Oji Holdings makes the bulk of Japan's printing and writing paper, corrugated packaging, and tissue and diapers, with a sizeable forestry and pulp business feeding those lines. The structural case rests on the packaging side: e-commerce shipping and food packaging demand give the corrugated business steadier volumes than graphic paper, which is in long-run decline. The near-term driver is cost and mix, since the company has been shifting capacity away from printing paper and tightening its cost base, and any sign that operating margin (0.8% today, against a 17.4% gross margin) is recovering would matter more than revenue, which is growing only 2.4%. At 11.8x trailing and 10.9x forward earnings with a 6.0% ROE, the stock is priced for a slow, low-margin business, so the question for a deeper look is whether the packaging mix can lift returns or whether the thin operating margin is structural.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | ¥876 | first publication | ¥830 |
Answered from Oji Holdings Corporation fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| 3861.T Oji Holdings Corporation | ¥825.70 | - | - | 11.8x | 6.0% | 38 | 51 |
| MNDI.L Mondi plc | £7.46 | £7 | 15% above | - | -4.7% | 35 | 39 |
| HOLM-B.ST Holmen AB (publ) | kr 305.60 | kr 262 | 17% above | 22.0x | 4.8% | 58 | 47 |
| CMPC.SN Empresas CMPC | CLP 945.41 | - | - | 24.5x | 1.1% | 39 | 39 |
| NVG.LS The Navigator Company, S.A. | €3.04 | €4 | 27% below | 19.6x | 7.9% | 56 | 45 |
| SCA-B.ST Svenska Cellulosa SCA B | kr 125.80 | kr 114 | 10% above | 39.7x | 2.2% | 62 | 43 |
| BILL.ST Billerud AB (publ) | kr 85.70 | kr 79 | 8% above | 91.6x | -0.1% | 43 | 44 |
Where 3861.T ranks against its sector peers on each metric.