Research
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Forestry & Paper: Industry Insights
Key message: Pulp prices continue to edge up. Graphic paper stable, while containerboard prices soften 1-2%. Gas futures in Europe are currently trading at €36/MWH.
SRE: 1H FY24 results and valuation update
Key message: Sirius once again delivered strong operational and financial performance in 1H FY24, whilst concluding a significantly oversubscribed capital raise. While the dilution and interim cash drag from the capital raise will soften our near-term FFO per share...
Forestry & Paper: DS Smith Paper Packaging Insights (H1 24A)
Key message: Results confirmed that profitability remains under pressure, however earnings have been more defensive than Mondi and Smurfit Kappa. Box volumes remain in the red, but the worst appears to be over, and destocking is largely complete.
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Forestry & Paper: Industry Insights
Key message: Pulp prices continue to edge up in China and Europe. Graphic paper and Containerboard prices stable. Meanwhile, CWF producers, Sappi and Lecta are targeting price hikes of 7-10% from January to address ongoing cost inflation. Gas futures in Europe are currently trading at €47/MWH.