International Paper Company (IPC.L) Stock Analysis & Winston Score

International Paper makes cardboard boxes and paper packaging. Its main products are corrugated boxes — the brown shipping boxes used to deliver goods — along with containerboard, which is the material those boxes are made from. It is one of the largest paper and packaging companies in the world, serving customers in industries like e-commerce, food, and consumer goods. The company earns money by selling packaging materials and finished boxes to businesses, not consumers directly. It operates mainly in North America and Europe, with manufacturing mills and converting plants across dozens of countries. Its scale and long-term customer contracts give it some competitive stability, but the business is heavily tied to industrial demand cycles, which explains the current negative operating margin during a period of weak demand and high input costs. The key risk going forward is that paper and packaging markets remain oversupplied, which keeps prices low and squeezes profitability until demand recovers.