Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
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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
PPC – Refinancing and Trading Update
Key message: The removal of the contingent liabilities for the DRC debt is a significant step for PPC. This has allowed a deferment (and possible review) of a potential capital raise in South Africa to September 2021.
Forestry & Paper Weekly Price Update
Key message: Further pulp gains, non-integrated graphic producers under further pressure. Containerboard and OCC stable.
Forestry & Paper Textiles Fibre Weekly Update
Key message: Cotton and polyester rebounds. Medium-grade VSF under slight pressure. HW DWP up 1% to USD 1,100/t, and the VSF/DWP YTD spread drops from 25% to 23%.
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Sasol: Emission solutions – real or science fiction?
Sasol’s carbon and other emissions threaten the company’s licence to operate in South Africa. Sasol has highlighted options to reduce emissions, but our preliminary assessment suggests these options face many challenges to be implemented successfully.
Forestry & Paper Insights
Key message: Stora Enso to exit DWP market and could cotton ban impact VSF production in Xinjian?
Forestry & Paper Textiles fibre Weekly Update
Key message: Cotton prices under pressure due to US/China relations. Medium-grade VSF follows suit, but on thin volumes. HW DWP up 4%, with the VSF/DWP spread now up 25% YTD.