Research
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Forestry & Paper: Industry Insights
Key message: Paper pulp prices under further pressure, and hardwood DP is now $900/t. Graphic paper prices flat. Containerboard prices see green shoots of stabilization and gas Futures now trading at €29/MWH.
Afrimat – FY23 Results
Key message: Consistent volume growth remains the key value driver, and diversification reduces iron ore exposure.
Calgro M3 – FY23 Results
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
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Cashbuild – 1H FY23 Results
Key message: Difficult trading environment affects revenue and lowers margins from post-Covid DIY/building market boom period. Cashbuild recently released 1H FY23 results. HEPS declined 39% to 694c on a 4% and 47% decline in revenue and operating profit respectively....
Cement Import Monitor – February 23
Key message: Cement imports were down 31% in CY22, although port disruptions and a weak currency likely are having an impact. Import protection from government now appears unlikely.
Forestry & Paper Mondi: Q1 23A Insights
Key message: Excluding the forestry fair value gains, the stable performance was underpinned by Flexible Packaging as profitability in Corrugated Packaging and UFP reduced. Planned Russian disposal ongoing and Q2 is likely to be the bottom before profitability starts to improve again in Q3 23E.
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Forestry & Paper: Industry Insights
Key message: Paper pulp prices firmly in the red, while DP prices are surprisingly stable. Graphic paper prices start to falter, and containerboard prices come under further pressure, while OCC jumps 3%. Gas Futures stable at €42/MWH.