SCA Posts Steady 1Q Results and Sees Early Signs of Improving Construction Market

Swedish consumer goods company Svenska Cellulosa reported first-quarter results that largely tracked our longerterm expectations. SCA’s hygiene operations (personal care and tissue) were once again steady performers while the forest product division lagged as a result of still-weak European demand for paper and solid-wood products. After reviewing the results, we are maintaining our fair value estimate of SEK 136 per share and our no-moat rating. … Continue reading SCA Posts Steady 1Q Results and Sees Early Signs of Improving Construction Market

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BSkyB Reports Solid Fiscal Q3 Results; Maintaining Our Fair Value Estimate

British Sky Broadcasting BSYBY , known as BSkyB, reported solid fiscal third-quarter results. Revenue increased 7.8% year over year, bringing the nine-month result up 6%, spot on with our full-year projection. We are maintaining our fair value estimate and moat rating. The firm’s growth is being driven primarily by subscriber additions, particularly in its communication business where its broadband base improved 13.6% to 4.4 million, … Continue reading BSkyB Reports Solid Fiscal Q3 Results; Maintaining Our Fair Value Estimate