by Sean Ungerer | Sep 2, 2022 | Forestry and Paper
Pulp prices stable, for now: NOREXECO pulp futures for CY 23E imply a 13-18% decline in Europe, and a decline of 11-20% in China. UWF up 1% w/w leading Graphic Paper gains: After factoring in a 30% discount to list pulp prices, the CWF/HW spread dropped by 9% w/w to...
by Sean Ungerer | Aug 29, 2022 | Forestry and Paper
Key w/w moves: Cotton +2%; Polyester 2%; HW DWP -5%; China-origin DWP -1%, medium-grade VSF 0%; and high-end VSF -1% and Lyocell 0%. Cotton is now trading at a 5% premium to VSF (2021 average premium: 30%) and a 99% premium to polyester (2021 average: 150%). The VSF...
by Sean Ungerer | Aug 19, 2022 | Forestry and Paper
Pulp prices stable, for now: NOREXECO pulp futures for CY 23E imply a 12-18% decline in Europe, and a decline of 11-20% in China. Ence’s 515ktpa BEK mill in Pontevedra, which had to suspend operations in late July due to drought conditions cannot be restarted until...
by Sean Ungerer | Aug 15, 2022 | Forestry and Paper
Key w/w moves: Cotton +7%; Polyester 0%; HW DWP 0%; China-origin DWP 0%, medium-grade VSF -2%; and high-end VSF -1% and Lyocell -1%. Cotton is now trading at a 2% premium to VSF (2021 average premium: 30%) and a 93% premium to polyester (2021 average: 150%). The VSF...
by Sean Ungerer | Aug 3, 2022 | Forestry and Paper
Q3 22E results on Thursday 4 August, key numbers to look out for: We expect EBITDA to improve by 121% y/y to USD 320mn (-5% q/q) and EPS of USD 0.33/share. We expect Graphic Paper to surprise to the upside. DP is likely to disappoint on the back of continued logistic...
by Sean Ungerer | Aug 3, 2022 | Forestry and Paper
Mondi will report H1 22E results on 4 August: Including Russia, we expect EBITDA of EUR 1.122mn (Q1 22A: EUR 574mn & Q2 22E: EUR 548mn), driving underlying EPS of EUR 1.34/share (+89% y/y & +61% h/h) and DPS of EUr 23/share (+13% y/y). We expect the balance...
