Interest Rates ImpactHigher interest rates make the M&A model harder to execute, limiting near-term re-rating opportunities.
Organic Sales DeclineDSCV’s 1Q25 Trading Update highlighted a difficult start to the year and gave us little to be excited by, with -12% OCC sales declines highlighting how much work there is to be done in the latter part of the year.
Sales PerformanceSales were 12% lower year over year on an organic constant currency basis as industrial destocking continued.