SCA Group Reports Disappointing Close to 2016 as Competition in Personal Care Intensifies
Hygiene and forest products company SCA Group reported a disappointing fourth quarter of 2016, marked by intensifying competition leading to sluggish sales and stagnant margins overall. These results support our no-moat rating for the firm. We increase our fair value estimate to SEK 233 (up 4%), taking into account the enhancement from the acquisition of BSN, which we expect to be integrated from the second quarter of 2017, but we have revised our underlying sales and margin estimates downward....
Svenska Cellulosa is a holding company. Through its subsidiaries, Co. is a global consumer goods and paper company that develops, produces and markets personal care products, tissue, publication papers and solid-wood products. Co. consists of three business areas - Personal Care, Tissue and Forest Products. Personal Care activities comprise three product segments: incontinence products, baby diapers and feminine hygiene products. Co.'s Tissue product portfolio comprises toilet paper, kitchen rolls, facial tissues, handkerchiefs and napkins. Co.'s Forest Products offers publication papers, kraftliner (packaging papers), pulp, solid-wood products and renewable energy.
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