Research
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Key message: Pulp, graphic paper, and containerboard markets were broadly stable. VSF prices declined further despite firm Chinese operating rates and lean inventory levels. DP prices slipped to $802/t, and pressure on the DP market continues to intensify as VSF...
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Key message: Global pulp prices edged higher again in November, extending the recent upward trend. In Europe, graphic-paper markets remained weighed down by entrenched structural demand weakness, while US coated grades showed notable resilience, improving +6% YoY (+3%...
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Key message: Pricing in Europe improved modestly, with gains across both market pulp and graphic-paper grades, but containerboard remains under pressure. VSF prices eased slightly even as Chinese operating rates continued to firm and inventory days stayed lean. DP...
PPC – 1H FY26 Results
Key message: Impressive EBITDA expansion continues with the new RK3 plant due to boost margins even further.
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Key message: Paper pulp prices in Europe remain broadly stable across both market pulp and graphic paper grades, but containerboard continues to face pricing pressure amid persistent overcapacity. Despite elevated VSF operating rates and lean inventory days in China,...
SRE: 1H FY26 results and valuation update
Key message: Sirius’ 1H FY26 results reflected a continuation of stable core rent roll growth, in addition to c. EUR336mn of property acquisitions completed or notarised so far in FY26 (which will meaningfully contribute to FFO per share growth in 2H FY26 and FY27)....
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Key message: Pulp momentum resumed this week, tightening the screws on Europe’s non-integrated paper producers as fibre costs rise. Meanwhile, graphic paper and containerboard markets remain subdued, with pricing under pressure. View Presentation