hey, couple of things...1. all the competition closed their...

hey, couple of things...

1. all the competition closed their domestic manufacturing. this hasn't played through yet but with the lower dollar it will eventually.

2.watch pulp prices. they have dropped off peaks. a really good thing for input costs. also lower power prices are helpful (a large input cost)

3. they sold sorbent t paper. dropping the low margin product is meant to be accretive. we should know in he next year whether that sale was right.

4. capex has been large the last few years. it's just ended. you should expect that investment to lower production costs. higher depreciation = free cash flow. the cashflow statement is key for this business.

5. New Zealand is a captive market where they still own toilet paper so you will get the c19 bump there.

this business just needs to stabilise and you can expect a 4pc yield at current prices...

DYOR