Navigator : Trading volumes for margins, operating results in line with estimates
>Weaker sales, firmer margins - Navigator’s Q2 2023 EBITDA were in line with our estimates but with an unexpected mix consisting of a significant decline in revenues (volumes/ prices) which was offset but much more resilient profitability margins (25.6% in Q2 2023, 25.8% in H1 2023). Results were negatively affected by the continued destocking process in the European paper industry which drove volume sales down by 27% in H1 2023 to 533 ktns. Prices for UWF prices decl...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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