Sappi : What to expect after this wonderful year?

The previous fiscal year was flamboyant. A godsend for Sappi, who was able to stock up on liquidity and deleverage to a record low 0.9x. While results will normalise and demand will ease, the group now has full flexibility to repay debt, restore a dividend policy and invest in growth activities. For FY 2022/23 (to end-September 2023), we believe credit metrics will be maintained at adequate levels, despite the ongoing destocking and threats on demand. With a return to a mid-cycle...