by Sean Ungerer | Aug 3, 2021 | Forestry and Paper
Q3 21E results this Thursday, key numbers to look out for: EBITDA USD 134mn (+417% y/y and +9% q/q) and EPS of USD 0.04/share. Recent unrest in South Africa and Transnet force majeure will impact Q4: SAP had already guided to lower volumes (DWP: -28kt and Graphic...
by Sean Ungerer | Aug 2, 2021 | Forestry and Paper
Key YTD moves: Polyester +25%; HW DWP +38%; China-origin DWP +26%; medium-grade VSF +14% and high-end VSF +15%. In contrast, Lyocell is down 5%. VSF prices gaining more traction: The VSF operating rate improved to 76%, while VSF inventory days dropped again this week...
by Sean Ungerer | Jul 30, 2021 | Forestry and Paper
Q2 21A saw the fourth consecutive quarterly improvement in EBITDA: Turnover +29% y/y (+10% q/q) & EBITDA +55% y/y (+13% q/q). Higher production volumes for UWF Paper (+66% y/y & +12% q/q) and Pulp (+41% y/y & +13% q/q), while Tissue was down 3%. The EBITDA...
by Sean Ungerer | Jul 28, 2021 | Forestry and Paper
Strong H1 21A results across all metrics: Revenue +11% y/y (+8% h/h); EBITDA +6% y/y (+1% h/h), with a robust EBITDA margin of 16.7%. Interim DPS up 5% y/y and working capital management remains robust at 8.1% of sales. Net debt/EBITDA of 1.6x stable (targeted range...
by Sean Ungerer | Jul 26, 2021 | Forestry and Paper
Key YTD moves: Polyester +23%; HW DWP +38%; China-origin DWP +26%; medium-grade VSF +12% and high-end VSF +15%. In contrast, Lyocell is down 5%. VSF prices in the green again this week: The VSF operating rate was stable at 74%, while VSF inventory days dropped again...
by Sean Ungerer | Jul 23, 2021 | Forestry and Paper
Nordic Paper benefitted from a strong Q2 21A: Fundamentals for specialty paper products remains strong, providing underpin for volume growth of 7% y/y and EBITDA margin expansion to 20.3%. ROCE remains robust at 18.4% (Q2 20A: 33.7%) and gearing is in check,...
