Recent Insider Transactions • May 20
Insider recently bought €153k worth of stock On the 13th of May, Laurent Lemaire bought around 23k shares on-market at roughly €6.56 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €191k more in shares than they have sold in the last 12 months. Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 5 highly experienced directors. President, CEO & Director Hugues Simon was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 10
Cascades Inc. to Report Q1, 2026 Results on May 07, 2026 Cascades Inc. announced that they will report Q1, 2026 results at 9:30 AM, US Eastern Standard Time on May 07, 2026 Announcement • Mar 10
Cascades Inc., Annual General Meeting, May 08, 2026 Cascades Inc., Annual General Meeting, May 08, 2026. Announcement • Jan 16
Cascades Inc. to Report Q4, 2025 Results on Feb 26, 2026 Cascades Inc. announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Feb 26, 2026 Announcement • Dec 11
Cascades Inc. Announces Executive Changes Cascades Inc. announced that Emmanuelle Migneault, currently Vice-President, Excellence, has been appointed Chief Human Resources Officer. She will assume her new duties as of January 5, 2026. A graduate of Université Laval's business administration program, with a specialization in human resources and Organizational Information Systems, Emmanuelle Migneault has been with Cascades since 2001. She began her career as Director of Human Resources for the succession program. She also held the position of Vice President of Human Resources in two of the business sectors, as well as at the corporate level. Emmanuelle has also completed training in Lean Manufacturing and continuous improvement. Through her career marked by strategic mandates and transformational challenges, Emmanuelle rose through the ranks to the role of Vice-President, Excellence in November 2024. Maryse Fernet will be leaving on her retirement in February 2026, after more than 38 years with Cascades—including 18 as the helm of Human Resources. Announcement • Nov 07
Cascades Inc. announces Quarterly dividend, payable on December 04, 2025 Cascades Inc. announced Quarterly dividend of CAD 0.1200 per share payable on December 04, 2025, ex-date on November 20, 2025 and record date on November 20, 2025. Announcement • Oct 09
Five Star Holding Corp. acquired Flexible Packaging plant activities located in Mississauga, Ontario from Cascades Inc. (TSX:CAS) for CAD 31 million. Five Star Holding Corp. acquired Flexible Packaging plant activities located in Mississauga, Ontario from Cascades Inc. (TSX:CAS) for CAD 31 million on October 8, 2025. Cascades will retain ownership of the site real estate, while the 45 employees from Flexible Packaging operations will be retained by Five Star at closing.
Five Star Holding Corp. completed the acquisition of Flexible Packaging plant activities located in Mississauga, Ontario from Cascades Inc. (TSX:CAS) on October 8, 2025. Announcement • Oct 01
Cascades Inc. to Report Q3, 2025 Results on Nov 06, 2025 Cascades Inc. announced that they will report Q3, 2025 results at 9:30 AM, US Eastern Standard Time on Nov 06, 2025 Announcement • Aug 26
Cascades Launches New Line of Premium Bathage Tissue Cascades Inc. announced the official launch of Cascades Fluff®? Excellence, an innovative bathroom tissue that has been specifically designed to meet consumer expectations for softness, thickness, and strength. This new offering reflects the Company's expertise and commitment to innovation for the well-being of its customers. The result of a collaboration between multiple areas of expertise within Cascades, Cascades Fluff®®? Excellence was meticulously developed to ensure optimal performance at every stage, from manufacturing to use. The packaging, texture, and every detail of the product were designed to offer consumers a solution that is both high-end and accessible. Announcement • Aug 07
Cascades Inc. Announces Quarterly Dividend, Payable on September 4, 2025 The Board of Directors of Cascades declared a quarterly dividend of $0.12 per common share to be paid on September 4, 2025 to shareholders of record at the close of business on August 21, 2025. Announcement • Jul 10
Cascades Inc. Announces the Permanent Closure of Its Niagara Falls Corrugated Medium Manufacturing Operations Cascades Inc. announced that its corrugated medium manufacturing facility in Niagara Falls, NY will be permanently closed as part of the optimization of the Company's packaging production platform. Production will end no later than September 3, 2025. This announcement aligns with the Company's commitment to support strategic growth by focusing on profitability and customer service levels. The Niagara Falls production site has an annual production capacity of 200,000 short tons. A second machine at this facility was closed in 2023. Closure costs are estimated at approximately $5 million. Announcement • Jul 09
Cascades Inc. to Report Q2, 2025 Results on Aug 07, 2025 Cascades Inc. announced that they will report Q2, 2025 results on Aug 07, 2025 Announcement • Apr 07
Cascades Inc. to Report Q1, 2025 Results on May 08, 2025 Cascades Inc. announced that they will report Q1, 2025 results Pre-Market on May 08, 2025 Announcement • Feb 18
Cascades Inc., Annual General Meeting, May 08, 2025 Cascades Inc., Annual General Meeting, May 08, 2025. Announcement • Jan 15
Cascades Inc. to Report Q4, 2024 Results on Feb 20, 2025 Cascades Inc. announced that they will report Q4, 2024 results Pre-Market on Feb 20, 2025 Declared Dividend • Nov 12
Third quarter dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 21st November 2024 Payment date: 5th December 2024 Dividend yield will be 5.0%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (28% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: CA$0.01 (vs CA$0.34 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.01 (down from CA$0.34 in 3Q 2023). Revenue: CA$1.20b (flat on 3Q 2023). Net income: CA$1.00m (down 97% from 3Q 2023). Profit margin: 0.1% (down from 2.8% in 3Q 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings have declined by 46% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 46% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Announcement • Oct 04
Cascades Inc. to Report Q3, 2024 Results on Nov 07, 2024 Cascades Inc. announced that they will report Q3, 2024 results on Nov 07, 2024 Declared Dividend • Aug 12
Second quarter dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 22nd August 2024 Payment date: 5th September 2024 Dividend yield will be 5.9%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (26% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Announcement • Aug 09
Cascades Inc. Provides Consolidated Earnings Guidance for the Third Quarter of 2024 Cascades Inc. provided consolidated earnings guidance for the third quarter of 2024. The company expected consolidated third quarter results to be stronger sequentially, driven by improved Containerboard results as price increases are implemented and production efficiency levels are normalized following planned maintenance in the second quarter, and the unplanned extended downtime at Bear Island and Greenpac. Consolidated results are also expected to benefit from stable results in the Specialty Packaging business. At the same time, higher pulp prices and softer pricing due largely to a less favourable sales mix are expected to translate into lower results from the Tissue Papers segment. More broadly, the ongoing Bear Island facility ramp-up remains a priority, as is the roll-out of announced price increases in Containerboard and continued focus on profitability, efficiency and productivity initiatives throughout operations. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: CA$0.01 (vs CA$0.22 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.01 (down from CA$0.22 in 2Q 2023). Revenue: CA$1.18b (up 1.0% from 2Q 2023). Net income: CA$1.00m (down 96% from 2Q 2023). Profit margin: 0.1% (down from 1.9% in 2Q 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Aug 09
Cascades Inc. Declares Quarterly Dividend, Payable on September 5, 2024 The Board of Directors of Cascades declared a quarterly dividend of $0.12 per common share to be paid on September 5, 2024 to shareholders of record at the close of business on August 22, 2024. New Risk • Jul 23
New major risk - Revenue and earnings growth Earnings have declined by 45% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 45% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Significant insider selling over the past 3 months (€775k sold). Announcement • Jul 13
Cascades Inc. to Report Q2, 2024 Results on Aug 08, 2024 Cascades Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 08, 2024 Recent Insider Transactions • May 29
Co-Founder & Director recently bought €172k worth of stock On the 24th of May, Alain Lemaire bought around 27k shares on-market at roughly €6.49 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Alain's only on-market trade for the last 12 months. Recent Insider Transactions • May 22
President recently sold €607k worth of stock On the 17th of May, Mario Plourde sold around 92k shares on-market at roughly €6.63 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mario's only on-market trade for the last 12 months. Announcement • May 19
Cascades Inc. Announces Chief Executive Officer Changes Cascades Inc. announced the appointment of Mr. Hugues Simon as its new President and CEO. Currently President of the Wood Products business at Resolute Forest Products, Mr. Simon will assume his new role no later than July 1, 2024. The appointment follows an extensive succession planning and recruitment process, supported by an international firm, in anticipation of Mario Plourde's planned retirement. After more than 11 years at the helm of the Company, Mr. Plourde will support the new President and CEO during a transition period lasting until December 2024, after which he will act as a Special Advisor. A graduate in administration from the Université de Sherbrooke, Hugues Simon has over 30 years of experience in key positions in the manufacturing sector, including as President, of the Wood Products business at Resolute Forest Products. Previously, Mr. Simon was President of BarretteWood Inc., where he worked from 2012 to 2020. Announcement • May 18
Cascades Inc. Announces President Changes Cascades Inc. announced the appointment of Mr. Hugues Simon as its new President and CEO. Currently President of the Wood Products business at Resolute Forest Products, Mr. Simon will assume his new role no later than July 1, 2024. The appointment follows an extensive succession planning and recruitment process, supported by an international firm, in anticipation of Mario Plourde's planned retirement. After more than 11 years at the helm of the Company, Mr. Plourde will support the new President and CEO during a transition period lasting until December 2024, after which he will act as a Special Advisor. A graduate in administration from the Université de Sherbrooke, Hugues Simon has over 30 years of experience in key positions in the manufacturing sector, including as President, of the Wood Products business at Resolute Forest Products. Previously, Mr. Simon was President of BarretteWood Inc., where he worked from 2012 to 2020. Reported Earnings • May 13
First quarter 2024 earnings released: CA$0.20 loss per share (vs CA$0.75 loss in 1Q 2023) First quarter 2024 results: CA$0.20 loss per share (improved from CA$0.75 loss in 1Q 2023). Revenue: CA$1.11b (down 2.2% from 1Q 2023). Net loss: CA$20.0m (loss narrowed 73% from 1Q 2023). Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Board Change • May 13
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 5 highly experienced directors. Independent Director Alex Blanco was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 10
Cascades Inc. Declares Quarterly Dividend, Payable on June 6, 2024 Cascades Inc. declared a quarterly dividend of $0.12 per common share to be paid on June 6, 2024 to shareholders of record at the close of business on May 23, 2024. Announcement • Apr 04
Cascades Inc. to Report Q1, 2024 Results on May 09, 2024 Cascades Inc. announced that they will report Q1, 2024 results Pre-Market on May 09, 2024 Announcement • Feb 17
Cascades Inc., Annual General Meeting, May 09, 2024 Cascades Inc., Annual General Meeting, May 09, 2024. Announcement • Jan 31
Cascades Announces Launch of New Produce Basket Designs for the Produce Sector Cascades announced the launch of new produce basket designs for the produce sector. Made from up to 100% recycled fibres, these new produce baskets with flaps offer produce growers a sustainable alternative to replace more hard-to-recycle packaging. Designed according to recognized eco-design principles, these products are in keeping with a circular economy approach. By using recycled and recyclable corrugated cardboard in its design, Cascades is supporting its customers by reducing their environmental impact while meeting consumer demand for increasingly environmentally friendly packaging. Innovative packaging design prevents consumers from handling products and helps keep fruits and vegetables intact throughout the logistic chain. They include a closure system that prevents products from falling, without compromising visibility inside the packaging. Available in two different models and four different sizes, from the new ½ dry quart snack size to the 1 L size, these baskets can be used to market a wide variety of fruits and vegetables, from berries to tomatoes and tree grown fruit. The basket's multiple customization options offer a competitive advantage and will make produce brands stand out on the shelf with high-quality flexographic, lithographic and digital printing options. Announcement • Jan 23
Cascades Inc. to Report Q4, 2023 Results on Feb 22, 2024 Cascades Inc. announced that they will report Q4, 2023 results Pre-Market on Feb 22, 2024 Announcement • Dec 15
Cascades Inc. Announces Directors Changes Cascades Inc. announced that Alain Lemaire will step down from his role as Chairman of the Board of Directors at the Company's annual general meeting, to be held in May 2024, and that Patrick Lemaire will succeed him. Alain Lemaire will continue to sit on the Board as a director. A graduate in mechanical engineering, Patrick Lemaire has been a member of Cascades' Board of Directors since 2016, and previously served as President and CEO of Boralex Inc. from September 2006 until his retirement in December 2020. Over the last decade, he profoundly transformed the company and helped to position it as a leader in renewable energy in France. He has been recognized repeatedly for his leadership on environmental issues. At Cascades, where he held several management positions between 1988 and 2006, Patrick demonstrated his managerial skills and seasoned leadership as mill manager of five plants and Vice-President and Chief Operating Officer in the containerboard packaging sector. Upcoming Dividend • Nov 16
Upcoming dividend of CA$0.12 per share at 4.0% yield Eligible shareholders must have bought the stock before 23 November 2023. Payment date: 07 December 2023. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (5.0%). In line with average of industry peers (3.9%). Announcement • Nov 11
Cascades Inc. Declares Quarterly Dividend, Payable on December 7, 2023 The Board of Directors of Cascades declared a quarterly dividend of $0.12 per common share to be paid on December 7, 2023 to shareholders of record at the close of business on November 24, 2023. Announcement • Nov 10
Cascades Announces Board Changes Cascades announced the death of one of its cofounders, Mr. Bernard Lemaire, at the age of 87. Bernard Lemaire was born in Drummondville, Québec in 1936. In 1960, he joined the family business of waste recovery, Drummond Pulp and Fiber. Four years later, under his impetus, and with the support of his brothers Laurent and Alain, a second life was given to the disused Dominion Paper Co. mill in Kingsey Falls. He then laid the foundation for Cascades, which would become a North American, and even European, leader in environmentally responsible recovery, packaging and hygiene solutions. For nearly 30 years, Bernard Lemaire was president of the Company, applying his management philosophy based on respect for human resources and initiating an unprecedented expansion strategy. He applied the same recipe to build Boralex, a Québec flagship in renewable energy. In 1985, the newspaper Finances awarded him the title of Businessman of the Year. In 1991, the Association des professionnels en ressources humaines du Québec awarded him the Iris d'honneur for his outstanding contribution to the advancement of human resources management. He has been awarded the insignia of Officer of the Order of Canada, Officer of the National Order of Québec, and Knight of the National Order of the Legion of Honor, granted by the President of the French Republic. He has also received honorary doctorates from the Université de Sherbrooke, the École des Hautes Études Commerciales, the Université du Québec à Trois-Rivières and the Université du Québec à Montréal. Board Change • Nov 10
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 4 highly experienced directors. Independent Director Alex Blanco was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 05
Cascades Inc. to Report Q3, 2023 Results on Nov 09, 2023 Cascades Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 09, 2023 Announcement • Aug 11
Cascades Announces Complete Closure of Its St. Helens Plant Cascades Inc. announces that the second paper machine at its St. Helens, Oregon Tissue plant will be closed, resulting in the complete shutdown of the facility. The end of operations will be effective at the beginning of October. The decision follows the Company's previously announced repositioning of its tissue papers production platform to improve business performance, which included the closure of one of the two paper machines at the St. Helensplant. Today's announcement further simplifies the Company's operational platform by concentrating the majority of its tissue product operating activities at core, geographically well-positioned sites that offer opportunities for future development. The annual capacity of the machine is 50,000 short tons of brown 100% recycled tissue paper. These tons are not integrated into the Cascades network, so the closure will have no impact on the Company's other operations. Cascades will work closely with the 75 employees affected to reduce the impact of this announcement and will attempt to relocate those who wish to its other business units in the United States. Those who cannot or do not want to be reassigned to other facilities will be supported in their job search. Upcoming Dividend • Aug 10
Upcoming dividend of CA$0.12 per share at 3.8% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 01 September 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (3.6%). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: CA$0.22 (vs CA$0.099 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.22 (up from CA$0.099 in 2Q 2022). Revenue: CA$1.17b (up 4.4% from 2Q 2022). Net income: CA$22.0m (up 120% from 2Q 2022). Profit margin: 1.9% (up from 0.9% in 2Q 2022). Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Jul 23
Cascades Inc. Announces Executive Changes Cascades Inc. announced after more than 12 years as the head of Cascades Specialty Products Group (SPG), President and COO Luc Langevin announced that he passed the torch on July 1st. With the aim of gradually heading towards retirement, he will continue to be responsible for Cascades Recovery+ (CR+) and will offer his experience and advice to various other Cascades corporate departments. Luc Langevin's career with Cascades began in 1995. As a young, recently graduated engineer, he joined the Company as Plant Manager. He quickly rose through the ranks until he was appointed President and COO of SPG in 2011. Cascades management announced that Jrme Porlier, has been appointed as the new President and COO of SPG effective July 1st, 2023. Jrme Porlier has been part of the Cascades' team for over 10 years. He joined the Company as Succession Plant Manager for the Tissue Group in 2012, taking responsibility for the Candiac plant. Less than two years later, he was promoted to Granby Plant Manager, before again being promoted to Tissu Group General Manager in 2016. Mr. Porlier then joined the Specialty Products Group in 2019. There, he evolved as Vice-President of Operations of the Packaging sector. Announcement • Jun 14
Cascades Inc. to Report Q2, 2023 Results on Aug 03, 2023 Cascades Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 03, 2023 Upcoming Dividend • May 18
Upcoming dividend of CA$0.12 per share at 4.0% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 08 June 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.2%). Recent Insider Transactions • May 18
Chief of Strategy recently sold €201k worth of stock On the 12th of May, Robert Hall sold around 25k shares on-market at roughly €7.99 per share. This transaction amounted to 7.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €1.5m more than they sold in the last 12 months. Announcement • May 12
Cascades Inc. Declares Quarterly Dividend, Payable on June 8, 2023 The Board of Directors of Cascades Inc. declared a quarterly dividend of $0.12 per common share to be paid on June 8, 2023 to shareholders of record at the close of business on May 26, 2023. Reported Earnings • May 12
First quarter 2023 earnings released: CA$0.75 loss per share (vs CA$0.15 loss in 1Q 2022) First quarter 2023 results: CA$0.75 loss per share (further deteriorated from CA$0.15 loss in 1Q 2022). Revenue: CA$1.13b (up 9.2% from 1Q 2022). Net loss: CA$75.0m (loss widened 400% from 1Q 2022). Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 01
Upcoming dividend of CA$0.12 per share at 4.5% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 23 March 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.1%). Reported Earnings • Feb 24
Full year 2022 earnings released: CA$0.34 loss per share (vs CA$0.71 loss in FY 2021) Full year 2022 results: CA$0.34 loss per share (improved from CA$0.71 loss in FY 2021). Revenue: CA$4.47b (up 13% from FY 2021). Net loss: CA$34.0m (loss narrowed 53% from FY 2021). Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Feb 18
Cascades Inc., Annual General Meeting, May 11, 2023 Cascades Inc., Annual General Meeting, May 11, 2023. Announcement • Jan 26
Cascades Inc. Launches New Eco-Friendly Packaging for Fresh Fruits and Vegetables Cascades Inc. announced the launch of a new closed basket made of recycled and recyclable corrugated cardboard for the produce sector. An alternative to food packaging that is difficult to recycle, this new product is the latest addition to Cascades' line of eco-friendly packaging. Designed using recognized eco-design principles, this product is in keeping with a circular economy approach. By using recycled corrugated cardboard in its design, Cascades is supporting its customers efforts to reduce their environmental impact while meeting consumer demand for increasingly eco–friendly packaging. The result of the expertise and work of a multidisciplinary team, the innovative design allows for flat shipping, thereby reducing transportation costs and the need for storage space. A mounting jig, designed specifically for both basket formats (2l and 3l), will also speed up and simplify operations for producers. The multiple customization options offer a competitive advantage and will make produce brands stand out on the shelf with high-quality flexographic, lithographic and digital printing options. The closed corrugated basket for fresh fruits and vegetables recently pre-qualified for the How2Recycle program, making it easier for producers to obtain certification. The basket has already made its mark in prestigious food industry competitions. It was a finalist in the Sustainable Design category for the 2023 PAC Global Awards, for the Prix Innovation en alimentation 2022, which is awarded by the Conseil de la transformation alimentaire du Québec, as well as the Grands Prix DUX 2023, eco-packaging initiatives. Announcement • Jan 20
Cascades Inc. to Report Q4, 2022 Results on Feb 23, 2023 Cascades Inc. announced that they will report Q4, 2022 results at 9:30 AM, US Eastern Standard Time on Feb 23, 2023 Recent Insider Transactions • Sep 10
Co-Founder & Executive Chairman recently bought €333k worth of stock On the 2nd of September, Alain Lemaire bought around 50k shares on-market at roughly €6.67 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €531k. Alain has been a buyer over the last 12 months, purchasing a net total of €1.7m worth in shares. Recent Insider Transactions • Aug 28
President recently bought €59k worth of stock On the 19th of August, Mario Plourde bought around 8k shares on-market at roughly €7.09 per share. In the last 3 months, there was an even bigger purchase from another insider worth €531k. Mario has been a buyer over the last 12 months, purchasing a net total of €271k worth in shares. Recent Insider Transactions • Aug 10
Insider recently bought €76k worth of stock On the 5th of August, Dominic Doré bought around 12k shares on-market at roughly €6.52 per share. In the last 3 months, there was an even bigger purchase from another insider worth €452k. Insiders have collectively bought €732k more in shares than they have sold in the last 12 months. Upcoming Dividend • Aug 09
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 16 August 2022. Payment date: 01 September 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.3%. Within top quartile of German dividend payers (4.4%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: CA$0.099 (vs CA$0.059 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.099 (up from CA$0.059 in 2Q 2021). Revenue: CA$1.12b (up 17% from 2Q 2021). Net income: CA$10.0m (up 67% from 2Q 2021). Profit margin: 0.9% (up from 0.6% in 2Q 2021). Over the next year, revenue is forecast to grow 10%, compared to a 16% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • May 19
Co-Founder & Executive Chairman recently bought €452k worth of stock On the 13th of May, Alain Lemaire bought around 62k shares on-market at roughly €7.28 per share. This was the largest purchase by an insider in the last 3 months. Alain has been a buyer over the last 12 months, purchasing a net total of €359k worth in shares. Announcement • May 14
Cascades Inc. Approves Election of Alex N. Blanco as Director Cascades Inc. at its Annual General and Special Meeting of Shareholders on May 12, 2022 approved election of Alex N. Blanco as director of the company. Reported Earnings • May 13
First quarter 2022 earnings released: CA$0.15 loss per share (vs CA$0.14 profit in 1Q 2021) First quarter 2022 results: CA$0.15 loss per share (down from CA$0.14 profit in 1Q 2021). Revenue: CA$1.04b (up 10% from 1Q 2021). Net loss: CA$15.0m (down 207% from profit in 1Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 17% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • May 13
Cascades Inc. Declares Quarterly Dividend for Common Share to Be Paid on June 9, 2022 The Board of Directors of Cascades declared a quarterly dividend of $0.12 per common share to be paid on June 9, 2022 to shareholders of record at the close of business on May 26, 2022. This dividend is an "eligible dividend" as per the Income Tax Act (R.C.S. (1985), Canada). During the first quarter of 2022, Cascades purchased 394,021 common shares for cancellation at a weighted average price of $13.04. Announcement • Apr 20
Cascades Inc. to Report Q1, 2022 Results on May 12, 2022 Cascades Inc. announced that they will report Q1, 2022 results Pre-Market on May 12, 2022 Reported Earnings • Apr 02
Full year 2021 earnings released: CA$0.71 loss per share (vs CA$1.53 profit in FY 2020) Full year 2021 results: CA$0.71 loss per share (down from CA$1.53 profit in FY 2020). Revenue: CA$3.96b (down 3.6% from FY 2020). Net loss: CA$72.0m (down 149% from profit in FY 2020). Over the next year, revenue is forecast to grow 12%, compared to a 14% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Mar 07
Cascades Inc. Appoints Alex N. Blanco as Director Cascades Inc. announced the candidacy of Mr. Alex N. Blanco as a director of the company. Chosen by the Board of Directors from among several exceptional candidates identified over the past few months, his candidacy will be submitted to shareholders at the Annual General Meeting of Shareholders to be held on May 12. Alex N. Blanco is an entrepreneurial senior executive and board member with close to 40 years of international experience across multiple industries, countries and companies. In addition to his P&G work experiences, Mr. Blanco also served as Chief Supply Chain Officer and Executive Vice President of Ecolab, a global leader in water, hygiene and energy technologies and services that protect people and vital resources, from 2013 to 2020, where he oversaw Ecolab's global supply chain operations, including Ecolab's 98 manufacturing plants, more than 200 distribution centers, procurement and engineering. Mr. Blanco has been Director of Patterson Companies Inc. since April 2017. He also served on the board of directors of the YMCA of the Greater Twin Cities from June 2015 to May 2020. This appointment is also part of the Board of Directors' succession planning program. The appointment of Mr. Blanco prepares for the departure of a director who will retire in 2023 after 11 years of exceptional service, Ms. Elise Pelletier. Recent Insider Transactions • Mar 03
Co-Founder & Executive Chairman recently bought €341k worth of stock On the 25th of February, Alain Lemaire bought around 40k shares on-market at roughly €8.53 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Alain has been a net seller over the last 12 months, reducing personal holdings by €93k. Upcoming Dividend • Mar 02
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 24 March 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.7%. Within top quartile of German dividend payers (3.4%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: CA$0.71 loss per share (down from CA$2.06 profit in FY 2020). Revenue: CA$3.96b (down 23% from FY 2020). Net loss: CA$72.0m (down 136% from profit in FY 2020). Revenue missed analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 9.1%, compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Feb 19
Cascades Inc., Annual General Meeting, May 12, 2022 Cascades Inc., Annual General Meeting, May 12, 2022. Upcoming Dividend • Nov 16
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 23 November 2021. Payment date: 09 December 2021. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.1%). In line with average of industry peers (3.3%). Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS CA$0.069 (vs CA$0.52 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$1.03b (down 19% from 3Q 2020). Net income: CA$7.00m (down 86% from 3Q 2020). Profit margin: 0.7% (down from 3.8% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 03
Co-Founder & Executive Chairman recently sold €218k worth of stock On the 31st of August, Alain Lemaire sold around 21k shares on-market at roughly €10.53 per share. This was the largest sale by an insider in the last 3 months. This was Alain's only on-market trade for the last 12 months. Announcement • Aug 26
Cascades Launches 100% Recycled Plastic Packaging for Entire Cascades Fluff & Tuff® Line Cascades announced to launch 100% recycled plastic packaging that is also recyclable, for the entire Cascades Fluff & Tuff® line. This announcement is accompanied by a promotional campaign featuring the brand's charming bunnies, Fluff and Tuff, who highlight the company's commitment to always doing more for the planet. Creating this resistant, environmentally friendly packaging made from recycled materials has been a major project for the company, requiring several months of research and testing. Deployment of this new packaging will be completed by the end of 2021. Cascades Fluff & Tuff® products are still the same products that Quebecers love and choose, but now they will be offered in more eco-friendly packaging. Upcoming Dividend • Aug 10
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 02 September 2021. Trailing yield: 3.3%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.3%). Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS CA$0.059 (vs CA$0.57 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$956.0m (down 26% from 2Q 2020). Net income: CA$6.00m (down 89% from 2Q 2020). Profit margin: 0.6% (down from 4.2% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 06
Apollo Global Management, Inc. (NYSE:APO) agreed to acquire a 57.6% stake in Reno De Medici S.p.A. (BIT:RM) from Cascades Inc. (TSX:CAS) for approximately €320 million. Apollo Global Management, Inc. (NYSE:APO) agreed to acquire a 57.6% stake in Reno De Medici S.p.A. (BIT:RM) from Cascades Inc. (TSX:CAS) for approximately €320 million on July 5, 2021. The offer per share is €1.45 per share. Apollo Global Management will fund the transaction, including any potential refinancing of the Apollo's existing debt, through a combination of its own cash resources, and a fully committed debt financing from international banks of primary standing. In a related transaction, Apollo Global Management will acquire €9.4% stake in Reno De Medici from Caisse de dépôt et placement du Québec. The closing of the transaction, which is subject to customary closing conditions, the receipt of the necessary antitrust authorizations and the absence of orders in effect by any competent governmental authority prohibiting the transaction. Closing is expected to occur in the third quarter of 2021.
Allen & Overy LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors for Apollo. Jones Day acted as legal advisor and Rothschild & Co SCA (ENXTPA:ROTH) as financial advisor for Cascades Inc. Latham & Watkins LLP acted as legal advisor for Caisse de dépot et placement du Québec. Executive Departure • May 12
Independent Director has left the company On the 6th of May, Louis Garneau's tenure in the role of Independent Director ended. We don't have any record of a personal shareholding under Louis' name. A total of 3 executives have left over the last 12 months. Upcoming Dividend • May 11
Upcoming dividend of CA$0.08 per share Eligible shareholders must have bought the stock before 18 May 2021. Payment date: 03 June 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.6%). Reported Earnings • May 07
First quarter 2021 earnings released: EPS CA$0.19 (vs CA$0.23 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: CA$1.18b (down 10.0% from 1Q 2020). Net income: CA$19.0m (down 14% from 1Q 2020). Profit margin: 1.6% (down from 1.7% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • May 07
Cascades Inc. Declares a Quarterly Dividend, Payable on June 3, 2021 The Board of Directors of Cascades declared a quarterly dividend of $0.08 per share to be paid on June 3, 2021 to shareholders of record at the close of business on May 19, 2021. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS CA$2.06 (vs CA$0.73 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$5.16b (up 3.2% from FY 2019). Net income: CA$198.0m (up 187% from FY 2019). Profit margin: 3.8% (up from 1.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 03
New 90-day high: €10.80 The company is up 17% from its price of €9.20 on 03 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €32.59 per share. Upcoming Dividend • Mar 02
Upcoming Dividend of CA$0.08 Per Share Will be paid on the 25th of March to those who are registered shareholders by the 9th of March. The trailing yield of 1.8% is below the top quartile of German dividend payers (3.4%), and is lower than industry peers (2.8%). Reported Earnings • Feb 26
Full year 2020 earnings released: EPS CA$2.06 (vs CA$0.73 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$5.16b (up 3.2% from FY 2019). Net income: CA$198.0m (up 187% from FY 2019). Profit margin: 3.8% (up from 1.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue beats expectations Revenue exceeded analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 2.4%, compared to a 5.8% growth forecast for the Packaging industry in Germany. 
