Research
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Key message: Adjusted EBITDA improved by +11% YoY but came in -4% below consensus and -3% below guidance. Daily and total volumes from corrugated plants of the legacy PCA business were down by -1.7% YoY (but +4.2 QoQ). However, including the acquired business, volumes...
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North American coated freesheet and specialty paper (Sappi) and European Paper Packaging (Mondi) Key message: The update reinforces a near-term Europe grind with pricing pressure, offset by structurally stronger North American execution, and a cost tailwind building...
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Key message: Pulp price momentum continued in Europe; however, elevated hardwood inventories could increase near-term downside risk. Graphic paper prices remained under pressure. Meanwhile, Fastmarkets expects demand to potentially contract by -10% in 2026....
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Key message: Despite pressure in some divisions, Bidvest should continue to grow faster than the local economy. We update our Bidvest forecasts after the strengthening of the ZAR. Our HEPS forecasts for FY26 and FY27 decline by 3.7% and 5.4% respectively. We reduce...