Swedish Match AB Jan 12
Standard & Poors, January 2012
Abstract
Solid market positions. Stable and strong cash generation. Fairly small earnings base and concentrated earnings stream. Shareholder-friendly financial policy with substantial share buybacks. The ratings on Sweden-based tobacco group Swedish Match AB reflect Standard & Poor's Ratings Services' view of the group's "satisfactory" business risk profile and its "intermediate" financial risk profile. Swedish Match's business strengths include its position as the world's No. 2 producer of snuff and chewing tobacco, its position as one of the largest manufacturers of cigars, and its branded lighter and match-producing operations. These activities generate a stable and strong cash flow, in our view. Snuff volumes in Sweden in 2011 reached the pretax highs of 2007 and Swedish Match maintained its dominant position with a...
Companies mentioned in this report are: Swedish Match AB
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Swedish Match AB
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