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In today's Morning Views publication we comment on developments of the following high yield issuers: Brava Energia, Geopark, Petrobras, Cencosud, Millicom, Rede D'Or, SierraCol, C&W Communications, Minerva, Suzano, Aeromexico, VTR Finance, Tupy, Braskem, Iochpe-Maxion, Aegea
Sappi reported weak Q4/24-25 results yesterday, with sales down 5.1% y-o-y and adjusted EBITDA sliding 51% owing to adverse development in price and mix. FCF improved y-o-y, while net leverage rose 0.6x sequentially to 3.8x. Sappi expects Q1/25-26 adjusted EBITDA to be lower q-o-q. Comparables should ease materially after Q1/25-26, and we expect the company to deliver stronger EBITDA in the year, which should support modest deleveraging.