by Sean Ungerer | Jun 11, 2021 | Forestry and Paper
Mondi aligns their financing with their sustainability framework: Mondi signs new EUR 750mn five-year multicurrency RCF linked to its MAP2030 sustainable development goals. This replaces the existing EUR 750mn facility that was due to mature in July 2022.Mondi and...
by Sean Ungerer | Jun 9, 2021 | Forestry and Paper
Pulp prices jump 4-7% in Europe, while stable in China: Import prices into China remain stable, while domestic resale prices and futures come under pressure. Two new cash settled pulp futures contracts launched on NOREXECO last week. The CY 22E contract implies a 11%...
by Sean Ungerer | Jun 8, 2021 | Forestry and Paper
Turnover -16% y/y & EBITDA -20% y/y (-6% q/q): Lower volumes for Paper (-14%) and Pulp (-14%), while Tissue was up 11%. With lower UWF production, the EBITDA margin contracted by 107bps y/y (-128bps q/q) to 20.7%. With strong FCF generation (+279% y/y), this...
by Sean Ungerer | Jun 7, 2021 | Forestry and Paper
Key YTD moves: Polyester +16%; HW DWP +45%; China-origin DWP +43%; medium-grade VSF +11% and high-end VSF +13%. In contrast, Lyocell is only up 3%. VSF prices came under further pressure this week (medium-grade down 3.4% and high-grade down 1.5%): The VSF operating...
by Sean Ungerer | Jun 4, 2021 | Forestry and Paper
Mondi completes acquisition of Olmuksan from IP for EUR 66mn: This follows on from the announcement on 5 January 2021 of MNP’s intention to acquire 90.8% of the company, with an EV of EUR 88mn on a 100% basis. MNP will now launch a mandatory tender offer to acquire...
by Sean Ungerer | Jun 2, 2021 | Forestry and Paper
Pulp prices stable but could soon change: The Chinese government announced they would curb commodity prices in China (hardwood DWP down 4% this week to USD 1,060/t). Bleached softwood kraft (BSK) pulp futures are now down USD 147/t in the past two weeks (currently RMB...
