by Sean Ungerer | Dec 9, 2022 | Forestry and Paper
DS Smith H1 23A results saw a continued increase in profitability and outlook upgraded: Revenue growth of +28% y/y (+11% h/h) was driven by improved pricing (GBP 950mn: 69% from higher packaging prices and 31% from an increase in external paper sales, recycling...
by Sean Ungerer | Nov 29, 2022 | Forestry and Paper
Key w/w moves: China cotton -1%; ICE cotton contract -6%; Polyester -4%; HW DP 0%; China-origin HW DP-1%, medium-grade VSF 0%; and high-end VSF 0% and Lyocell 0%. Cotton is trading at a 4% premium to VSF (2021 average premium: 30%) and a 92% premium to polyester (2021...
by Sean Ungerer | Nov 23, 2022 | Forestry and Paper
Further relief for pulp prices in Europe: Softwood pulp prices in Europe MTD are now down 8%, while hardwood is down 6%. Prices in China and North America remains stable. NOREXECO pulp futures for CY 23E imply a 15-24% decline in Europe, and a decline of 12-27% in...
by Sean Ungerer | Nov 15, 2022 | Forestry and Paper
Key w/w moves: Cotton +1%; ICE cotton contract +1%; Polyester -1%; HW DWP -1%; China-origin -1%, medium-grade VSF 0%; and high-end VSF 0% and Lyocell 0%. Cotton is now trading at a 2% premium to VSF (2021 average premium: 30%) and a 69% premium to polyester (2021...
by Sean Ungerer | Nov 9, 2022 | Forestry and Paper
Q4 22E results on Thursday 10 November, key numbers to look out for: We expect EBITDA to improve by 203% y/y (+18% q/q) to a quarterly record of USD 439mn (Consensus: USD 392mn) and EPS of USD 0.47/share (Consensus: USD 0.41/share). Europe likely to moderate q/q;...
by Sean Ungerer | Nov 4, 2022 | Forestry and Paper
October average price changes: NBSK pulp -1% m/m; +11% y/y; BHKP pulp flat m/m; +21% y/y; China BHKP net pulp flat m/m; +47% y/y; China NBSK net pulp -1% m/m; +19% y/y; BCTMP -6% m/m; +33% y/y; LWC +3% m/m; +73% y/y; CWF +3% m/m; +74% y/y; UWF +2% m/m; +54% y/y;...
