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.
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Keymessage:Graphic paper weakness persisted (–7% YoY Europe demand), with profitability constrained by soft pricing—negative read-through for Sappi’s coated grades and Mondi’s uncoated woodfree. Label materials remained resilient, supported by European shipment growth...
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Key Message: EBITDA growth was driven by the Americas, where seasonally stronger volumes and the absence of maintenance downtime supported a solid rebound in profitability. Europe, however, remained under strain, posting a third consecutive quarter of negative EBITDA...
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Key message: Packaging Materials deliveries improved modestly (+2% YoY in consumer board; +1% YoY in containerboard), though pricing remained soft (–3% YoY). Excluding Oulu start-up costs, the segment’s EBITDA margin would have reached 14.6% versus the reported 10.6%....
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Key message: Global pulp markets strengthened in October, with most grades posting gains. Graphic paper remained under pressure from ongoing structural demand weakness, although US coated grades were relatively stable. The packaging market softened as containerboard...
Raubex – 1H FY26 Results
Key message: Momentum remains positive despite weak results at Bauba and in Australia. Raubex reported 1H FY26 results. HEPS declined by 14.4% to 243.5c on a 1% and 28.7% decline in revenue and operating profit respectively. An interim dividend of 81c was declared....
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US Containerboard & Corrugated (Smurfit & Mondi) Key message: IP’s results reaffirm the persistent strain in Europe’s containerboard market — profitability gains were cost-led rather than demand-driven, and management continues to flag that roughly a quarter...
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European Containerboard & Corrugated (Mondi) & North American Consumer board (Sappi North America) Key message: High integration in Europe continues to underpin utilisation near full capacity, insulating margins even as containerboard markets remain uneconomic...
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Key message: Passenger sales continue to recover and light commercial sales also indicate an industrial recovery. NAAMSA released October 2025 new vehicle sales. Passenger and LCV sales increased 17.6% YoY with passenger sales up 14.8% YoY. Light Commercial sales...
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Key message: Pulp markets remain broadly stable, while graphic paper and packaging markets continue to face weak market conditions. View Presentation
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North American Consumer board (Sappi North America) Key message: In the absence of meaningful supply rationalisation or swing capacity, it could take more than five years of organic demand growth to rebalance today’s board oversupply. While the current imbalance is...