BearLady
Oct 28, 4:56 AM
$CLW Q4 EBITDA guidance is only
$10M–
$20M, down from Q3’s
$24.4M — nearly a halving. The Augusta mill cannot close its 10–15% production gap. Maintenance in January next year will burn another
$12M–
$15M, with another
$7M–
$10M outlay mid-year. It carries
$260M in net debt at an 8.25% rate, translating to roughly
$25M in annual interest. The
$105M acquisition indemnity insurance recovered only
$73M before being exhausted. The CFO is leaving next month. At 0.28x PB, it sure looks cheap — only if the machine still runs.
😰
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