Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
SA Banks
SARB Bank Data Review – positive trends in 2021 The SARB has published its banking sector data for December 2021, allowing us to perform a review of the years financial performance. This should provide some insight into the financial year end trends that will be...
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Forestry & Paper: Industry Insights
Key message: Pulp prices stable. Graphic Paper in the green and sack kraft market remains tight, with prices now up 45% y/y (EUR 400/t).
EOH – 1H22 Trading Update
Evaluating a capital raise The key feature of the update is confirmation it’s seeking capital market access pre-October 2022 to redeem, in full, its R1.5bn bridge facility that has interest rates ramping up towards 12% in 2H22. Whilst options are being explored, an...
Mondi: European Containerboard Insights
Key message: With the next wave of European containerboard capacity expected from Q4 22E, 2022 is set to be a stronger year. This coupled with favourable sack kraft dynamics and a further UWF recovery underpins our OVERWEIGHT rating for Mondi.
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Lewis Group – 3Q trading update
Key message: Revenue growth in line with FY22E forecasts. Debtor costs improve considerably. No changes to HEPS outlook. Lewis announced a strong trading update for the nine months to December 2021 – merchandise sales grew by 12.7% compared to the same period the...
Forestry & Paper: Industry Insights
Key message: Further pulp gains in China. Graphic Paper prices keep marching on with the exception of UWF this week.
Forestry & Paper: Sappi Q1 22E Insights
Key message: Maintain OVERWEIGHT. Strong Q1 expected, marking the 6th consecutive quarter of improving EBITDA to USD 192mn and EPS of USD 0.14/share. We expect net debt/EBITDA to decline to 3.2x.
Forestry & Paper: Textiles Fibre Update
Key message: Cotton, and polyester just in the green. VSF inventory days down again to 14 & average op. rate improves further to 85%. VSF theoretical profit still in the red at -USD 70/t (VSF/DWP spread +11% YTD). Spot DWP remains at USD 905/t.