Sappi Limited

JSE:SAP Stock Report

Market Cap: R5.8b

Sappi Management

Management criteria checks 4/4

Sappi's CEO is Steve Binnie, appointed in Jul 2014, has a tenure of 13.83 years. total yearly compensation is $1.21M, comprised of 51.6% salary and 48.4% bonuses, including company stock and options. directly owns 0.1% of the company’s shares, worth ZAR5.95M. The average tenure of the management team and the board of directors is 12 years and 7.8 years respectively.

Key information

Steve Binnie

Chief executive officer

US$1.2m

Total compensation

CEO salary percentage51.62%
CEO tenure12yrs
CEO ownership0.1%
Management average tenure12yrs
Board average tenure7.8yrs

Recent management updates

Analysis Article • Jan 29

Sappi Limited's (JSE:SAP) CEO Might Not Expect Shareholders To Be So Generous This Year

Key Insights Sappi to hold its Annual General Meeting on 4th of February CEO Steve Binnie's total compensation includes...

Recent updates

Analysis Article • Jan 29

Sappi Limited's (JSE:SAP) CEO Might Not Expect Shareholders To Be So Generous This Year

Key Insights Sappi to hold its Annual General Meeting on 4th of February CEO Steve Binnie's total compensation includes...
Analysis Article • Jan 17

Many Still Looking Away From Sappi Limited (JSE:SAP)

Sappi Limited's ( JSE:SAP ) price-to-sales (or "P/S") ratio of 0.2x may look like a pretty appealing investment...
Narrative Update • Dec 09

SAP: Joint Venture And Dividend Pause Will Improve Long-Term Profitability

Analysts have slightly reduced their price target for Sappi, trimming it by approximately $0.13 as they factor in somewhat slower expected revenue growth that is largely offset by modestly improved profit margin and valuation assumptions. What's in the News UPM and Sappi announced an intended graphic paper joint venture that would combine UPM Communication Papers with Sappi Europe’s graphic paper business, aiming to improve growth, margins, and capital efficiency while reducing direct exposure to declining European and North American graphic paper markets (Key Developments).
Analysis Article • Nov 21

Is Sappi (JSE:SAP) A Risky Investment?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
Narrative Update • Nov 03

SAP: Future Profit Margins Will Drive Positive Momentum In The Market

Analysts have adjusted their price target for Sappi downward from $39.80 to $38.77. They cite marginally lower fair value estimates based on slight changes in projected growth and profitability metrics.
Narrative Update • Oct 20

Sustainable Packaging Trends Will Transform Future Markets

Analysts have lowered their price target for Sappi from $41.17 to $39.80. This reflects modest adjustments in the company's projected fair value and future profitability.
Analysis Article • Oct 07

Investors Give Sappi Limited (JSE:SAP) Shares A 29% Hiding

Sappi Limited ( JSE:SAP ) shareholders that were waiting for something to happen have been dealt a blow with a 29...
Narrative Update • Oct 05

Sustainable Packaging Trends Will Transform Future Markets

Analysts have lowered their price target for Sappi from $42.69 to $41.17. They cite slightly softer revenue growth projections, although profit margins and discount rates are expected to remain stable.
Analysis Article • Aug 15

Shareholders Can Be Confident That Sappi's (JSE:SAP) Earnings Are High Quality

The subdued stock price reaction suggests that Sappi Limited's ( JSE:SAP ) strong earnings didn't offer any surprises...
Analysis Article • Aug 01

Cautious Investors Not Rewarding Sappi Limited's (JSE:SAP) Performance Completely

With a price-to-sales (or "P/S") ratio of 0.2x Sappi Limited ( JSE:SAP ) may be sending bullish signals at the moment...
Analysis Article • Jun 13

Is Sappi (JSE:SAP) Using Too Much Debt?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...
Analysis Article • May 07

Sappi (JSE:SAP) Is Doing The Right Things To Multiply Its Share Price

There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and...
User avatar
New Narrative • Mar 14

Gratkorn And Somerset Projects Will Boost Production Capacity

Completion of significant projects and strong pulp demand are expected to enhance production capabilities and drive revenue growth.
Analysis Article • Mar 05

Sappi Limited (JSE:SAP) Investors Are Less Pessimistic Than Expected

With a median price-to-sales (or "P/S") ratio of close to 0.6x in the Forestry industry in South Africa, you could be...
Analysis Article • Feb 06

Sappi (JSE:SAP) Seems To Be Using A Lot Of Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Jan 09

Be Wary Of Sappi (JSE:SAP) And Its Returns On Capital

What underlying fundamental trends can indicate that a company might be in decline? When we see a declining return on...
Analysis Article • Nov 14

We Think That There Are More Issues For Sappi (JSE:SAP) Than Just Sluggish Earnings

Sappi Limited's ( JSE:SAP ) stock showed strength, with investors undeterred by its weak earnings report. We think that...
Analysis Article • Oct 15

Subdued Growth No Barrier To Sappi Limited's (JSE:SAP) Price

There wouldn't be many who think Sappi Limited's ( JSE:SAP ) price-to-sales (or "P/S") ratio of 0.3x is worth a mention...
Analysis Article • Sep 17

Sappi (JSE:SAP) Has Debt But No Earnings; Should You Worry?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Jun 27

Unpleasant Surprises Could Be In Store For Sappi Limited's (JSE:SAP) Shares

With a median price-to-sales (or "P/S") ratio of close to 0.6x in the Forestry industry in South Africa, you could be...
Analysis Article • May 23

Does Sappi (JSE:SAP) Have A Healthy Balance Sheet?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Mar 12

Why We're Not Concerned About Sappi Limited's (JSE:SAP) Share Price

There wouldn't be many who think Sappi Limited's ( JSE:SAP ) price-to-sales (or "P/S") ratio of 0.3x is worth a mention...
Analysis Article • Feb 01

We Think Shareholders Are Less Likely To Approve A Large Pay Rise For Sappi Limited's (JSE:SAP) CEO For Now

Key Insights Sappi to hold its Annual General Meeting on 7th of February Salary of US$532.6k is part of CEO Steve...
Analysis Article • Dec 21

Sappi's (JSE:SAP) Shareholders Have More To Worry About Than Only Soft Earnings

The subdued market reaction suggests that Sappi Limited's ( JSE:SAP ) recent earnings didn't contain any surprises...

CEO Compensation Analysis

How has Steve Binnie's remuneration changed compared to Sappi's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

-US$677m

Dec 31 2025n/an/a

-US$284m

Sep 30 2025US$1mUS$627k

-US$177m

Jun 30 2025n/an/a

US$96m

Mar 31 2025n/an/a

US$180m

Dec 31 2024n/an/a

US$229m

Sep 29 2024n/an/a

US$33m

Jun 30 2024n/an/a

-US$86m

Mar 31 2024n/an/a

-US$97m

Dec 31 2023n/an/a

-US$57m

Oct 01 2023n/an/a

US$259m

Jun 30 2023n/an/a

US$325m

Mar 31 2023n/an/a

US$484m

Dec 31 2022n/an/a

US$603m

Oct 02 2022n/an/a

US$536m

Jun 30 2022n/an/a

US$545m

Mar 31 2022n/an/a

US$364m

Dec 31 2021n/an/a

US$153m

Sep 26 2021n/an/a

US$13m

Jun 30 2021n/an/a

-US$110m

Mar 31 2021n/an/a

-US$201m

Dec 31 2020n/an/a

-US$176m

Sep 27 2020n/an/a

-US$135m

Jun 30 2020n/an/a

US$3m

Mar 31 2020n/an/a

US$84m

Dec 31 2019n/an/a

US$154m

Compensation vs Market: Steve's total compensation ($USD1.21M) is about average for companies of similar size in the ZA market ($USD1.15M).

Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.

CEO

Steve Binnie (59 yo)

12yrs
Tenure
US$1,214,348
Compensation

Mr. Stephen Robert Binnie, also known as Steve, B.Com, B Acc, CA(SA), MBA has been the Chief Executive Officer of Sappi Limited since July 1, 2014. Mr. Binnie served as the Chief Financial Officer at Sappi...

Leadership Team

NamePositionTenureCompensationOwnership
Stephen Binnie
CEO & Executive Director12yrsUS$1.21m0.10%
ZAR 5.9m
Glen Pearce
CFO & Executive Director12yrsUS$684.52k0.047%
ZAR 2.7m
Maarten van Hoven
Group Head of Strategy & Legal14.6yrsUS$353.89k0.046%
ZAR 2.7m
Fergus Conan Marupen
Group Head of Human Resources11.3yrsUS$357.37k0.027%
ZAR 1.6m
Alexander van Coller Thiel
Group Head of Strategic Projects1.6yrsUS$551.75kno data
Louis Kruyshaar
Group Head of Manufacturing & Innovationno dataUS$367.26k0.015%
ZAR 897.0k
Mohamed Mansoor
Executive Vice President of Sappi Pulp34.9yrsUS$691.46k0.030%
ZAR 1.7m
Graeme Wild
CEO of Sappi Southern Africa1.6yrsUS$415.78k0.012%
ZAR 700.3k
Michael Haws
Chief Executive Officer of Sappi North America14.5yrsUS$721.13k0.038%
ZAR 2.2m
Marco Eikelenboom
Chief Executive Officer of Sappi Europe33.8yrsUS$1.10m0.018%
ZAR 1.1m
Marjorie Boles
Chief Information Officer8.1yrsno datano data
Tracy Wessels
Group Head of Investor Relations & Sustainability5.5yrsno datano data
12.0yrs
Average Tenure
58yo
Average Age

Experienced Management: SAP's management team is seasoned and experienced (12 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Stephen Binnie
CEO & Executive Director13.8yrsUS$1.21m0.10%
ZAR 5.9m
Glen Pearce
CFO & Executive Director29.1yrsUS$684.52k0.047%
ZAR 2.7m
James Lopez
Independent Non-Executive Director7.3yrsUS$159.13kno data
Robertus Johannes Antonius Renders
Independent Non Executive Director10.8yrsUS$172.95kno data
Nkululeko Sowazi
Independent Chairman3.8yrsUS$148.53kno data
Brian Beamish
Independent Non Executive Director7.3yrsUS$153.90kno data
Eleni Istavridis
Independent Non-Executive Director3.8yrsUS$159.62kno data
Michael Fallon
Lead Independent Director14.8yrsUS$174.38kno data
Bonakele Mehlomakulu
Independent Non-Executive Director9.3yrsUS$67.93kno data
Zola Malinga
Independent Non-Executive Director7.8yrsUS$79.32kno data
Louis Leon Zeuner
Independent Non-Executive Director3.8yrsUS$75.57kno data
7.8yrs
Average Tenure
64yo
Average Age

Experienced Board: SAP's board of directors are considered experienced (7.8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/05 12:58
End of Day Share Price 2026/07/03 00:00
Earnings2026/03/31
Annual Earnings2025/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Sappi Limited is covered by 15 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Sean UngererArqaam Capital Research Offshore S.A.L.
Caroline LearmonthBarclays
Stephen AtkinsonBMO Capital Markets Equity Research