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 FY2017, the group’s sales stood at CHF 470mn.

For more information please refer to our research reports below:

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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