Navigator : Paper price resilience to offset volume uncertainty
>Paper price resilience offsets volume declines - We are updating our estimates on Navigator following the release of their annual report and a recent call with the company. Q1 2023 results reflected significant margin resilience (EBITDA margin of 26.1% vs 29.9% in 2023) despite the sluggish volumes in paper (-16% y-o-y) and the start of the correction in pulp and paper prices (currently -25% and -7.4% vs Q4 2023 levels respectively). Buyers are in a’ wait and see mod...Navigator and its subsidiaries are engaged in the production and sale of cellulose pulp and related products, the purchase of wood and agricultural and forest production, the harvesting of forests and the transport of wood from the forests to the plants, and the production and sale of electricity and thermal energy. Co. is also involved in the production of paper and derivative paper products.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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