by Sean Ungerer | Apr 14, 2020 | Forestry and Paper
Mondi trading/COVID update focussed on liquidity (EUR 1.5bn available, with dividends suspended): Discretionary spend and all non-essential CapEx halted and some of their major projects slowed (FY 20e CapEx: c. EUR 600m, previously: EUR 700-800m). Annual mill...
by Sean Ungerer | Apr 9, 2020 | Forestry and Paper
Suzano provided an update today on how they are navigating COVID: They are “preparing for the worst and hoping for the best”. Their update was encouraging, with a strong focus on their employees (health safety and job security guaranteed during the pandemic). All...
by Sean Ungerer | Apr 8, 2020 | Forestry and Paper
Order books are strong, for now: All of their assets are operating and the expect this to continue. They are seeing good demand from consumer staples and pharma. April was full, end of May/June could be different. Changing of the guard: With Peter Oswald the CEO from...
by Sean Ungerer | Apr 7, 2020 | Forestry and Paper
Decline in pulp demand from P&W more than offset from increased tissue demand: Visibility is low for everyone, but China is back on track and “almost back to normal”. China inventories could normalise by the end of April/May. April price increase of USD 30/t...
by Sean Ungerer | Mar 23, 2020 | Forestry and Paper
FY 19A record year despite slower market dynamics: This increase was mainly from M&A in the Packaging division and supported overall good capacity utilisation across both segments. Group EBITDA margin of 15.3% expanded by 140bps y/y helping ROCE increase by 40bps...
by Sean Ungerer | Mar 17, 2020 | Forestry and Paper
COVID-19 impact short lived (2 weeks) on their Chinese ops: Site continued through the Chinese New-Year (hence employees didn’t return home). However, due to road restrictions, there were some issues in terms of inbound logistics (2 weeks) and had to shut two of their...
