DOCSLIB.ORG

A Valuation of Norske Skogindustrier

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Valuation of Norske Skogindustrier Master Thesis MSc Accounting, Strategy and Control Copenhagen Business School 2013 A Valuation of Norske Skogindustrier - A Strategic and Financial Analysis Student: Henrik Hartwig Hand-in-date: 11.11.2013 Characters incl. spaces: 156.562 (79 pages) Signature: Supervisor: Kay Sun Park Department of Finance Acknowledgements In memory of Jacob August Hartwig This thesis is dedicated to my grandfather who sadly passed away in July 2013. His kind support and encouragements helped me through a period in life which could be characterized as challenging. He encouraged me to work hard in order to reach great things in life. He will never be forgotten. I would like to thank my supervisor, Kay Sun Park, for her support and challenging thoughts as the thesis progressed. Her proven knowledge within the field of corporate finance and valuable feedback has stimulated the workflow of this paper. I wish her the best in the upcoming future. Finally, a special thanks to family and friends which have supported me through this period. I hope that the future will bring us closer together, and I apologize for my none-existence during the latest months of hard work. 2 Executive Summary The objective of this thesis was to assess the fair value of the NSG stock per 17.07.2013. The fair value assessment was facilitated through the establishment of a strategic and financial analysis, enabling the provision of a reliable forecast budget. NSG is recognized as a world leader in the paper industry, yet the shareholders of the company have experienced an immense decline in equity since mid 2007. The cyclical characteristics of the industry combined with the recent financial crisis affected publishers earnings potential due to lower circulation as well as ad-spending levels, thereby influencing NSG’ total supply of newsprint and magazine paper. The company has been forced to discard the global playing field, rather emphasize Europe and Australasia as main markets of interest. These are characterized as advanced economies where positive growth in demand is not expected to occur. Mainly this is supported by the rise of digital mediums and where the competition in Europe is considered to put NSG at test. However, even though it is reasonable to expect that demand for newsprint and magazine paper will decline in the nearest future, it is believed that printed and digital media will live side by side in the future, thereby signaling a minimum need for NSG’ product range. The European reference price for newsprint has proven to be strongly market driven, seen in light of few possibilities to diversify as well as the current state of oversupply. However, some of NSG’ closest competitors have announced capacity closures and potential seeking in growth markets, which is believed to stimulate price improvements for NSG in Europe. Announced efficiency programs, low future capital expenditure frame, as well as witnessed capital efficiency improvements, are some of the key elements defining the expected model of the company. This is opposed to the “as 2012” model where NSG will end up in bankruptcy if necessary initiatives and actions are not taken forward. The valuation of NSG was primarily conducted based on a present value approach, supplemented by a sensitivity analysis which proved that the estimated market value of equity is quite sensitive to different levels of WACC. The present value approach was also supplemented by a relative valuation approach based on the application of multiples, however the main findings derived from the DCF- model was not supported. This may stem from the lack of comparability among the selected peers, which is considered to be an important criterion when applying such a valuation technique. Among others it was proven that NSG has a less diversified product portfolio compared to their peers. The theoretical equity value was found to be NOK 9.43, based on the findings presented in the expected model. The NSG stock was traded at Oslo Børs on the 17.07.2013 at NOK 2.85. This signals a significantly optimistic assessment of NSG’ future cash flow potential and risk compared to the expectations of the market at the time, indicating an underrated stock in the market. 3 Table of Contents CHAPTER 1 – INTRODUCTION 6 1.2 METHODOLOGY 7 1.2.1 DATA COLLECTION 7 1.2.2 RESEARCH DESIGN 7 1.3 LIMITATIONS 9 CHAPTER 2 – THE NSG STORY 10 2.1 HISTORICAL OVERVIEW 10 2.2 VISION, GOAL AND STRATEGY 12 2.3 OWNERSHIP STRUCTURE 12 2.4 PRODUCT RANGE 13 2.5 MAIN MARKETS 14 2.6 GLOBAL DEMAND – NEWSPRINT 15 2.7 GLOBAL DEMAND – MAGAZINE PAPER 17 2.8 PEER GROUP 17 2.8.1 UPM (FINLAND) 18 2.8.2 STORA ENSO (FINLAND) 19 2.8.3 RESOLUTE FOREST PRODUCTS (CANADA) 19 2.8.4 NIPPON PAPER (JAPAN) 19 2.8.5 OJI HOLDINGS CORPORATION (JAPAN) 20 2.8.6 HOLMEN (SWEDEN) 20 CHAPTER 3 – STRATEGIC ANALYSIS 21 3.1 MACRO FACTORS INFLUENCING CASH FLOW GENERATION AND RISK 22 3.1.1 POLITICAL FACTORS 22 3.1.2 ECONOMICAL FACTORS – NEWSPRINT DEMAND AND REAL GDP 23 3.1.3 ECONOMICAL FACTORS – GDP OUTLOOK 26 3.1.4 ECONOMICAL FACTORS – PRICING MECHANISMS 29 3.1.5 ECONOMICAL FACTORS – COST OF MATERIALS 31 3.2 INDUSTRY FACTORS INFLUENCING CASH FLOW GENERATION AND RISK 31 3.2.1 THREAT OF NEW ENTRIES 32 3.2.2 EXISTING RIVALRY AMONG COMPETITORS 33 3.2.3 BUYERS BARGAINING POWER 34 3.2.4 SUPPLIERS BARGAINING POWER 35 3.2.5 THREAT OF SUBSTITUTES 36 3.3 COMPANY SPECIFIC FACTORS INFLUENCING CASH FLOW GENERATION AND RISK 38 3.3.1 ADAPTED VALUE CHAIN ANALYSIS 38 CHAPTER 4 - FINANCIAL ANALYSIS 39 4.1 SECURING THE QUALITY OF FINANCIAL STATEMENTS 39 4.2 SHARE PRICE ANALYSIS 40 4.3 RESTRUCTURING NORSKE SKOG`S FINANCIAL STATEMENTS 40 4.3.1 BALANCE SHEET - INVESTED CAPITAL 41 4.3.2 INCOME STATEMENT – NOPAT 43 4.4 HISTORICAL PROFITABILITY 43 4.4.1 PROFIT MARGIN 44 4.4.2 TURNOVER RATE OF INVESTED CAPITAL 49 4.5 INVESTED CAPITAL ENTRIES AND RESPECTIVE DEVELOPMENT 49 4 4.5.1 INTANGIBLE AND TANGIBLE ASSETS 50 4.5.2 NET WORKING CAPITAL 51 4.5.3 NET INTEREST BEARING DEBT 52 4.5.3.1 NET BORROWING COST 53 CHAPTER 5 – WEIGHTED AVERAGE COST OF CAPITAL 55 5.1 CAPITAL STRUCTURE 55 5.2 REQUIRED RATE OF RETURN ON NIBD 57 5.2.1 RISK-FREE INTEREST RATE 58 5.2.2 COMPANY SPECIFIC RISK 58 5.4 REQUIRED RATE OF RETURN ON EQUITY 59 5.4.1 SYSTEMATIC RISK (BETA) 60 5.4.2 MARKET RISK PREMIUM 61 CHAPTER 6 – FORECAST AND VALUATION 63 6.1 DISCOUNTED CASH FLOW MODEL (DCF) 64 6.1.1 DISCOUNTED CASH FLOW MODEL STRUCTURE 65 6.1.1.1 “AS 2012” - MODEL 66 6.1.1.2 EXPECTED - MODEL 67 6.1.2 SENSITIVITY ANALYSIS 75 6.2 THE RELATIVE VALUATION APPROACH 76 CHAPTER 7 - CONCLUSION 78 7.1 CONCLUSIVE REMARKS 78 REFERENCES 80 APPENDIX 87 5 CHAPTER 1 – INTRODUCTION “Demand for newsprint and magazine paper has been characterized by weak economic conditions…” (NSG, 2012, p. 6) Publishers of newspapers and magazines operate in a tough market threatened by a decline in circulation and less ad spending. This clearly affects Norske Skogindustrier, hereby known as NSG, which supply a variety of publishers’ physical paper. Many publishers have been forced to shut down or supplement existing operations with digital offerings. The growing popularity and accessibility of digital devices such as tablets and smartphones cannot be ignored. Recent years of operations have troubled NSG, leading to poor results and an immense decline in market value of equity. Several initiatives have been made along the way, among others, cost-cutting initiatives and mill-closures in order to improve utilization rates as well as selected conversion of newsprint to magazine paper production. Targeted investments have been announced which seek to modernize and streamline current production processes. In addition these investments seek to strengthen the competitive power of NSG, especially in the European market. However, it is announced that investments will maintain at a low level in the future (NSG, 2012). The historical development of NSG’ equity value combined with shifting media habits among the growing population motivates a strategic and financial analysis of the company. It is questioned whether NSG will be able to survive in what is believed to be a challenged industry in a challenged market. This leads to the main problem statement: What is the fair value of the NSG stock pr. 17.07.2013? Approaching the main problem statement it seems reasonable to examine the competitive environment of NSG, as well as to provide some ideas for the future. This leads to the following sub-questions: What characterizes the competitive environment of the industry? What must happen in order for NSG to secure future survival? 6 1.2 Methodology This section aims to provide the reader reasonable assumption to how the main problem statement is intended to be answered by the author of this thesis. It aims to present a clear and logical step-by-step approach with the objective of facilitating a sound conclusion. 1.2.1 Data collection NSG’ financial statements serve as an important reference when estimating the future earnings potential of the company. However, additional information must be collected and analyzed in order to grasp the competitive environment in which a company operates (Petersen and Plenborg, 2012). This thesis is written from the perspective of an external investor, which limits to publicly known information based on the application of secondary data. The inputs to the main valuation model are based on data extracted from the strategic and financial analysis.
Load more

Recommended publications
  • 2021 Lane County 4-H FFA Fair Book
    1 Revised 5/19/2021 Table of Contents Schedules…………………………………………………………………………………………………………………………………………… 4-8 Small Animal Fair ............................................................................................................................. 4 Horse Fair…………………………………………………………………………………………………………………………………..4 Lane County Fair ............................................................................................................................. 4 Contact Information ...................................................................................................................................... 8 4H/FFA Rules ................................................................................................................................................. 9 Communication Flow Chart ………………………………………………………………………………………………………………..…10 Registration ................................................................................................................................................ 10 Live Stock Rules .......................................................................................................................................... 10 Exhibit and Facility Rules ....................................................................................................................... 11-14 Herdsmanship ............................................................................................................................................ 14 Animal Welfare Rules ................................................................................................................................
    [Show full text]
  • Boosting Business with Science the Human Factor Modern Bleaching
    CURRENT awaRENESS FROM THE INNVENTIA GROUP #3/2010 Modern bleaching technology free of dioxin Norwegian collaboration improving bioenergy efficiency The human factor Research Seminar 2010 N O ANSS JOH ICE R Good team crucial for climate of innovation beat O: O: T HO P Boosting business with science Modern bleaching technology free of dioxin Elisabeth Bergnor at Innventia. Five years ago, reports came Concerns and discussions are still the ECF bleached pulp contains as low from the Swedish Environmental arising, such as in the case of the Baltic amount of dioxin as the unbleached Sea1 and where completely new mills are pulp and the TCF bleached pulp. The Protection Agency (SEPA) being built. Peter was in demand as an content of dioxin is thus at the same concerning increased levels of dioxin expert in the public debate surround- background level in the unbleached as in in the water outside forest industry ing the construction of a new mill in the bleached pulps.” plants along the Baltic Sea coast Uruguay a few years ago. The investigation also studied how in Sweden. There was concern “If you bleach using chlorine dioxide the formation of dioxin is affected by the that this rise in content could have and do it the right way, no increase in ‘purity’ of the chlorine dioxide, i.e. the the content of dioxin can be detected,” content of chlorine in the chlorine diox- connection with the utilisation of he states. ide. It showed that, when the chlorine chlorine dioxide (ClO2) in bleach To verify this thesis, Innventia content reaches 5% (calculated as active plants, so called ECF Bleaching recently carried out screening studies, chlorine) or higher, which occurred with (Elemental Chlorine Free), which in which pulp samples that had been the older techniques, a formation of is currently the normally preferred bleached using different methods were dioxin starts.
    [Show full text]
  • Conference Papers, Edited by Ramesh C
    Quantity Meets Quality: Towards a digital library. By Jasper Faase & Claus Gravenhorst (Koninklijke Bibliotheek, Netherland) Jasper Faase Koninklijke Bibliotheek, Netherland Jasper Faase is a historian and Project Manager Digitization at the Koninklijke Bibliotheek (National Library of the Netherlands). Since 1999 Jasper has been involved in large scale digitization projects concerning historical data. In 2008 he joined the KB as coordinator of ‘Heritage of the Second World War’, a digitization programme that generated the following national collections: war diaries, propaganda material and illegally printed literature. He currently heads the Databank Digital Daily Newspapers project at the Koninklijke Bibliotheek, as well as several other mass-digitization projects within the KB’s digitization department. Claus Gravenhorst CCS Content Conversion Specialists GmbH Claus Gravenhorst joined CCS Content Conversion Specialists GmbH in 1983, holds a diploma in Electrical Engineering (TU Braunschweig, 1983). Today he is the Director of Strategic Initiatives at CCS leading business development. For 10 years Claus was in charge of the product management of CCS products. During the METAe Project, sponsored by the European Union Framework 5, from 2000 to 2003 Claus collaborated with 16 international partners (Universities, Libraries and Research Institutions) to develop a conversion engine for books and journals. Claus was responsible for the project management, exploration and dissemination. The METAe Project was successfully completed in August 2003. Since 2003 he is engaged in Business Development and promoted docWORKS as a speaker on various international conferences and exhibitions. In 2006 Claus contributed as a co-author to “Digitalization - International Projects in Libraries and Archives”, published in June 2007 by BibSpider, Berlin.
    [Show full text]
  • City Council Agenda
    Mayor City Council Christine Lundberg City Council Agenda Sean VanGordon, Ward 1 City Manager: City Hall Steve Moe, Ward 2 Sheri Moore, Ward 3 Gino Grimaldi 225 Fifth Street Leonard Stoehr, Ward 4 City Recorder: Springfield, Oregon 97477 541.726.3700 Marilee Woodrow, Ward 5 AJ Ripka 541.726.3700 Joe Pishioneri, Ward 6 Online at www.springfield-or.gov The meeting location is wheelchair-accessible. For the hearing-impaired, an interpreter can be provided with 48 hours’ notice prior to the meeting. For meetings in the Council Meeting Room, a “Personal PA Receiver” for the hearing impaired is available, as well as an Induction Loop for the benefit of hearing aid users. To arrange for these services, call 541.726.3700. Meetings will end prior to 10:00 p.m. unless extended by a vote of the Council. All proceedings before the City Council are recorded. February 19, 2019 _____________________________ 6:00 p.m. Work Session Jesse Maine Room ______________________________ (Council work sessions are reserved for discussion between Council, staff and consultants; therefore, Council will not receive public input during work sessions. Opportunities for public input are given during all regular Council meetings) CALL TO ORDER ROLL CALL - Mayor Lundberg ___, Councilors VanGordon___, Moe___, Moore____, Stoehr___, Woodrow ___, and Pishioneri ___. 1. Transit Tomorrow Comprehensive Operations Analysis [Emma Newman] (25 Minutes) 2. Solid Waste Code Changes [Sandy Belson] (25 Minutes) ADJOURNMENT Council Agenda February 19, 2019 Page 2 ______________________________ 7:00 p.m. Regular Meeting Council Meeting Room ____________________________ CALL TO ORDER ROLL CALL - Mayor Lundberg ___, Councilors VanGordon___, Moe___, Moore____, Stoehr___, Woodrow ___, and Pishioneri ___.
    [Show full text]
  • Kansas Curricular Standards for Visual Arts Are Aligned with the National Standards for the Visual Arts
    Model Curricular Standards for Visual Arts State Board of Education May 2007 Kansas Curricular Standards for Visual Arts Joyce Huser Fine Arts Education Consultant Kansas State Department of Education 120 Southeast 10th Avenue, Topeka, Kansas, 66612-1182 [email protected] (785) 296-4932 Table of Contents Mission Statement ii Introduction iii Acknowledgements iv Document Usage v Major Objectives of Art Education vi What Constitutes a Quality Art Education? vii Standards, Benchmarks, Indicators, Instructional Samples 1 Basic 2 Intermediate 24 Proficient 46 Advanced 68 Exemplary 90 Scope and Sequence 112 Appendix I 128 Blooms Taxonomy 129 Assessments in Art 135 Kansas Art Teacher Licensure Standards 139 Competitions and Contests 142 Displaying Artwork 144 Shooting Slides of Student Work 145 Museums 146 Needs of Special Students 147 A Safe Work Environment 149 Stages of Artistic Development 151 Technology Time and Scheduling Standards 153 Appendix II 156 Resources/Books 157 Websites 159 Art Museums in Kansas with Educational Materials 162 Appendix III 165 Lesson Plans 166 Appendix IV 253 Glossary 254 i The Mission of the Kansas Curriculum Standards for the Visual Arts The visual arts are a vital part of every Kansas student’s comprehensive education. ii Introduction The Kansas Curricular Standards for the Visual Arts are designed for all visual art students and educators whether experienced or in the preservice years of their teaching career. A range of benchmarks engages students in reaching their greatest potential in the visual arts. Quality activities involve students in thoughtful, creative, and original expression of self. In all cases, students will learn life-skills including critical thinking, astute observation, viewing from multiple perspectives, higher order learning, and authentic problem-solving skills.
    [Show full text]
  • 2008 Source Book
    2008SourceBook ɉʄɿʃɳʍʐʆʏɼʌɻʍɻʎ &ʃɲɽɲʌɿʍʅʉʑ Conservation&CleaningMaterials&Supplies InnovativeArchival & PreservationSolution s thatgivePastaFuture ANACOMuseumsDiv.,117VouliagmenisAvenue,Glyfada16674,Attiki,Greece,Tel:+302109600915,Fax:+302109648128,Email:[email protected] Terms & conditions Suitability For Use Every care is taken to maintain the highest standard of quality. Our company wishes to make it clearly understood that it is the users responsibility to ensure that the goods purchased are suitable for the intended purpose. No guarantee is given or implied that any product we supply is fit for any particular purpose. Our liability is strictly limited to the invoice value of the items concerned. Product Coding System A coding reference number exists for all products.To avoid delay in order processing the product code number must be supplied. Customer Accounts We will allow credit to most archives, museums, libraries, colleges, universities, and other public institutions. Private institutions and business firms are also invited to open accounts with appropriate credit references. Prices Prices are subject to revision without notice and are exclusive of V.A.T. Our sales office will confirm all current prices upon request. Payments Cash with order, except for recognised institutions and approved accounts. Payment must be in € Euro with all bank charges paid.We do accept credit cards. V.A.T.at a rate of 19% is chargeable to all Europen Community customers unless your V.A.T. number is tax exempt. No V.A.T. is chargeable on exports outside of the European Community. Credit Cards We accept Visa cards. Shipment Claims Claims for damage caused in transit and incorrect deliveries must be in writing within 3 working days of delivery to facilitate co-ordination with freight companies.
    [Show full text]
  • 2008 Source Book
    2008SourceBook Ȱʆʏɿʊʇɿʆɲʖɲʌʏʊʆɿɲ &ʖɲʌʏɿɳ ConservationPaper&Boards InnovativeArchival & PreservationSolution s thatgivePastaFuture ANACOMuseumsDiv.,117VouliagmenisAvenue,Glyfada16674,Attiki,Greece,Tel:+302109600915,Fax:+302109648128,Email:[email protected] Terms & conditions Suitability For Use Every care is taken to maintain the highest standard of quality. Our company wishes to make it clearly understood that it is the users responsibility to ensure that the goods purchased are suitable for the intended purpose. No guarantee is given or implied that any product we supply is fit for any particular purpose. Our liability is strictly limited to the invoice value of the items concerned. Product Coding System A coding reference number exists for all products.To avoid delay in order processing the product code number must be supplied. Customer Accounts We will allow credit to most archives, museums, libraries, colleges, universities, and other public institutions. Private institutions and business firms are also invited to open accounts with appropriate credit references. Prices Prices are subject to revision without notice and are exclusive of V.A.T. Our sales office will confirm all current prices upon request. Payments Cash with order, except for recognised institutions and approved accounts. Payment must be in € Euro with all bank charges paid.We do accept credit cards. V.A.T.at a rate of 19% is chargeable to all Europen Community customers unless your V.A.T. number is tax exempt. No V.A.T. is chargeable on exports outside of the European Community. Credit Cards We accept Visa cards. Shipment Claims Claims for damage caused in transit and incorrect deliveries must be in writing within 3 working days of delivery to facilitate co-ordination with freight companies.
    [Show full text]
  • Curatorial Care of Textile Objects
    Appendix K: Curatorial Care of Textile Objects Page A. Overview.......................................................................................................................................... K:1 What information will I find in this appendix?...... ............................................................................. K:1 Why is it important to practice preventive conservation with textiles? ............................................. K:1 How do I learn about preventive conservation? ............................................................................... K:1 Where can I find the latest information on care of these types of materials? .................................. K:2 B. The Nature of Textiles .................................................................................................................... K:2 What fibers are used to make textiles? ............................................................................................ K:2 What are the characteristics of animal fibers? ................................................................................. K:3 What are the characteristics of plant fibers? .................................................................................... K:4 What are the characteristics of synthetic fibers?.............................................................................. K:5 What are the characteristics of metal threads? ................................................................................ K:5 C. The Fabrication of Textiles ...........................................................................................................
    [Show full text]
  • Sourcebook 2012/13
    Preservation Equipment Limited Limited Equipment Preservation Sourcebook Sourcebook 2012/13 www.pel.eu Sourcebook 2012/13 T +44 (0)1379 647400 W www.pel.eu E [email protected] F +44 (0)1379 650582 www.pel.eu Preservation Equipment Ltd, Vinces Road, Diss, Norfolk, IP22 4HQ, UK 24951 PEL- Catalogue Cover.indd 1 01/08/2012 16:34 page 54 page 45 A selection of the many new products for 2012/13 page 14 page 190 page 110 PEL 003-016:PEL 003-016 19/09/2012 16:55 Page 1 TERMS & CONDITIONS WELCOME TO OUR 2012/13 SOURCEBOOK SUITABILITY FOR USE Every care is taken to maintain the highest Even though many are claiming the economic climate is standard of quality. Preservation Equipment Ltd wish to make it clearly understood that it is the damaging businesses, we are still an even stronger users responsibility to ensure that the goods purchased are suitable for the intended purpose. company. Our thanks goes to our loyal customers and No guarantee is given or implied that any product we supply is fit for any particular purpose. Our dedicated employees. liability is strictly limited to the invoice value of the items concerned. PRODUCT CODING SYSTEM To enable us to continue to offer the largest stocks in A coding reference number exists for all products. To avoid delay in order processing the product Europe, we have again extended our warehouse facility code number must be supplied. CUSTOMER ACCOUNTS ensuring a prompt and efficient delivery service; backed We will allow credit to most archives, museums, libraries, colleges, universities, and other public by 26 years of experience and unbeatable customer care.
    [Show full text]
  • Eco-Friendly Display Boards Kohlsch
    NDLY IE RI FR G - ID O M C E PLASTIC E D I M FREE A A D E B IN Y E ECO-FRIENDLY DISPLAY BOARDS KOHLSCH KROMA® DISPLAYBOARD | KROMA® OUTDOOR | KROMA® KRAFT | KROMA® NATURAL WHITE | KROMA® MOUNTINGBOARD ROBUST DISPLAY BOARD FOR POSTERS, POS DISPLAYS & TEMPORARY OUTDOOR USAGE ° Both sides printable display board with strong kraft board core & high wet strength ° Smooth surfaces, high rigidity & superior flatness ° Ideal characteristics for litho | screen | direct digital printing | die-cutting | digital cutting Eco-friendly alternative to mineral oil-based panels KOHLSCHEIN is a leading ° manufacturer of eco-friendly ° Easy & cost-effective disposal as paper waste display boards made from ° FSC® or PEFC™ certified (optional) renewable paper fibre resources. Applications: For years we have been POS/POP Display | Outdoor advertising | Posters | committing ourselves to the Hanging signs responsible sourcing and sustainable handling of products made from pulp and paper, as well as water, energy and other resources. Made in Germany Thickness Available sizes in mm 0.9 mm 650 x 880 – 1300 x 880 1300 x 1800 1300 x 2600 – – 625 gsm 1.1 mm 650 x 880 700 x 1000 1300 x 880 1300 x 1800 1300 x 2600 1400 x 1000 1400 x 3000 745 gsm ISO 9001:2015 Custom sizes on request RIGID MEDIA FOR DISPLAYS, SIGNS & VISUAL MERCHANDISING EXCELLENT PRINTABILITY ON BOTH SIDES | ECO-FRIENDLY | BRAND QUALITY SINCE 1966 ° Both sides white display board with extra-smooth double-coated cardboard surfaces (GC2) and a wood pulp core ° Lightweight substrate with high rigidity,
    [Show full text]
  • General Catalogue
    General catalogue Consumables, tools, devices and machines for the bookbinding, printing and print finishing industry for manual and industrial production The case of this catalogue has been manufactured with grey board and chip board out of our range and covered with Englisch Buckram (item no. 2270-561). The catalogue is printed on FSC-certified paper. The World of Bookbinding... Dear Customer, This is the new Schmedt catalogue 2017. With more Lots of changes have taken place in the last few than 10,000 products out of the World of years. Nowadays, our Prä bookbinding machines Bookbinding on 400 pages. are not only used in handcraft, but also for industrial production. We have taken the opportunity to add all our new products. This took some time as we recently On the website, you may e. g. see 360° views of focussed on the update and improvement of our different machines and links to videos showing the online shop. Please feel free to have a look at it: machines in operation. www.schmedt24.de/en. For this, we have our own YouTube channel There you will find current offers, news and also our www.youtube.de/hhschmedt, complete range from binding cloth to end papers to showing all our videos. adhesives and bonefolders to leather-paring devices to our own machines for the production of books. If you are looking for further information or if you would like to leave a comment, visit us on Facebook: Here you may shop around the clock and 365 days www.facebook.com/schmedt. a year.
    [Show full text]
  • Catalogue Vol 1
    CATALOGUE VOL 1. Papers Boards Synthetics Official Distributor Conservation By Design Arte y Memoria was founded in Barcelona in 1999 bringing together a group of experts of paper conservation and preservation since then we provide the Spanish and Portuguese market with our products and services. Now we are proud to offer the most comprehensive product portfolio ever produced and represented in Turkey. We have combined our interest in cutting edge preservation technology with more traditional quality products that are becoming harder to find. You will notice we have added many new items to the range and have developed several systems in conjunction with leading Museums, Galleries, Conservators and Archivists. The team at Arte y Memoria thanks you for your continued support and welcome your opinion and suggestions to improve our product range and customer service. As ever if you need something that is not in this catalogue please contact us. We hope you find this catalogue an informative and practical reference for purchasing your conservation and archival products from Arte y Memoria. Placing an order How we do business Our friendly and professional staff are happy to receive your orders and answer any queries. To help direct your call we have our sales team Turkish office: Turkish Contact Arte & Memoria Türkiye Paz. Diş Tic. Dan. Ltd. Şti Tel + Fax (+90) 212 292 5518 Büyükdere Caddesi [email protected] Altan Erbulak Sokak Atasoy www.arteymemoria.com İş Mrk No:3 Kat:1 Gayrettepe 34394 İstanbul Other countries: Tel + Fax (+90) 212 292 5518 Tel (+34) 938 125 378 HQ office: Fax (+34) 938 871 205 Arte & Memoria, S.L.
    [Show full text]