Increased wood pulp costs affect all tissue manufacturers...

Increased wood pulp costs affect all tissue manufacturers equally. Vertically integrated tissue producers will make more in the pulping stage, less in manufacturing; everyone will be scrambling to cost-out and raise prices.

AHY has other problems. They won't be workers or machines.

$310m in debt and MC of $460m = enterprise value $770m.

A writedown of intangibles looks next. AHY has $187m in goodwill and brands to zero out. The FY could be a shocker, depending on what else it writes down.

I am unconvinced all the bad news is out. SP still setting new lows today.

DYOR

Ash

ps. Love the business, at least conceptually.