#851
Re: Análisis de Miquel y Costas (MCM)
Chicos, como suelo comentaros, anoche publicó SWM, el principal competidor de Miquel y Costas:
https://ir.swmintl.com/news-releases/news-release-details/update-swm-announces-third-quarter-2021-results
Os pego la parte que afecta a MCM, es decir, EP. Resumen: 12% caída en ventas porque el Q3 del año pasado es un comparable difícil (las tabaqueras acumularon inventario para evitar riesgos logísticos del covid), y los márgenes aún más presionados por incrementos en MMPP y energía. Algo similar veremos en Miquel, pero ya os digo que las caídas en ventas serán menores porque le están ganando cuota, como venimos viendo.
"Engineered Papers segment sales were $123.5 million, down 12%, driven by a 10% volume decrease, unfavorable price/mix of 3%, and a 1% currency benefit. The volume decline was attributable to lower tobacco-related papers, including LIP, as certain customers resumed more normalized order patterns compared to the third quarter of 2020 when they built inventories to de-risk their supply chains amidst Covid-19 uncertainties. The lower LIP volume was a significant contributor to the negative mix. Continued rapid growth in reduced risk Heat-not-Burn products was a positive offset within the tobacco business. Non-tobacco paper volumes were essentially unchanged.
GAAP operating profit was $24.0 million, or 19.4% of sales, down 15%, and reflected lower restructuring and other expenses related to plant closures. Adjusted operating profit was $26.4 million, down 29%, with adjusted operating margin contracting 520 basis points to 21.4%. Margin reduction resulted from a combination of the LIP volume decline and associated negative mix impact noted above, but also from significant wood pulp cost increases. Further, the Company incurred higher energy costs, particularly in Brazil and France, and higher freight costs. The Company has executed price increases to help offset these increasing costs and additional offsets are expected to be effective in 2022 per contractual terms. Currency movements resulted in a $2.0 million negative impact on operating profit."
https://ir.swmintl.com/news-releases/news-release-details/update-swm-announces-third-quarter-2021-results
Os pego la parte que afecta a MCM, es decir, EP. Resumen: 12% caída en ventas porque el Q3 del año pasado es un comparable difícil (las tabaqueras acumularon inventario para evitar riesgos logísticos del covid), y los márgenes aún más presionados por incrementos en MMPP y energía. Algo similar veremos en Miquel, pero ya os digo que las caídas en ventas serán menores porque le están ganando cuota, como venimos viendo.
"Engineered Papers segment sales were $123.5 million, down 12%, driven by a 10% volume decrease, unfavorable price/mix of 3%, and a 1% currency benefit. The volume decline was attributable to lower tobacco-related papers, including LIP, as certain customers resumed more normalized order patterns compared to the third quarter of 2020 when they built inventories to de-risk their supply chains amidst Covid-19 uncertainties. The lower LIP volume was a significant contributor to the negative mix. Continued rapid growth in reduced risk Heat-not-Burn products was a positive offset within the tobacco business. Non-tobacco paper volumes were essentially unchanged.
GAAP operating profit was $24.0 million, or 19.4% of sales, down 15%, and reflected lower restructuring and other expenses related to plant closures. Adjusted operating profit was $26.4 million, down 29%, with adjusted operating margin contracting 520 basis points to 21.4%. Margin reduction resulted from a combination of the LIP volume decline and associated negative mix impact noted above, but also from significant wood pulp cost increases. Further, the Company incurred higher energy costs, particularly in Brazil and France, and higher freight costs. The Company has executed price increases to help offset these increasing costs and additional offsets are expected to be effective in 2022 per contractual terms. Currency movements resulted in a $2.0 million negative impact on operating profit."
