by Sean Ungerer | Feb 11, 2022 | Forestry and Paper
Q1 was much better than expected: Q1 22A marked the 6th consecutive quarter of improving EBITDA to USD 240mn, 25% ahead of our USD192mn (consensus: USD 195mn) and EPS of USD 0.20/share, 43% ahead of our USD 0.14/share (consensus: USD 0.12/share). Net debt was also...
by Sean Ungerer | Feb 4, 2022 | Forestry and Paper
Pulp prices broadly stable: NOREXECO pulp futures for 23E imply a 12-18% decline in Europe, while prices in China are expected to decline by 2-6%. In North America, Verso and Eldorado are out with a USD 40/t price increase for BHK in February and softwood producers...
by Sean Ungerer | Feb 2, 2022 | Forestry and Paper
Supply/demand dynamics and cost inflation drove kraftliner (+49%) & testliner (63%) prices higher in 2021: Containerboard demand has been strong since Q4 20A. Despite previous concerns around oversupply, supply has struggled to match the significant uptick in...
by Sean Ungerer | Jan 27, 2022 | Forestry and Paper
Pulp prices extend gains in China: Small and medium-size mills across China have begun to take downtime due to a shortage of pulp, and the stoppage is expected to continue until late February after the long Lunar New Year vacation. They are reluctant to buy market...
by Sean Ungerer | Jan 26, 2022 | Forestry and Paper
Q1 22E results on Wednesday 9 February, key numbers to look out for: Q1 to mark the sixth quarter of sequential EBITDA improvement to USD 192mn (+96% y/y and +9% q/q) and EPS of USD 0.14/share. Europe set to enter sweet spot this year (pricing on the rise, demand...
by Sean Ungerer | Jan 25, 2022 | Forestry and Paper
Key w/w moves: Cotton +1%; Polyester +1%; and HW DWP, China-origin DWP, medium-grade VSF, high-end VSF and Lyocell all flat w/w. Cotton’s premium to VSF is currently 72% (2021 average: 30%) and a 189% premium to polyester (2021 average: 150%). The VSF premium to...
