Navigator : Resilient margins on good cost performance, capex limits cash flow generation
>Stronger-than-expected results on good cost performance - Q3 2023 results came in significantly above our estimates (+12% at the EBITDA level) thanks to the outstanding cash cost performance with reductions vs H1 2023 levels of -12% in Pulp, -15% in Paper and -9% in Tissue (-16%, -18% and -12% respectively on a y-o-y basis). Total fixed costs grew by approximately +1% y-o-y in 9M 2023, due in part to lower personnel costs and modest rises in running and maintenance ...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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