Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
Forestry & Paper Weekly Price Update
Key message: Pulp steady, more UWF price increases announced and further containerboard gains this week (1-2%).
Sasol: Investment case review – corner turned?
We have reviewed our profit estimates for Sasol following the recent results announcement. We have also raised our estimates for oil prices to reflect the current high price environment.
F&P: Textiles Fibre Weekly Update
Key message: DWP price jumps USD 95/t to USD 990/t after the Chinese New Year. Further gains likely. On a FY basis, this adds > USD 100mn to Sappi’s EBITDA (FY 20A: USD 378mn).
Restricted content
Forestry & Paper Weekly Price Update
Key message: US pulp prices play catch-up, graphic paper price erosion takes a pause and further containerboard and kraft paper price increases on the cards.
Calgro M3 – Initiation
Key message: A shift back to a simple development model and debt maturity restructuring has left Calgro well positioned to cash in on the development pipeline. The discount to realisable NAV is substantial.
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
Restricted content
WBHO – 1H FY21 Trading Update
Key message: Large loss-making projects have a habit of lingering. Another A$28m provision for WRU in Australia clouds a decent performance in the rest of the business.
Sasol: 1HFY21 preview – a messy result expected
Sasol guided to significant increases in accounting earnings for 1HFY21. Non-cash accounting adjustments will impact earnings and EBITDA is expected to be 0-10% lower. The half should still be weak as the recovery in prices only commenced late in the half.