Research
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Forestry & Paper Weekly Price Update
Key message: Green shoots for European graphic prices but further pressure from rising pulp prices (+7-8% w/w). US pulp prices now at a 19-year high. Containerboard prices stable, while OCC drops 1% w/w.
Raubex- FY21Results
Key message: Raubex has a full order book in the Roads division – and will now selectively bid at higher margins. Capacity looks to be filling up for large roads/civil projects – pricing power is moving back to the remaining large contractors.
Forestry & Paper Textiles Fibre Weekly Update
Key message: Cotton and polyester in the green, while VSF and DWP stable. VSF inventory days tick up to 24.5.
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s key profit drivers as well as the earnings for the current and next financial years if drivers remained at spot levels until the end of FY22
Forestry & Paper: Mondi Q1 21A Insights
Key message: EBITDA improving but still down y/y. Strong demand for fibre-based packaging to support pricing momentum, which should help offset cost inflation. Further UWF rationalisation required.
Forestry & Paper: Sappi Q2 21A Insights
Key message: Results broadly in line with our expectations and thesis intact. Packaging and Specialties performed well, supported by the DWP segment. The European Graphic Paper business continues to weigh on earnings.
Forestry & Paper: Sappi Q2 21e Insights
Key message: Higher DWP prices now locked in, this should more than offset weaker Graphic Paper margins in Europe.
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Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s key profit drivers as well as the earnings for the current and next financial years if drivers remained at spot levels until the end of FY22