by Sean Ungerer | Aug 5, 2020 | Forestry and Paper
Q2 20A revenue -35% y/y (-26% q/q) and EBITDA -70% y/y (-61% q/q): Margins collapse to 7.9% as textile fibre revenue declines by 58% y/y(-50% q/q), which shadowed the increase in non-woven fibres revenue of +8% y/y (+12% q/q).Central European wood market is still...
by Sean Ungerer | Aug 4, 2020 | Forestry and Paper
Turnover -33% y/y and EBITDA -49% y/y (-42% q/q): Group ROCE at 7.2% driven by EBITDA margin pressure (-580bps y/y and -400bps q/q) down to 17.8%. This was primarily from their UWF business, where revenue declined by 45% y/y (-41% q/q). UWF volumes were down -37% y/y...
by Sean Ungerer | Jul 30, 2020 | Forestry and Paper
Q3 20A EPS of -USD 0.10/share in line with our estimates; however, EBITDA of USD 27mn was lower than expected (CRe: USD 40mn): Both Europe and North America printed negative EBITDA, weighed down by Graphic Paper despite fixed cost savings in excess of 10%. SA and...
by Sean Ungerer | Jul 29, 2020 | Forestry and Paper
Liquidity over profitability means Q3 20e EBITDA is likely to disappoint: We estimate EPS of at least -USD 0.10/share with EBITDA down at least 66% y/y to USD 40m. We expect a slight uptick in net debt to USD 1,899mn (CapEx and FX), with net debt/EBITDA of 3.8x...
by Sean Ungerer | Jul 21, 2020 | Forestry and Paper
Q2 20A hit the hardest from COVID-19 in its Paper business: Sales declined by 18.9% y/y (-11.9% excl. Paper), while group EBIT margin was stable at 13% excluding the Paper segment. Selling prices trended lower for most grades and volumes were under pressure with the...
by Sean Ungerer | Jul 10, 2020 | Forestry and Paper
COVID update: India is getting worse (Mumbai cases spiking as well as new areas), which is being accentuated by monsoon season. Despite this, they see another lock down unlikely. COVID could mean less reliance on China: Global players may look to reduce their reliance...
