by Sean Ungerer | Aug 1, 2025 | Uncategorized
Key message: Mixed demand signals with SBS shipments declining in the second quarter, while backlogs grew. Current downcycle is primarily driven by oversupply. Looking ahead, RISI expects industry capacity to be reduced by approximately 350Kt in 2026, which should...
by Sean Ungerer | Jul 30, 2025 | Uncategorized
Key message: We anticipate EBITDA of €584mn (€567mn excluding the forestry fair value gain). We expect basic underlying EPS of €0.49/share, down -3% YoY. Accordingly, we expect the interim DPS to be stable YoY at €0.23/share. Following the Schumacher acquisition (EV:...
by Sean Ungerer | Jul 24, 2025 | Uncategorized
Paper Pulp, European Graphic Paper & Specialty Insights Key message: UPM plans major graphic paper capacity cuts, yet further rationalisation remains necessary. Meanwhile, tariffs and a weaker dollar are disrupting European shipments into the US, amplifying market...
by Rowan Goeller | May 22, 2023 | Construction and Basic Materials, Uncategorized
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline. Calgro released FY23 results. HEPS increased 43% to 153c on a 15% increase in revenue. The gross profit margin remained in the target range of 20-25% at 23.5%....
by Sean Culverwell | Mar 2, 2023 | Property, Uncategorized
Key message: 2H FY23 performance is set to meet expectations and guidance. Overall, organic performance appears intact and the portfolio continues to reposition through investment and disposal activity. Trading in line with expectations: management has maintained...
