It’s funny how companies sometimes seem to synchronise their earnings releases. A week ago, the retailers timed it perfectly with three grocery releases in a single day. This past week, Sappi and Mondi managed to release updates on the same day.
This division is now disclosed as a discontinued operation, as Mondi is hoping to dispose of the Russian business. As the price achieved for such a disposal is likely to be low, it helps that the group’s balance sheet looks a lot stronger than it did a year ago. Net debt to Ebidta is only 0.8x. The results have supported an 8% increase in the interim dividend.
The other businesses are running at Ebidta margins comfortably above 50%, with MTN Ghana putting in a particularly stunning performance of 36% Ebidta growth and a 57.4% Ebidta margin.
Mondi may have missed the boat with disposing of the Russian assets.
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