Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
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Forestry & Paper : Sappi 3Q 24E Insights
Key message: We expect 3Q EBITDA of $156mn excluding the forestry fair value adjustment. 4Q guidance should be encouraging but likely to be impacted by lower-than-expected DP volumes at Saiccor following the fire incident on 17 July.
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Auto Anemometer: New Vehicle Sales – July 2024
Key message: Welcome uptick in passenger sales could signal recovery in second half of the year for the car market.
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Key message: Large restructuring costs will impact FY24 and FY25, but the target of doubling core EBITDA by FY26 remains. AECI released 1H FY24 results. HEPS declined by 57% on a 4% and 24% decline in revenue and EBITDA as large restructuring costs (R422m) and a high...
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Forestry & Paper: UPM (Pulp, Graphic & Specialty Paper Insights)
Key message: Profitability impacted by unusually high maintenance and strikes in Finland. Graphic paper volumes were lower after restocking in Q1 and UPM is set to reduce their graphic paper footprint by 12%, equal to 610Kt/yr. Their paper margins came under pressure as fibre cost increases materialised quicker than paper price increases.
Forestry & Paper : Navigator (UWF, Pulp & Tissue insights)
Key message: UWF paper showed continued signs of a rebound and Navigator expects the structural increase in producers’ cost base to sustain paper price levels in Europe at higher levels. New pulp supply to largely impact pulp prices in 2025 and H1 saw a reduction in the dependency on the paper bag segment, with a tilt towards flexible packaging.