Billerud just reported its Q4 results, and the report is here. The Q4 result fell quite clearly short of the consensus found on the company’s own website. In Europe, conditions were/are very difficult in the paperboard markets plagued by overcapacity, while the North American paper business is carrying the entire company. Comments regarding wood price development were positive, but as end-product prices are also falling in oversupplied markets and there are hardly any signs of recovery in underlying demand, the earnings outlook—especially for the beginning of the year—appears weak at first glance.
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