Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
Spear REIT – FY22 results and valuation update
Key message: an impressive set of results and solid guidance provides continued justification for Spear’s Western Cape-focused investment case. The LTV reduction roadmap has been achieved and the focus will soon return to finding accretive inorganic growth opportunities.
Forestry & Paper: Textile Fibre Insights
Key message: Cotton further in the red, while VSF and DWP gain further ground. Both VSF inventory days (13.0) & average op. rate (78%) stable. VSF theoretical profit improves but still in the red at -USD 120/t (VSF/DWP spread +15% YTD). Spot DWP is USD 1,140/t.
Redefine Properties – 1H FY22 results and valuation update
Key message: Redefine’s strategic repositioning of its asset platform is now largely complete. While there is still work to be done on reducing LTV and see-through gearing and addressing EPP’s near-term debt maturities, we think these factors are now under control
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Forestry & Paper: Industry Insights
Key message: Pulp prices steady, however more increases announced in most regions. Graphic Paper prices stable, while kraftliner extends its gains. The sack kraft market continues to heat up with tighter supply and more price increases announced.
Forestry & Paper: Textile Fibre Insights
Key message: Cotton and polyester in the red, while VSF and DWP gain further ground. VSF inventory days down to 13.0 & the average op. is stable at 78%. VSF theoretical profit improves but still in the red at -USD 133/t (VSF/DWP spread +11% YTD). Spot DWP is now USD 1,140/t.
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Forestry & Paper: Navigator Q1 22A Insights
Key message: Record quarterly EBITDA. UWF and Pulp sales volumes reduced due to the need to replenish stocks and logistic challenges. NVG continues to expand its packaging offering.
Forestry & Paper: Industry Insights
Key message: Pulp and Packaging stable, while Graphic Paper makes further gains.