Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
Restricted content
Restricted content
Redefine Properties – FY21 results, EPP transaction and valuation update
Key message: a stronger than expected dividend for FY21 and solid progress on reducing LTV has justified Redefine’s share price recovery and material re-rating through 2021. The potential EPP transaction will be favourable for Redefine shareholders in our view, but faces hurdles before execution can be certain.
Restricted content
FORESTRY & PAPER: Textiles Fibre Update
Key message: Cotton, VSF and DWP under further pressure. VSF inventory days up to 25.0, while the average operating improves to 72%. VSF/DWP spread is up 21% YTD and VSF theoretical profit is down to USD 28/t.
FORESTRY & PAPER: Industry Update
Key message: Pulp prices stable but EUR/USD drives Europe pulp up 2% w/w. All Graphic Paper grades up 1-2% w/w and European CWF and UWF shipments up 20% and 9%, respectively in September. Containerboard reaches a new high, while OCC takes a breather.
PPC – 1H FY22 Results
Key message: EBITDA margins remain under 20% due to high cost inflation. ITAC tariffs on imported cement and clinker are still likely, in our opinion, and would boost our valuation by over 100c.
Restricted content
FORESTRY & PAPER: Textiles Fibre Update
Key message: Cotton in the green, but polyester and VSF down again this week. VSF inventory days now up to 24.0, while the average operating jumps to 69%. VSF/DWP spread is up 24% YTD.
FORESTRY & PAPER: Industry Update
Key message: Softwood pulp comes under further pressure. CWF and LWC prices continue to improve (+1% w/w) and containerboard reaches a new high…