Avior Capital Markets - Sappi Limited (105I) Sappi | Time to execute

Report

Avior Capital Markets

Wade Napier

Sappi | Time to execute

SAP delivered respectable Q4 '18 results as the business faced several internal and external challenges. We believe the stability of the Group's Q4 '18 earnings are a testiment to SAP's work in diversifying its product slate and improving its cost base. However, with large portions of the Group's conversion and debottlenecking projects complete, we believe SAP needs to "walk the talk" in FY '19 and exhibit why specialty paper and packaging markets are part of its future.

20/11/2018 11 EN

Underlying

Sappi Limited

Sappi is a holding company, engaged in providing dissolving wood pulp, paper pulp and paper-based solutions. Co.'s dissolving wood pulp products are used by converters to create viscose fiber for clothing and textiles, acetate tow, pharmaceutical products, as well as a range of consumer products. Co.'s paper products includes: coated fine papers used in the production of books, brochures, magazines, catalogues, direct mail and many other print applications; casting release papers used for fashion, textiles, automobile and household industries; and in the Southern African region newsprint, uncoated graphic and business papers and premium quality packaging papers and tissue products.

See profile

ZAE000006284 Johannesburg Stock Exchange South Africa

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

See profile

Analysts

Wade Napier

Other Reports on these Companies

Lucror Analytics

Sappi - Earnings Flash - Q1 FY 2025-26 Results - Lucror Analytics

Sappi reported soft Q1/25-26 results yesterday, with sales down 5.6% y-o-y and adjusted EBITDA fell 56%. FCF improved, but remained modestly negative. Net leverage rose materially in the quarter, owing to the EBITDA decline. The company expects Q2 adjusted EBITDA to fall sequentially. The Q1 results were weighed down by challenging market conditions and poor price development. We foresee that net leverage will improve over the course of the year, returning to the mid to high 3x region.

Free Trial

February 5, 2026 February 5, 2026 1 EN

Lucror Analytics

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Nexans, Sappi, Crown Holdings, CeramTec, Lowell, Omnia Technologies, TAP

Free Trial

February 5, 2026 February 5, 2026 1 EN

Lucror Analytics

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Sappi, Telecom Italia, Telenet, Mahle, Seche Environnement, Crown Holdings

Free Trial

February 3, 2026 February 3, 2026 1 EN

Tiger Brands | ESG | Pressed to execute

TBS receives a corporate governance score of 3.37 out of 5 (FY '18: 3.42) and is rated as â€˜good'. TBS receives an ESG risk score of 2.6 (FY '18: 2.6) which we consider moderate. As in FY '18, there were various changes to the Board which raises corporate governance concerns surrounding succession planning and the execution of strategies. Post year-end, L Mac Dougall retired as CEO of the Group. N Doyle has become the new CEO of the Group as of 1 Feb '20. We note the corporate governance concerns around the appointment of N Doyle given that he left the Group at an important juncture in FY...

February 7, 2020 February 7, 2020 15 EN

Ayan Ghosh

Ayan Ghosh

SA Investment Strategy | Review of January 2020 for SA investors: Coronavirus weighs on the ZAR

From an SA asset-allocation perspective, SA Bonds (ALBI +1.2%) outperformed cash (STEFI +0.6%) and equities (Capped SWIX -2.6%) in Jan â€˜20. The ZAR was the worst performing EM currency in Jan â€˜20, depreciating by 6.8% against the USD, as EM risk appetite declined, with the Coronavirus spreading further than the Sars virus, which began in 2002, likely to hit global growth. Our discussions with various corporates in China suggest that the Coronavirus will peak over the coming weeks and could take until Mar '20 to resolve. In USDs, MSCI SA (-8.8%) underperformed MSCI EM (-4.7%) in 2020, as ...

February 5, 2020 February 5, 2020 9 EN

Harry Botha

Harry Botha

SA Banks | Low credit risk in commercial property | Time to buy SA banks

Challenging SA economic conditions bring SA REITs credit health and banks' lending to the sector into the spotlight. Our analysis in this report provides greater detail on SA banks' exposure to commercial property and listed REITs. Our stress tests highlight that SA banks' lending to listed REITs (exposed to SA or offshore operations) has been conservative to date. REITs' equity capital and diversified portfolios support the property companies' credit health. While SA banks' near-term earnings growth prospects are geared to SA economic conditions, we highlight that valuations are undemandin...

January 28, 2020 January 28, 2020 36 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Sappi | Time to execute

Sappi - Earnings Flash - Q1 FY 2025-26 Results - Lucror Analytics

Lucror Analytics - Morning Views Europe

Lucror Analytics - Morning Views Europe

Tiger Brands | ESG | Pressed to execute

SA Investment Strategy | Review of January 2020 for SA investors: Coronavirus weighs on the ZAR

SA Banks | Low credit risk in commercial property | Time to buy SA banks

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe