Research
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Key message: The business model continues to allow for steady constant currency growth. We update our earnings forecasts for Bidcorp after the strengthening of the ZAR. We reduce our FY26 and FY27 HEPS by 3.8% and 4.6% respectively. Trading conditions remain...
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📦 Key message: European and North American printing & writing markets remained under sustained pressure in October, with data showingthestructural weakness across coated grades. In Europe, both apparent demand and shipments slipped further, keeping CWF and CM...
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Key message: Only pulp improved modestly QoQ, though prices remain well below last year. Graphic paper continued its structural decline, with US CFS the sole exception, while packaging prices weakened as earlier gains were eroded, led by recycled containerboard. View...