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    Sandy Burns

    Research Analyst at Stifel Nicolaus

    Sandy Burns is the Head of High Yield Research and a Senior Research Analyst at Stifel Nicolaus, specializing in high yield credit research with coverage of sectors such as Paper & Packaging, Manufacturing/General Industrials, Transportation, and Chemicals. He regularly covers leading industry companies including Mercer International and is consistently ranked among the top analysts in the Institutional Investor Global Fixed Income Research Survey, reflecting a strong track record in generating actionable investment ideas. With over 30 years of leveraged finance experience, Sandy started his career on the sell-side with Deutsche Bank, Bankers Trust, and Smith Barney, then gained buy-side expertise at S.A.C. Capital and Alliance Capital, ultimately joining Stifel where he leads the high yield research team. He holds a CFA charter, is a certified public accountant, and has an MBA from Carnegie Mellon University and a BA in economics from the University of Virginia.

    Sandy Burns's questions to MERCER INTERNATIONAL (MERC) leadership

    Sandy Burns's questions to MERCER INTERNATIONAL (MERC) leadership • Q2 2025

    Question

    Sandy Burns from Stifel Nicolaus questioned the state of Mercer's softwood inventory levels, asking if they were elevated and if there was a risk of a non-cash write-down similar to the one taken on hardwood. She also inquired about any covenants on the Canadian revolver that could be at risk and sought clarification on the maintenance CapEx level.

    Answer

    CFO Richard Short acknowledged that softwood inventories are slightly elevated due to slower sales in China but stated the company is not close to needing an impairment. He also confirmed there are no immediate concerns regarding the Canadian revolver's springing covenant, which is not close to being triggered. He clarified that the maintenance of business CapEx level is around $60 million to $70 million.

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