by Sean Ungerer | Nov 16, 2021 | Forestry and Paper
Key YTD moves: Cotton +41%; Polyester +22%; HW DWP +28%; China-origin DWP +16%; medium-grade VSF +24%; high-end VSF +27% and Lyocell -8%. Cotton is currently trading at a 49% premium to VSF (YTD average: 25%) and at a 197% premium to polyester (YTD average: 141%). VSF...
by Sean Ungerer | Nov 11, 2021 | Forestry and Paper
Q4 21A snapshot: EBITDA +116% y/y & +22% q/q to USD 177m (CRe: USD 189mn vs. consensus: USD 209mn). EPS in the green at USD 0.11/share (CRe: USD 0.11/share vs. consensus: USD 0.13/share). Net debt decreased by 5% q/q to USD 1,946mn (CRe: 2,088mn) & net...
by Sean Ungerer | Nov 10, 2021 | Forestry and Paper
Pulp prices under pressure in all key regions this week: The Pulp and Paper Products Council (PPPC) reported World-20 market pulp stats for September last week. China demand remains weak, while Europe continues to surprise to the upside. Global pulp producer stocks...
by Sean Ungerer | Nov 9, 2021 | Forestry and Paper
Q4 21E results this Thursday (11 November), key numbers to look out for: Q4 to mark the fifth consecutive quarter of EBITDA improving to USD 189mn (+130% y/y and +30% q/q) and EPS of USD 0.11/share. Refer to Segmental outlook. Another strong quarter expected for DWP:...
by Sean Ungerer | Nov 9, 2021 | Forestry and Paper
Key YTD moves: Cotton +41%; Polyester +23%; HW DWP +29%; China-origin DWP +17%; medium-grade VSF +26%; high-end VSF +27% and Lyocell -8%. Cotton is currently trading at a 48% premium to VSF (YTD average: 24%) and at a 195% premium to polyester (YTD average: 140%). VSF...
by Sean Ungerer | Nov 5, 2021 | Forestry and Paper
Further pressure on pulp prices in China: China hardwood declined by 3% w/w, while softwood dropped 5%. Currently, the spread between pulp prices in Europe and China is c. EUR 200/t, which is not sustainable. NOREXECO pulp futures for Q1 21E imply a 13-17% decline in...
