Essity's Cost Savings Help It Weather Continued Margin Headwinds in 1Q; Shares Overvalued
No-moat Essity's profitability remained hampered by higher pulp and oil-based raw material costs in the first quarter, with adjusted operating margin contracting 70 basis points to less than 10% (below our nearly 12% full-year estimate). Although we expect the near-term cost environment to remain challenging, we're encouraged by Essity management’s actions to defend its bottom line. For one, its efforts to extract costs from its operations helped its selling, general, and administrative expense ...
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