by Sean Ungerer | Apr 24, 2020 | Forestry and Paper
Q1 20A EBITDA down 18%: COVID-19 did not materially impact results, unlike the EUR 30m impact from the Finnish strike. It was a quarter of two tales, record EBIT for Specialty Papers and Raflatac, while Paper was under pressure. A trend we expect to continue for the...
by Sean Ungerer | Apr 22, 2020 | Forestry and Paper
Q1 20A EBIT down 46% to EUR 180m: This was at the top end of guidance. As guided, Q1 was negatively impacted by an exceptional mild winter in the Nordics and labour union strikes in Finland (impacting Paper and Containerboard). Planned/unplanned production downtime...
by Sean Ungerer | Apr 20, 2020 | Forestry and Paper
PfR availability becoming more problematic: OCC prices increased by 19% w/w (+16% previous week). Concerns around availability of PfR grades, especially generated from the office paper and printing segments. Cartonboard and containerboard prices start to rise: RDM...
by Sean Ungerer | Apr 17, 2020 | Forestry and Paper
SAP’s European operations are roughly 2x Lecta’s: Lecta’s Q4 19A EBITDA margin expanded by 129 bps y/y to 8.5%. This compares to SAP’s 10.0% over the same period. FY 19A volumes declined by 12% y/y: This compares to the 11% decline for industry European deliveries....
by Sean Ungerer | Apr 17, 2020 | Forestry and Paper
DS Smith have not seen any significant disruptions to their operations from the Coronavirus: Some plants have not been running full shifts, but sites have been pulling together to facilitate transfer of orders. Business has been busy, with ups and downs sector...
by Sean Ungerer | Apr 15, 2020 | Forestry and Paper
Limited disruption to their supply chain so far: All of their assets are operating, and they expect this to continue. Limited issues to date baring a short stop in Italy due to a deep clean. Order books have been strong, but…. They have been seeing good demand from...
