UPS (NYSE:UPS) International Export Package Revenue per Piece declined from around $29 in 2019 to about $28.5 in 2020. Trefis expects the metric to rise to about $32.5 in 2021 and to about $32.8 in 2022.
We expect long-term growth to be driven by an increase in base rates on packages shipped and an increase in surcharges.
We think the projected growth in UPS revenue isn’t fully priced into the stock yet. We value UPS at about $238, about 10% ahead of the current market price.
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|S&P 500 Return||-1%||-1%||110%|
|Trefis MS Portfolio Return||-6%||-6%||271%|
 Month-to-date and year-to-date as of 1/9/2022
 Cumulative total returns since the end of 2016