Research Dynamics

CPH Chemie + Papier Holding AG

CPH is a diversified industrial group, engaged in manufacturing paper, chemical products and packaging films. CPH generates the bulk of its revenue from the paper division, with sales in Switzerland and neighbouring Europe. CPH is the number one player in the Swiss market for production of newsprint and the country’s only producer of magazine paper. The Packaging division manufactures high barrier films for the global pharmaceutical industry and is the third-largest supplier of PVdC coated high-barrier films. The Chemistry division produces molecular sieves and has substantial global exposure. In FY2019, the group’s sales stood at CHF 525mn.

For more information please refer to our research reports below:

23
Feb

2024

CPH – FY2023 Results

Resilient performance amidst challenges

– Segmental performance
– Outlook for FY2024
– Valuation and conclusion

29
Sep

2023

CPH-Investor Day Update

FY 2023 targets reaffirmed amidst uncertain markets and focus on implementation of sustainability strategy

– Investor Day summary
– Sustainability
– Other highlights
– Valuation and conclusion

24
Jul

2023

CPH – HY2023 Results

Mixed performance amid challenging market    

– Profitability remains intact
– Outlook for FY2023e
– Valuation and conclusion

27
Feb

2023

CPH – FY2022 Results

Broad-based growth across all divisions   

– Elevated levels of profitability  
– Outlook for FY2023
– Valuation and conclusion

17
Nov

2022

CPH – Event Update

Strong volumes and higher realizations lifts CPH’s profitability

– FY2022 guidance raised again with group EBIT guided above CHF 100 million

– Valuation and conclusion

16
Sep

2022

CPH-Investor Day Update

Rising demand for products in the Chemistry division to drive future growth  

  • Chemistry division to provide the next leg of growth
  • Structural megatrends to drive long-term growth
  • Broad-based revenue growth across all divisions in 1H2022
  • Valuation and conclusion

26
Jul

2022

CPH – HY2022 Results

Broad-based growth across all divisions 

– Better volumes and realizations of price increases lift profitability
– Segmental performance
– Cautious outlook for FY2022
– Valuation and conclusion

    

16
Jun

2022

CPH – Event Update

Recovery in all divisions led by higher price realization

  • Profit guidance raised for FY2022
  • Valuation and conclusion

24
Feb

2022

CPH – FY2021 Results

Recovery in all divisions to drive overall growth    

  • The top-line performance was weighed by impairment charges    
  • Segmental performance
  • Encouraging outlook for FY2022
  • Valuation and conclusion

23
Jul

2021

CPH – HY21 Results

Capex plans in place to tap emerging opportunities    

– Chemistry and Packaging divisions continue to perform well  
– Cautious outlook for 2021
– Valuation and conclusion

5
Jul

2021

CPH – Event Update

CPH to undertake expansion at Chemistry division

– Expansion in lithium molecular sieves capacity to tap the demand for portable oxygen concentrators
– Purmol capacity expansion to tap new and existing growing applications
– Investment program
– Valuation and conclusion

18
Jun

2021

CPH-Investor Day Update

Packaging division at the forefront of the way forward  
– Packaging Division to provide the next leg of growth
– Reaping benefits from the successful implementation of the long-term strategy
– Outlook
– Valuation and conclusion

25
Feb

2021

CPH – FY2020 Results

Diversification helped tide over adversities 

– Sound operating performance amidst a harsh environment
– Segmental performance
– Estimate changes
– Valuation and conclusion

25
Jan

2021

CPH – Event Update

CPH to merge with Uetikon Industrieholding AG

– Higher free float may aid rerating
– Estimates unchanged
– Valuation and conclusion

27
Oct

2020

CPH – Event Update

Adjustments to FY20 earnings outlook

– CPH Group to benefit from significant one-off effects
– Valuation and conclusion

17
Sep

2020

CPH – Investor Day Update

At the forefront of the sustainability

–  Strategy 2020-2024 – Implementation progressing well
– Paper Division well placed to mitigate challenges
– The lynchpin in reducing carbon footprint and sustainable production
– Domestically produced paper essential for sustainability
– Digital media lacks print in sustainability
– Valuation and conclusion

26
Aug

2020

CPH – Event Update

Tapping into growing packaging market

– Perlen Packaging to set-up a film coating plant in Brazil
– Expansion is key to tapping high growth emerging markets like Brazil
– Valuation and conclusion

23
Jul

2020

CPH – HY20 Results

Navigating a challenging environment

– Muted 1H/20 results, with cautious short-term outlook
– Segmental performance
– Estimate change
– Valuation and conclusion

28
Feb

2020

CPH – FY19 Results

Resilient performance despite global slowdown

-2019: Unprecedented EBIT margin reflects disciplined execution
-Focus on divisional balancing and expansion of planned activities
-Valuation: significant discount compared to peers

22
Jul

2019

CPH – HY2019 Results

Execution on track despite macroeconomic challenges

– Healthy 1H2019 results, with all time high EBIT margins
– Full-year guidance maintained
– Refinancing to reduce financial burden
– Valuation and conclusion

21
Jun

2019

CPH – Investor Day Update

Diversification: Key to profitable growth

– Chemistry division: Innovation and integration
– Valuation

28
Feb

2019

CPH – FY2018 results

CPH marks bicentenary with record results

–  2018: Record operating performance across segments

–  Integration coupled with cost efficiencies, the key to growth

– Valuation: outperformed the benchmark by a wide margin

15
Oct

2018

CPH – Guidance Update

Growth momentum continues

-FY2018 guidance is in line with our estimates
-Public bond issue increased to CHF 100mn from CHF 85mn
-Valuation and conclusion

17
Sep

2018

CPH – Investor Day Update

On the road to a diversified industrial group

-Packaging division: Multiple growth levers
-Product innovation
-Diversification into growth markets
-Refinancing of CHF 85 mn via bond issue
-Valuation and conclusion

 

24
Jul

2018

CPH – HY2018 Results

Profitability soared on turnaround in the Paper division and strong results in Packaging

-Robust 1H2018 results, with top line growing in double digits
-Increase of full-year guidance
-Valuation and conclusion

 

26
Feb

2018

CPH – FY2017 results

The fruits of execution are coming through

– 2017: Revenue growth across segments
– Internationalization and cost efficiencies, the key to growth
– Chemistry and Packaging divisions to offset Paper underperformance
– Valuation: outperformed the benchmark by a wide margin

 

 

 

23
Jan

2018

CPH – Acquisition Sekoya

CPH strengthens its Packaging Division with Sekoya acquisition

– Sekoya Indústria e Comércio Ltda. will be integrated in CPH’s Packaging Division
–  Valuation and conclusion

3
Nov

2017

CPH – Acquisition Armar AG

CPH strengthens its chemicals’ position

– Armar AG will be integrated in CPH’s Chemistry Division
– 
Valuation and conclusion

26
Jul

2017

CPH – 1H2017 earnings update

Execution on track, but higher recycling paper prices erode margins

– Strong 1H 2017 sales, with top line growth in all divisions
– Segmental performance
– Guidance
– Zeochem merges its Swiss-based companies
– CPH Group’s Packaging and Chemistry division sharpens brand profile
– Paper Division to acquire Papierfabrik Utzenstorf AG’s paper recycling business
– Valuation and conclusion

28
Feb

2017

CPH – FY2016 results

On the road to profitable growth

– 2016: moderate revenue growth with positive EBIT
– Efforts should start yielding results
– An encouraging year ahead
– Valuation: market is yet to price in the operational improvements

18
Oct

2016

CPH – Company Update

Site for new European manufacturing unit acquired

– Land acquisition to diversify manufacturing base
– Sale of Uetikon facility
– In line with the Chemistry segment’s strategy
– Valuation and conclusion

25
Jul

2016

CPH – 1H 2016 earnings update

On road to recovery

  • Strong 1H 2016 results: Posting an operating profit
  • Segmental performance
  • Guidance
  • Changes to our forecast
  • Valuation and conclusion
22
Mar

2016

CPH – Company Update

Sale of Uetikon site to Canton of Zurich
–  Successful conclusion of lengthy negotiations
–  Implications for CPH’s Chemistry division
–  Strategically sensible move
–  Valuation

1
Mar

2016

CPH – FY2015 results

Currency hits 2015 results, recovery seen in 2016
– 2015: Volumes increase, but strong currency depresses earnings
– Strategically important 2016: Entry into China market
– Performance likely to improve
– Valuation

23
Jul

2015

CPH – 1H 2015 earnings update

Currency headwind shadows growth

  • CHF/EUR floor abolishment weighs on 1H 2015 result
  • Segmental performance
  • Guidance
  • Changes to our forecasts
  • Valuation and conclusion
3
Mar

2015

CPH – FY2014 results

Gratifying 2014 results, challenging outlook

– FY2014 numbers in line with guidance
– Execution of plans yield solid results
– A shift to high-growth markets to reduce dependency on Europe
– De-peg of CHF vs. EUR to be a near-term headwind
– Attractive entry point at current valuations

3
Mar

2015

CPH – 2014 Ergebnisse und Update

Erfreuliche Ergebnisse 2014, Ausblick herausfordernd

– Ergebnisse für das Geschäftsjahr 2014 im Einklang mit Guidance
– Projekt-Umsetzung führt zu soliden Ergebnissen
– Expansion in Wachstumsmärkte reduziert Abhängigkeit von Europa
– Aufhebung der Mindestgrenze zum EUR als kurzfristiger Gegenwind
– Attraktiver Einstiegszeitpunk bei aktueller Bewertung

29
Sep

2014

CPH – Initiation of Coverage

Recovering its footing

– Exposure to high-growth markets to bolster revenues
– Investments in technology to boost margin expansion over long-term
– Healthy H1 2014; positive outlook over the medium-term
– Current valuation level offers an entry opportunity

29
Sep

2014

CPH – Aufnahme der Coverage

Rückkehr zu Stabilität und Wachstum

– Fokus auf schnell wachsende Märkte
– Investitionen in Technologie zur langfristigen Verbesserung der Margen
– Robustes 1. Halbjahr 2014; mittelfristig positiver Ausblick
– Derzeitige Bewertung bietet Einstiegsmöglichkeiten



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