Chronux Research
The leading independent research firm in South AfricaChronux Research, founded in 2020, is an independent equity research provider focused on the South African market, with coverage spanning over ten sectors and approximately 30 companies. Within the domestic market, Chronux is particularly well recognised for its Industrials, Construction, Mid-Cap and Forestry & Paper research, where the firm combines deep sector knowledge with disciplined financial modelling and a clear, conviction-led investment framework. The team provides a global perspective on key structural and cyclical themes across the sectors covered. Chronux delivers fundamental equity research incorporating both long and short ideas with analysis driven by in-house financial models, ongoing dialogue with industry decision-makers and regular engagement with management teams. In addition to company-level research, Chronux facilitates high-level interaction with senior executives and provides access to relevant industry experts, supporting clients in forming differentiated investment views. Chronux has also been committed to developing the next generation of analysts and advancing careers within the investment industry, supported by a strong and engaged institutional client base.
Our Corporate Sponsored Coverage
Making It PossibleForestry & Paper: UPM (Pulp, Graphic & Specialty Paper Insights)
Profitability improved significantly YoY; however sequential profitability came under pressure due to heavy maintenance and strikes in Finland: Sales softened by -4% QoQ (flat YoY). Meanwhile, EBITDA slumped -27% QoQ (+41% YoY) with an EBITDA margin of +14.1%. Gearing...
Forestry & Paper : Navigator (UWF, Pulp & Tissue insights)
Strong second quarter performance with EBITDA improving by+35% YoY & +24% QoQ, while revenue softened by -1% QoQ: The EBITDA margin expanded to 31.3%, the highest margin since Q2 22A. Net debt increased by +36% YoY & +38% QoQ impacted by acquisition of Accrol...
Forestry & Paper:Nordic Paper (Kraft Paper Insights)
Key financial highlights from the quarter: Sales increased by +1% QoQ (+9% YoY), with group volumes up +11% YoY (-4% QoQ) and realised an average price increase of 5% QoQ (-1% YoY). Meanwhile, EBITDA improved by a staggering +22% QoQ (+30% YoY) with an EBITDA margin...
Forestry & Paper:Billerud (Sack kraft & Graphics Insights)
Billerud returned to growth in the second quarter with improved profitability and solid cash generation: Sales growth of +8% YoY (+3% QoQ) was largely driven by volume and mix. EBITDA improved significantly YoY as positive pricing and mix effects more than offset...
Forestry & Paper: Industry Insights
Pulp prices in China have remained stable, while prices in Europe softened slightly: In China, imported pulp business remained stuck at a standstill during the recent week, where BSK resale and futures prices went lower amid a downturn. In the North American market,...
Restricted content
Key message: Strong performance continues from Port of Maputo. Volumes should maintain into FY24 with expansion due from FY26. Grindrod released a Trading Update for the five months to May 2024. No HEPS guidance was provided. Ports & Terminals: The basket price of...
Forestry & Paper: Industry Insights
Second quarter 2024 price snapshot: Pulp prices saw substantial double-digit increases in both Europe and China during the second quarter of 2024. Hardwood prices experienced notably higher increases compared to softwood. In Europe, hardwood prices increased by 31%...
Sirius Real Estate: FY24 valuation update
Key message: Sirius’ FY24 performance met expectations, and marks a continuation of the ability of the management platform to consistently drive stable growth and strong value creation through the long-term and over multiple business cycles. Operational performance:...