by Sean Ungerer | Jul 9, 2020 | Forestry and Paper
EPS impact of closures: USD 0.05/share boost in FY 21e. Cash impact of closures: USD 28m cash impact of closures (USD 0.05/share or 1.5% of net debt). Non-cash charges expected to total USD 17m. Stockstadt mill (Europe): In line with expectations, Sappi confirmed...
by Sean Ungerer | Jul 3, 2020 | Forestry and Paper
FY 20A results (revenue: -2%; EBIT: +5%, EPS -1%) saw strong margin expansion despite top line pressure: COVID-19 shaved GBP 15m (2.3%) off EBIT, impacting March and April. North America lagged the group, with margin contraction of 842bps y/y as domestic performance...
by Sean Ungerer | Jun 23, 2020 | Forestry and Paper
Record VSF sales volumes in FY 20A (554kt/+2.4% y/y): Jan-Feb saw record production rates of 1,700/t (usually 1,400-1,500/t) driven by ”booming” demand, with a continued shift to VSF. Q4 volumes were flat as national lockdown (10 days in March) saw March volumes down...
by Sean Ungerer | Jun 17, 2020 | Forestry and Paper
H&M provides sales update (read-through for the likes of Lenzing, Birla and Sappi): Sales development was largely driven by COVID-19. Q2 sales (1 March – 31 May) declined by 50% y/y, while online sales increased by 36%. Total sales for 1-13 June declined by 30%...
by Sean Ungerer | Jun 8, 2020 | Forestry and Paper
Turnover -3.8% y/y & EBITDA -15.7% y/y (+23% q/q): Higher volumes in all segments (Paper 4%; Pulp 34%; Tissue 10%). Lower production costs not enough to offset lower pulp and paper prices. However, EBITDA margin +442bps q/q to 21.8%. Strong UWF order book in Q1...
by Sean Ungerer | May 19, 2020 | Forestry and Paper
Under current circumstances, 80% of German media and printing companies unlikely to survive 2020: This is based on the Bundesverband Druck and Medien survey. 24% of companies said they would be able to survive till the end of July. 33% expect sales to drop by 50% y/y...
