Report
Sappi : Back to temporary low cycle
The destocking trend is stronger and longer than we initially expected. After flamboyant results in 2021/22, Sappi is now at the bottom of the cycle, not in the middle as hoped. No real improvement is expected for the next Q2 2023/24 results (to end March 2024) while we expect cash burn and above-targeted leverage for the whole fiscal year due to diversification investments. Potential upgrades from Moody's and S&P are no longer a likely scenario in the short term. However, the ma...
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Oddo BHF
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.
Joan Sehim
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