Research
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European Fibre Pack. (Mondi); Paperboard; European Flexibles (Mondi); US food services (Sappi) Key message: Demand for foodservice packaging softened during the quarter. Meanwhile, demand for Flexible Packaging remained soft, and sales prices improved. View...
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European Containerboard & Corrugated (Mondi) & North American Consumer board (Sappi North America) Key message: European corrugated volumes were broadly stable in the second quarter, easing from the first quarter. While there is little to indicate a rapid...
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Self-adhesive labels Insights (read-through for Sappi Europe) Key message: North America experienced strong volume growth, especially in film categories & Europe saw a decline. While they have seen some signs of apparel industry improvement exiting Q2, the outlook...
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Key message: Global pulp markets remained under pressure in July, with persistent declines across all grades. Graphic paper continues to struggle with structural demand weakness, while US coated grades stand out on firmer pricing. Packaging markets were mixed with...
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Key message: Sappi will report third quarter results tomorrow. We expect adjusted EBITDA of around $91mn and adjusted EPS of -$0.01. View Presentation
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Forestry & Paper: Clearwater Paper Q2 2025 Results (North American Consumer board Insights)
Key message: Mixed demand signals with SBS shipments declining in the second quarter, while backlogs grew. Current downcycle is primarily driven by oversupply. Looking ahead, RISI expects industry capacity to be reduced by approximately 350Kt in 2026, which should...
Forestry & Paper: Mondi H1 25e Results Insights
Key message: We anticipate EBITDA of €584mn (€567mn excluding the forestry fair value gain). We expect basic underlying EPS of €0.49/share, down -3% YoY. Accordingly, we expect the interim DPS to be stable YoY at €0.23/share. Following the Schumacher acquisition (EV:...