Quarterly Comment: SAPPI
​Sappi, the South African papermaker, presented good 1Q16/17 results yesterday. Yoy sales were up 2% to $1.3bn and EBITDA soared 15% to $201m, with a margin standing at 15.4%, well above peers. This performance goes against the flow of the traditional paper market (64% of sales), evidenced by competitor Stora Enso’s lackluster 4Q16 results released last week. Management explained during the call that this outperformance mainly came from dissolving wood pulp (19% of sales from 16% last year and 47% of EBITDA against 42%). The group is leveraging on its world-leading position in a segment experiencing steadily growing demand from the...
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