Chronux Research
The leading independent research firm in South AfricaChronux Research, founded in 2020, is an independent equity research provider focused on the South African market, with coverage spanning over ten sectors and approximately 30 companies. Within the domestic market, Chronux is particularly well recognised for its Industrials, Construction, Mid-Cap and Forestry & Paper research, where the firm combines deep sector knowledge with disciplined financial modelling and a clear, conviction-led investment framework. The team provides a global perspective on key structural and cyclical themes across the sectors covered. Chronux delivers fundamental equity research incorporating both long and short ideas with analysis driven by in-house financial models, ongoing dialogue with industry decision-makers and regular engagement with management teams. In addition to company-level research, Chronux facilitates high-level interaction with senior executives and provides access to relevant industry experts, supporting clients in forming differentiated investment views. Chronux has also been committed to developing the next generation of analysts and advancing careers within the investment industry, supported by a strong and engaged institutional client base.
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Energy Positioning 2026 Energy remains largely a timing issue rather than a structural demand shock, with sector earnings still more pricing-driven than volume-driven despite higher gas costs. While elevated energy costs should support rationalisation, closures remain...
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Packaging Corporation of America: Q1 26A Insights US Containerboard & Corrugated (IP & Smurfit); US Uncoated Woodfree (Mondi) EBITDA increased (+8% YoY | flat QoQ), beating consensus on pricing, mix and lower fibre costs. Containerboard markets remain tight,...
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Svenska Cellulosa (SCA): Q1 26A Insights European Containerboard & Global pulp Insights EBITDA declined (-33% YoY | -10% QoQ), with Pulp the key drag. Box demand improved modestly, but lower pricing, elevated inventories, energy costs and FX continued to pressure...
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Norske Skog: Q1 26A Insights European Containerboard and Graphic Paper EBITDA improved sharply QoQ (-26% YoY), supported by the Saugbrugs transaction and stronger Golbey volumes. Graphic paper demand remains weak, while energy and input costs continue to pressure...
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Billeurd Q1 26A Insights North American coated freesheet and specialty paper (Sappi) and European Paper Packaging (Mondi) EBITDA declined sharply (-62% YoY | -36% QoQ), pressured by weak European pricing, FX and costs. Demand recovery remains fragile, with margins...
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Holmen: Q1 26A Insights European Consumer board and Graphic paper EBITDA declined (-13% YoY | +7% QoQ), with Energy offsetting weaker Board & Paper. Graphic paper and board markets remain pressured by weak demand, underutilisation and elevated energy...
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Huhtamaki Q1 26A Insights European Fibre Pack. (Mondi); Paperboard; European Flexibles (Mondi); US food services (Sappi) EBITDA declined (-5% YoY | -7% QoQ) on FX, weather and higher input costs, partly offset by pricing and efficiencies. Recovery depends on cost...
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Clearwater Paper: Q1 26A Insights North American Consumer board (read-through for Sappi & Smurfit) EBITDA fell sharply on weaker paperboard pricing and ~$15m weather impacts, though ahead of guidance. Demand recovery, lower imports and closures should support...
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International Paper: Q1 26A Insights Q1 EBITDA missed consensus (-4%) on softer demand, weather and cost inflation. Near-term pressure persists, but management still expects a strong H2 recovery from pricing and cost-out actions. Download Presentation Here
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April Price Update Global pulp prices strengthened further in April, extending the recent upward momentum. In Europe, graphic paper markets showed early signs of stabilisation and recovery, while US coated grades remained broadly stable. European packaging markets...