/30/2014
06/30/2014
06/30/2014
08/31/2014
09/30/2014
06/30/2014
Institutions
Shares Sold
% Total
Shares Held
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
-2,229,638
-1,976,440
-1,961,970
-1,676,539
-1,537,088
-1,370,261
-1,363,698
-1,127,195
-1,025,248
-999,004
-804,229
-678,293
-578,155
-573,471
-505,020
-329,456
-304,589
-302,923
-287,164
-246,869
0.59
0.20
1.54
0.30
7.15
1.29
0.10
0.29
0.02
3.09
0.06
0.01
0.16
0.92
0.30
0.08
0.02
0.20
0.16
0.24
-47.46
-70.62
-23.23
-57.04
-4.86
-20.20
-75.93
-48.18
-92.97
-7.04
-76.10
-92.13
-46.39
-12.90
-28.85
-48.40
-81.36
-26.47
-29.92
-19.61
0.02
0.09
0.32
0.04
0.16
0.63
0.73
0.29
0.02
0.09
0.11
0
0.13
0.13
0.11
0.12
0.02
0.35
0.07
0.81
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
QQQQ
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