Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
Afrimat – Trading Update
Key message: External factors continue to impact Afrimat – but the operational performance is improving.
Sirius Real Estate: 1H FY26 trading and valuation update
Key message: Sirius released an operating update for the 1H FY26 trading period. The group is performing in line with expectations, with steady core growth (lfl rent roll +5.2% y/y) enhanced by the impact of recent acquisitions, leading to +15.2% y/y growth in group...
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Key message: Pulp, paper and packaging markets remain broadly stable WoW, with muted movements across Europe. View Presentation
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📄Key message: While EBITDA is set to improve QoQ, profitability remains sharply lower YoY (-50%+), underscoring how fragile the recovery still is. Sappi is working to protect balance sheet flexibility — negotiating covenant headroom, cutting capex to < $300mn,...
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PPC – Trading Update
Key message: A remarkable operational turnaround continues to boost EBITDA margins despite a weak cement market.
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Key message: Pulp markets steadied, but Graphic Paper and Containerboard weakened. Dissolving pulp firmed to $816/t, while VSF held flat, underpinned by strong mill runs and lean inventories. View Presentation