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Strategies & Market Trends : Value Investing

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To: staring who wrote (58021)	9/18/2016 5:53:14 PM
From: Spekulatius	Read Replies (1) of 78690

I compared Navigators with Stora Enso and Navigators metrics look indeed better. Navigators EBIT margin in 2015 was 17% versus Stora's 9.5% and this even though Navigators has a higher percentage of the revenue in the margin challenged paper business (Stora is more into packaging and bio materials than Navigators). This seems to confirm that Navigator has an edge in costs. Both have the same BB credit rating, Stora's metrics have been Improving, while Navigators got slightly worse. I give the edge to Navigators. That said, I am not going to put money in this business, we are late in the economic cycle (I think) and a recession is not kind to companies I cyclical business like paper.

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