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
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Key message: A good result from the core operations, with improving medium-term growth prospects in the international markets. Omnia released 1H FY26 results. HEPS increased by 11% to 320c on a 3% and 12% increase in revenue and operating profit respectively. The...
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📦 Key message: European and North American printing & writing markets remained subdued, with September data confirming ongoing structural weakness across coated grades. In Europe, both apparent demand and shipments slipped again, keeping CWF and CM operating rates...
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Keymessage: Navigator defies UWF downturn and positions ahead of the pulp recovery.Paper and packaging volumes rose +15% YoY despite a –6% European UWF market contraction, while distressed peers like Sylvamo (694kt/yr) face mounting pressure. Pulp demand rebounded +8%...
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Key message: A more balanced European containerboard supply-demand environment is unlikely before 2027–2029 without further closures. Norske Skog anticipates broadly stable pricing through Q4 25 and into 2026. Cash burn in Norske’s Containerboard segment increased...
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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...