Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
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Raubex – FY23 Results
Key message: The Beit Bridge project completion leaves a large hole in profits – significant revenue growth is required to replace this.
Sirius Real Estate: FY23 results and valuation update
Key message: Sirius delivered a credibly strong set of results for FY23 and continues to capture superior income growth in its core operating markets through its capex initiatives and pricing-led strategies. Defensive amidst uncertainty: while FY23 FFO growth...
Forestry & Paper: Monthly Industry Insights
May Insights: Paper pulp prices were firmly in the red across all regions, while DP softened slightly. Graphic paper prices edged down further, and containerboard prices dropped 4%. Meanwhile, cost deflation continues, except for OCC. Most packaging and graphic paper producer share prices were in the red in Europe and North America except for Mondi, up 5%. Compared to the 5-yr average EV/EBITDA, most of the sector continues to trade at a discount. The average 1-yr fwd. div. yield of the sector is 4%.
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Forestry & Paper: Industry Insights
Key message: Hardwood paper pulp shows signs of stabilization in China, and hardwood DP is stable at $900/t. Graphic paper prices edge down slightly and containerboard prices continue to hold their ground. Natural gas futures drop 10% w-o-w, now trading at €26/MWH.