Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
Forestry & Paper: Nordic Paper Q3 23A Insights (Kraft Paper)
Key Message: Nordic Paper’s Q3 23A results confirmed that profitability of their Sack Kraft Paper segment is under pressure due to lower selling prices and elevated wood costs.
Afrimat – 1H FY24 Results
Key message: Nkomati should contribute substantially in 2H with steady state achieved in Oct 2023.
Calgro M3 – 1H FY24 Results
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
Cement Import Monitor: Imports to August 23
Key message: Imports stable relative to 2022. The weak ZAR has resulted in imported cement prices increasing 4% YTD.
Forestry & Paper Mondi: Q3 23A Insights
Key message: Underlying EBITDA softened further in Q3 and Q4 is likely to be lower driven by further weakness in kraft paper pricing and demand, coupled with a greater impact from maintenance and project-related shuts. Proceeds from Russia exit underpins our OVERWEIGHT rating in the ST.
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Forestry & Paper: Industry Insights
Key message: Pulp prices mostly stable and producers are targeting a $50/t increase in Europe. Graphic paper prices stable. Meanwhile, Billerud has backtracked on its planned 2% CFS increase in the US. Containerboard prices stable while OCC edges up further. Gas Futures in Europe now trading at €43/MWH.
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PPC – Trading Update
Key message: Margins stabilising in SA Cement and signs of volumes bottoming. Price increases are sticking – any volume growth will boost earnings considerably.