by Sean Ungerer | Oct 21, 2021 | Forestry and Paper
Huhtamäki reported Q3 21A results this morning: Sales increased by 6% y/y (+2% q/q), while EBITDA declined by 10% y/y (-6% q/q). This resulted in EBITDA margin of 12% (-217 bps y/y and -100bps q/q). Encouragingly, the YTD margin is stable, highlighting the company’s...
by Sean Ungerer | Oct 20, 2021 | Forestry and Paper
Stora Enso reported strong Q3 21A results this morning: Sales up 24% y/y (-1% q/q), with EBITDA up 73% y/y and up 9% q/q. This resulted in robust margin expansion to 22.1% (+620 bps y/y and +190bps q/q) and ROCE over 13%. Net debt/EBITDA continues to improve reaching...
by Sean Ungerer | Oct 19, 2021 | Forestry and Paper
Key YTD moves: Cotton +50%; Polyester +40%; HW DWP +30%*; China-origin DWP +17%; medium-grade VSF +24%*; high-end VSF +21%* and Lyocell -8%. VSF prices jumps 10% w/w, with potentially more on the cards: Market activity has improved seeing a rebound in VSF prices as...
by Sean Ungerer | Oct 15, 2021 | Forestry and Paper
China pulp prices fall further: NOREXECO pulp futures for CY Q4 21E imply a 6-7% decline in Europe vs. a 2% decline in China. European CWF margins remain in the red, despite prices up 1.4% w/w: After factoring in a 30% discount to list pulp prices, the CWF/HW spread...
by Sean Ungerer | Oct 11, 2021 | Forestry and Paper
Key YTD moves: Cotton +32%; Polyester +26%; HW DWP +32%*; China-origin DWP +21%; medium-grade VSF +20%*; high-end VSF +19%* and Lyocell -8%. VSF prices jump 15%* in past two weeks: Market activity has improved seeing a rebound in VSF prices. The VSF operating rate...
by Sean Ungerer | Oct 8, 2021 | Forestry and Paper
China pulp prices fall further ahead of Golden Week holiday: This was on the back of downtime and weaker futures prices (October: USD 832/t; November: USD 773/t; December: USD 725/t). Mass downtime for Chinese P&B producers is expected to persist well into Q4....
