contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


metsa-board-oyj-inside-information-profit-warning-metsa-boards-comparable-operating-result-for-january-march-2023-will-be-weaker-than-previously-estimated

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Metsä Board is a manufacturing company active in the paper and pulp industry. The company is a manufacturer of cartons made of forest fiber. The products are used for consumer and food products. In addition to the production of cartons, the company offers services related to technical analysis and design development. The company is most active in the European market. Metsä Board´s head office is located in Espoo, Finland.

Here are also Antti’s comments on this upcoming joint venture between UPM and Sappi.  UPM and Sappi intend to establish a joint venture for graphic papers. In our opinion, the arrangement is strategically sound, as it reduces the company’s dependence on a structurally declining paper market with weak prospects. A larger company also finds it easier to defend its efficiency in shrinking markets. However, UPM was unable to secure particularly favorable terms in the arrangement despite its market-leading position; instead, we believe it is a very balanced merger. The arrangement does not cause immediate changes to our forecasts for UPM’s coming years or our view of the company, as the share of paper businesses in the stock’s value is moderate, and the arrangement is not expected to be completed until the end of 2026. Furthermore, we do not consider the competition authorities’ positive view of the arrangement to be certain at this stage.                   Inderes              UPM ja Sappi ovat järjestelemässä graafisten paperien liiketoimintojaan...    UPM ja Sappi aikovat perustaa graafisten papereiden yhteisyrityksen. Mielestämme järjestely on strategisesti järkevä, sillä se vähentää yhtiön riippuvuutta rakenteellisesti laskevasta heikkojen näkymien paperimarkkinasta. Järjestely ei kuitekaan...

Thanks for the observations. I wondered about those figures and thought that UPM, based on them, would immediately reduce its investment in graphic paper in the arrangement. However, UPM brings about 3.7 Mt of annual capacity to the JV, while SAPPI brings about 2.0 Mt. It’s unlikely that Sappi’s mills are in much better shape than UPM’s. They also contribute a couple of single-machine sites, which are likely to be the first in the firing line. Of course, UPM has them too.

It’s good to note that those enterprise values include debts and pension liabilities. Sappi’s press release makes it clearer that the arrangement is actually completely symmetrical from the companies’ perspective; both are net contributing €127-128m to the company (net assets - received cash). https://www.sappi.com/en-us/about-us/news-and-events/sappi-and-upm-propose-combining-their-european-based-graphic-paper “The Sappi business is valued at €320 million which, based on an FY2025 EBITDA of €64 million represents a 5x multiple. Sappi will transfer pension and other liabilities of €53 million and net assets valued at €267 million to the Joint Venture. In return Sappi will receive cash of €139 million and 50% shareholding in the Joint Venture. The UPM business is valued at €1,100 million, which represents a 4.6x multiple of the last reported 12 months to September 2025 EBITDA. UPM will transfer pension and other liabilities of €360 million and net assets of €740 million to the Joint Venture. In return UPM will receive cash of €613 million and 50% shareholding in the Joint Venture.”

That slide in UPM’s presentation today tells how strong UPM’s desire is to get rid of graphic papers. UPM’s contribution to the company is 3.43 times more valuable than SAPPI’s. Still, the ownership stakes are 50/50, as UPM wants to get much more cash out of the arrangement immediately than SAPPI. They will probably try to sell the entire burden immediately after 3-4 years, when the contract terms allow it, if a buyer can be found. By then, the graphic paper market will have shrunk by another 20%, so there will be plenty to restructure. It’s likely that about 20% of the capacity will indeed be cut immediately when the JV starts. What will the JV be named? Kymmene? Or Roskapankki (Junk Bank)

Yes, this seems like a sensible move! Plywood could now be kept within UPM ”According to CEO Massimo Reynaudo, UPM would benefit from the arrangement by receiving cash, transferring pension liabilities to the joint venture, and owning half of the new company.\n\nThe arrangement would improve UPM’s profitability and balance sheet. The forest company would also no longer operate directly in the declining European and North American paper markets.\n\nThe joint venture is expected to bring annual savings of approximately 100 million euros through the streamlining of production, product portfolio, and logistics.”\n\nMetsäjätti muuttaa suuntaa – UPM:n avaukseen on selvät syyt | Kauppalehti

If the merger goes through, then 2-3 of those 12 mills transferring to the new unit will likely be closed quite quickly. It will be a repeat of the UPM-Myllykoski merger. Such a large entity is easier to restructure in a declining end-product market. A lot will happen within 2-3 years. As for whether Jämsänkoski’s PK6 will continue, I cannot comment on that.

So Jämsänkoski would produce products for two different companies: Speciality Papers for UPM and the rest for the newly created joint venture?

Metsä Board

Metsä Board Corporation Stock Exchange Release Inside information 12 April 2023 at 9 a.m. EESTMetsä Board, part of Metsä Group, estimated in its Financial statements bulletin 2022 published ...

<div class="abstract">Metsä Board Corporation Stock Exchange Release Inside information 12 April 2023 at 9 a.m. EEST</div>Metsä Board, part of Metsä Group, estimated in its Financial statements bulletin 2022 published on 9 February 2023 that the company's comparable operating result for January-March 2023 would be roughly at the same level as in October-December 2022. The comparable operating result for October-December 2022 was EUR 100.8 million.Metsä Board's comparable operating result for January-March 2023 is estimated to be approximately EUR 89 million.The lower-than-estimated operating result was particularly affected by the weakened demand situation for market pulp in both Europe and China. In Europe, demand for market pulp was reduced by prolonged production shutdowns by paper and paperboard producers as the value chain continued to adjust inventories. In China, the economic recovery has been weaker than expected.Metsä Board has also adjusted its paperboard production to meet demand, and production in the first quarter of 2023 was below capacity level. Paperboard delivery volumes decreased from the previous quarter.Metsä Board will publish its Interim Report for January-March 2023 on 27 April 2023 at 12:00 EEST.METSÄ BOARD CORPORATION

Metsä Board Oyj: Inside information, profit warning: Metsä Board's comparable operating result for January-March 2023 will be weaker than previously estimated