Report
Adam Kindreich, CFA
EUR 147.86 For Business Accounts Only

SCA Group's Third Quarter Shows Further Weakness, Validating Our No-Moat Rating

No-moat-rated SCA Group, the global hygiene and forest products company, reported further weakening of its performance in the third quarter. Organic sales growth was nil, with volumes and price/mix both nil. Only feminine care had a respectable growth rate (up 7%), with baby diapers at negative 7%.
SCA mentioned more intense competition across its hygiene business generally, in both emerging and developed markets, as well as slowing growth across its markets. SCA's tissue plant closures and with...
Underlying
Svenska Cellulosa Aktiebolaget Class B

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Adam Kindreich, CFA

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