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Sappi

Sappi is a global producer of fine paper and chemical cellulose operating through the following geographical segments: North America, Europe and Southern Africa. The company has a paper production capacity of 6.8 mn tons/yr, paper pulp production capacity of 5.2 mn tons/yr and dissolving wood pulp production capacity of 1.3 mn tons/yr. (10 Dec 2018)

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Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.
Focused

Sappi F4Q18: Soft Landing

Earnings Note: 16 Nov 2018, 1:05 PM ET - Sappi closed out FY18 well despite cost headwinds. With conversion projects largely complete, it has a clear runway in FY19 to continue to improve credit metrics. We update our view on the name. 

Paper Trails: Upgrades, Buybacks, Pulp Market View

Paper Trails: 12 Nov 2018, 4:04 AM ET - Good earnings from RYAM and LPX highlight the week plus an upgrade to IG for STERV. We highlight commentary from the London Pulp Conference from RISI competitor Hawkins Wright.

Paper Trails: Euro 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 10:51 PM ET - We present our Europe earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

Paper Trails: KPERST Rebounds, RFP Upgrade

Paper Trails: 20 Aug 2018, 4:40 AM ET - This week's recap includes our review of KPERST's 2Q18 in line earnings and our thoughts RFP's one notch upgrade by Moody's. We also provide a first look at containerboard data and pricing updates for pulp and boxboard. 
Focused

Sappi F3Q18: No Fluff, Maintain Outperform

Earnings Note: 15 Aug 2018, 10:52 PM ET - Sappi had a weaker headline F3Q18 on higher external and internal costs. However, the credit story remains largely in tact. We review results and update our thoughts on the credit.

Paper Trails: Euro 2Q18 Earnings Preview

Paper Trails: 04 Jul 2018, 9:27 PM ET - We present our Euro earnings preview for 2Q18. 

Paper Trails: Spring Fever

Paper Trails: 21 May 2018, 4:56 AM ET - Macro data previews, IP's June 6th deadline and SKGID's determination to remain an independent company highlights this week's recap. We also provide links to earnings reports on BWAY,  SAPSJ and VERALL. 
Focused

Sappi F2Q18: Paper or Plastic?

Earnings Note: 14 May 2018, 9:42 PM ET - After another solid reporting this quarter, Sappi remains an attractive credit in the BB Paper & Packaging tier. 

Paper Trails: Wrapping Up 1Q18

Paper Trails: 13 May 2018, 8:41 PM ET - This week's recap includes containerboard market insights from major producers and KPERST call and investor days.  Also various names under coverage reported last week, nearly wrapping up our 1Q18 earnings season.

ENCE 4Q17: Buenos Resultados

Earnings Note: 21 Feb 2018, 10:51 PM ET - ENCE reported strong year over year results on continued benefits from a favorable pulp market. We review results and the company's outlook. 

Paper Trails: Fibria Confirms M&A Talks

Paper Trails: 20 Feb 2018, 5:02 AM ET - Fibria confirms M&A talks with Suzano and updates on Cenveo's Ch. 11 bankruptcy case headline this week's Paper Trails market recap.
Focused

Sappi F1Q18: Closing In on Targets

Earnings Note: 12 Feb 2018, 10:02 PM ET - Investment grade investors comfortable with adding BB risk should take a closer look at SAPSJ as the company has a favorable outlook for the balance of 2018.

Paper Trails: M&A, Earnings Misses, and Chapter 11

Paper Trails: 05 Feb 2018, 6:06 AM ET - Amidst this week of earnings, WRK announced that is acquiring Kapstone for  $4.9 billion, KPERST reported weak 4Q17 results, RFP missed estimates,  CVO  filed for Ch. 11 on Friday.

Paper Trails: Euro 4Q17 Earnings Preview

Paper Trails: 24 Jan 2018, 10:18 PM ET - Earnings season for Euro Paper and Packaging begins on Feb 7th with Smurfit Kappa. We provide an overview of our expectations as well a recap of commodity grade price movements from the 4Q. 

Sector Outlook: Global Paper and Packaging 2018

Sector Outlook: 18 Jan 2018, 11:31 PM ET - We present our 2018 outlook for the Global Paper and Packaging Sector.

Paper Trails: ICYMI Week in Review Jan 16, 2018

Paper Trails: 16 Jan 2018, 12:15 AM ET - Ardagh's issuance of new PIK notes and Cenveo's decision to retain legal representation for its forthcoming debt restructuring highlights our Paper Trails Week in Review. Also included are our Pulp and Paper industry data recaps.

Paper Trails: ICYMI Week in Review Dec 11, 2017

Paper Trails: 11 Dec 2017, 4:35 AM ET - Fibria and WRK both hosted investor days in NYC this week. Also included are our monthly Paper and Pulp data recaps. Lastly, Lecta reported earnings this week, and we upgraded our recommendation on the credit to a BUY.

Progroup 3Q17: Boxed In

Earnings Note: 30 Nov 2017, 9:58 PM ET - We are favorable on containerboard, yet Progroup's capital structure offers limited options for participation in upside.

Paper Trails: ICYMI Week in Review Nov 27, 2017

Paper Trails: 26 Nov 2017, 8:50 PM ET - Post Thanksgiving feast, our weekly Paper Trails report features market pulp price hikes, the completion of the RYAM/TMBCN transaction, and our monthly containerboard data recap. 

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