Sylvamo Corporation: Look For Cannibals

With net interest expense now nearly cut in half from the period right after the spin-off, management will be more and more comfortable diverting free cash flow elsewhere. Most recent earnings and guidance The first item that stood out to me from the Q1 24 eamings presentation was a negative quarter free cash flow versus highly positive Q4 2023 and the guidance for maintenance CAPEX. As free cash flow in simplistic terms is cash from operations less CAPEX, higher CAPEX when it is maintenance rather than gro ...