by Sean Ungerer | May 12, 2021 | Forestry and Paper
Pulp set to gain further ground in May: Further pressure on supply (logistic problems and un/planned downtime), the ongoing gap between prices in Europe and China and robust domestic demand are driving pulp prices higher. China BSK pulp futures bounced back after the...
by Sean Ungerer | May 10, 2021 | Forestry and Paper
Key YTD moves: Polyester +18%; HW DWP +51%; China-origin DWP +43%; medium-grade VSF +22% and high-end VSF +32%. In contrast, Lyocell is only up 7%. VSF prices appear to have stabilized at RMB 14-15k/t: Prices have been stable but there has been some discounting this...
by Sean Ungerer | May 6, 2021 | Forestry and Paper
Sequential underlying EBITDA improving but still down y/y: EBITDA increased by 14% q/q to EUR 353mn. However, EBITDA declined by 8% y/y. This appears to be a function of MNP’s UFP segment, cost headwinds and unfavourable FX (weaker USD). In contrast, we note that...
by Sean Ungerer | May 6, 2021 | Forestry and Paper
Q2 21A snapshot: EBITDA of USD 112mn was 4% lighter than our estimate, with EBITDA down 2% y/y but up 10% q/q. EPS came in at negative USD 0.01/share (CRe: USD 0/share).Europe (25% of EBITDA) EBIT now in the red: Sales were slightly weaker than what we expected. We...
by Sean Ungerer | May 5, 2021 | Forestry and Paper
Q2 21E results tomorrow, key numbers to look out for: EBITDA USD 123m (-6% y/y and +25% q/q) and EPS of USD 0/share. We expect a slight uptick in net debt to USD 2.115mn with net debt/EBITDA of 6.4x. Refer to Segmental outlook. European EBITDA margin to come under...
by Sean Ungerer | Apr 26, 2021 | Forestry and Paper
Key YTD moves: Polyester +14%; HW DWP +52%; China-origin DWP +43%; medium-grade VSF +26% and high-end VSF +36%. Further pressure on VSF prices (high-end holding up better), down 8% in three weeks: The VSF operating rate has also weakened from 83% to 74%, impacted this...
