Research
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Stora Enso Second Quarter Insights Q2 EBITDA rose 15% YoY but missed consensus by 3%, with planned Q3 maintenance expected to weigh on profitability. Stable packaging margins were supported by higher containerboard volumes, while improving kraftliner demand, tighter...
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SCA Second Quarter Insights Containerboard markets strengthened in Q2 as improving demand and tight supply supported multiple price hikes. Management expects slightly stronger Q3 performance, aided by lower raw material costs, while sustained kraftliner pricing should...
Forestry & Paper
Billerud Second Quarter Insights: North American coated freesheet andspecialty paper (Sappi) and European Paper Packaging (Mondi) Regional Market Dynamics: The contrast between Billerud’s operations in Europe and North America is defined by distinct market conditions,...
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Norske Skog Insights Second quarter insights: Group EBITDA fell 31% YoY and 84% QoQ, missing consensus by 43%. Leverage remains elevated, with net debt/EBITDA rising to 7.6x. Encouragingly, the Paper Packaging segment returned to positive territory, supported by...
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Capital Allocation Efficiency Analysis The pulp, paper and packaging sector is exceptionally capital intensive. With mills requiring €1–3bn of investment, 3–4 years to build, and operating lives of 30–40 years, capital allocation is the primary driver of long-term...
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Boregaard Second Quarter Insights: Biomaterials Insights (read-through for Sappi) Market Dynamics of Specialty Cellulose: Borregaard’s BioMaterials segment, which focuses on specialty cellulose, demonstrated strong demand and operational resilience in the second...