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January 31, 2008 Dear Client, We raised our investment rating for Smurfit-Stone Container to Neutral from Underweight owing to the high exports, weak dollar and high utilization rates of the containerboard industry. Firming prices and large internal cost savings initiatives benefit margins. Table 1 of the enclosed report contains the "tangible assets to debt-like liabilities" ratio, which appears to show that the company is cutting debt a little faster than assets fall as it shrinks to improve margins. Faithfully yours, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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