by Sean Ungerer | Sep 14, 2020 | Forestry and Paper
Week ahead: 1/1 calls with Valmet, Stora Enso, International Paper and Mondi. European corrugated shipments mixed for first seven months due to tourism or lack thereof: Germany (+0.3%) and Austria (+0.1%), while Poland, Czech Republic, Russia and Turkey have...
by Sean Ungerer | Sep 11, 2020 | Forestry and Paper
Transformation journey since 2009: In 2009, sales comprised 60% Communication Papers (EBIT margin: 5%) and in 2019, Growing businesses are now 60% (EBIT margin: 16%). This has been driven by fixing the balance sheet, driving performance and preparing for growth. Focus...
by Sean Ungerer | Sep 8, 2020 | Forestry and Paper
DS Smith trading update this morning (from 1 May 2020): Positive corrugated volume growth in August, and dividends to resume. August sees positive volume growth of 1-2% (like for like y/y): Good news for DS Smith as they lagged both Mondi (box volumes: +4.8%) and...
by Sean Ungerer | Sep 7, 2020 | Forestry and Paper
Following UPM and SCA’s announced capacity closures, Stora Enso could follow suit: According to Talouselämä, Stora is considering the closure of its Veitsiluoto and Anjala mills. As with the UPM and SCA closures, both mills are in Finland. Finland has recently been...
by Sean Ungerer | Sep 4, 2020 | Forestry and Paper
SAP’s European operations are roughly 3x Lecta’s (based on volumes: Lecta’s Q2 19A EBITDA margin contracted by 727 bps y/y to 1.0%. This was ahead of SAP’s -0.2% EBITDA margin over the same period.Lecta’s sales volumes underperformed Sappi: Lecta’s CWF volumes...
by Sean Ungerer | Aug 27, 2020 | Forestry and Paper
Total impact on UPM: Around 840 roles could be reduced, mostly in Finland with a restructuring cost of EUR 115m (48% cash and 52% non-cash) mainly impacting their Communication Papers segment.Potential newsprint sale and conversion provides negative read-through for...
