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Sappi USD

At a glance: strengths & risks
✗Revenue declining (-6%)✗Profit falling (-87%)✗Margins compressing (13%→9%)

Sector: Paper & pulp

ZA_SAP

Price chart

15.77 ZARDay 6.77%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
15.77 ZAR · 6.77%
Market cap
596 mln USD

Growth

Δ revenue y/y
-1.0%
Δ EBITDA y/y
-465.5%

Multiples

P/E (LTM)
18.1x
P/B (FY)
0.2x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
—
FCF yield (LTM)
-88.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
-144.3%
↓ details

Liquidity

Daily turnover (listing)
87.3 mln ZAR

Shares: yahoo_fundamentals_timeseries/SAP.JO

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK1334.0
y/y -1.0%
-422.0
y/y —
104.0
y/y 22.4%
-318.0
y/y -465.5%
-413.0
y/y —
-9.0-44.05604.0
y/y -5.0%
1887.0
y/y -23.3%
-78.3%1836.0—
2025-12-31Q4 2025 (3M)OK-34.0
y/y —
-6.0
y/y —
-12.0
y/y —
-18.0
y/y —
-4.0
y/y —
56.073.05990.0
y/y —
2335.0
y/y —
-3.1%1816.0Link
2025-06-30Q2 2025 (3M)OK-26.0
y/y —
-8.0
y/y —
9.0
y/y —
1.0
y/y —
-13.0
y/y —
21.053.06230.0
y/y —
2453.0
y/y —
-5.4%1830.0—
2025-03-31Q1 2025 (3M)OK1347.0
y/y —
2.0
y/y —
85.0
y/y —
87.0
y/y —
-20.0
y/y —
-24.0-182.05898.0
y/y —
2461.0
y/y —
-3.3%1572.0—
2024-12-31Q4 2024 (3M)OK1363.0
y/y —
121.0
y/y —
89.0
y/y —
210.0
y/y —
70.0
y/y —
-4.0-101.05758.0
y/y —
2461.0
y/y —
11.1%1310.0—
2024-09-30FY 2024 (12M)OK5458.0
y/y -6.0%
182.0
y/y -52.5%
278.0
y/y -7.0%
460.0
y/y -32.6%
33.0
y/y -87.3%
124.0-473.06206.0
y/y 7.1%
2578.0
y/y 5.4%
1.3%1327.0—
2023-09-30FY 2023 (12M)OK5809.0
y/y —
383.0
y/y —
299.0
y/y —
682.0
y/y —
259.0
y/y —
605.0-408.05796.0
y/y —
2445.0
y/y —
—994.0—

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 00002 0004 0006 0002023 FY2024 q42025 q12025 q22025 H22026 q1

Year-over-year change

-600%-400%-200%0%2023 FY2024 q42025 q12025 q22025 H22026 q1

Cash flow

FCF ($ mln)

-300-200-10001002002023 FY2024 q42025 q12025 q22025 H22026 q1

Net debt / cash ($ mln)

05001 0001 5002 0002023 q32023 q42024 q32024 q42025 q12025 q22025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2024 operating cash flow came to 3.05x of reported net profit; after capex, 0.85x.
year2021202220232024
cash flow / profit31.31x1.65x2.34x3.76x
accruals, % of assets-6.4%-5.5%-6.0%-1.5%
Last twelve months (to 2024-09-30): 3.76x of profit came back as operating cash flow.
net debt / EBITDA 2.7x · capex 1.4x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -144.3%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (-318 − 87) × 4.00
-149
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (596 + 1 836) ÷ -60
0.0x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (0.0 + 8) ÷ 2
4.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -264 + 0 + 0 − 0
-264
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-149 × 4.0 + -264) ÷ 596
-144.3%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • negative LTM EBITDA — value destruction
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • EBITDA growth from 2-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)
  • EBITDA-growth term clamped to ±market cap

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -6% vs -20% the year before — a +14.3 pp move. 3-year CAGR +1%.
revenue growth by year: 2022 +39% · 2023 -20% · 2024 -6%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-01-08246.7536 ZAREx-dividend: 246.7536 ZAR per sharePaidYahoo Finance (ex-div)
2024-01-10277.3703 ZAREx-dividend: 277.3703 ZAR per sharePaidYahoo Finance (ex-div)
2023-01-11267.2816 ZAREx-dividend: 267.2816 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Sappi — from primary filings.

Sappi Limited produces woodfiber-based products including specialty papers, packaging materials, and dissolving pulp for textiles and other applications. The company also manufactures biomaterials such as lignin and furfural from its forestry operations.

Frequently asked questions

What is Sappi's P/E ratio?
Sappi trades at a P/E of 18.1x (price to trailing 12-month earnings).
What is Sappi's P/B ratio?
Sappi trades at a P/B of 0.2x.
What is Sappi's return on equity (ROE)?
Sappi's ROE is -78.3%.
What is Sappi's market capitalization?
Sappi's market cap is 596 mln USD.

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