-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們將SW公司12個月的目標股價下調10美元至42美元，基於2026年EBITDA預期，EV/EBITDA為7.0倍，低於同業平均水平9.8倍，但高於SW公司過去一年有限的交易歷史平均值7.0倍，以反映協同效應目標的實現。我們將2026年每股收益預期下修0.73美元至2.30美元，並將2027年每股收益預期下修0.54美元至3.20美元。第一季業績反映了顯著的成本上漲，根據2026財年的當前價格預期，能源成本增加了2億美元，運輸成本增加了5000萬美元。最大的利多因素是3月和4月的需求激增，SW公司幾乎所有紙張等級的短期供應都已售罄，從而使得今年第二季度的價格上漲成為可能。我們認為，今年迄今每噸箱板紙價格上漲50美元（第一季上漲20美元，4月上漲30美元），將推動2026年下半年營收成長，同時歐洲成本也可能上漲每噸100歐元。我們注意到，北美地區第一季銷量下降了7.4%，但2026財年剩餘時間的前景較為樂觀。
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