Research
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Sasol: The flight of US polyethylene prices in pictures
North American polyethylene prices have taken off in recent months, but this could be as a result of temporary bottlenecks. The global market still appears oversupplied and lower prices coupled with higher ethane prices could squeeze margins in future.
F&P: Suzano Q4 20A Pulp Insights
Key message: Pulp “supply/demand scenario should be pretty good for 2021”. Suzano believe there is a supply/demand imbalance, supportive of price increases for all grades in all markets.
Sasol: US polyethylene prices at even higher levels for longer
Polyethylene prices continue to increase in the US, impacted by tight markets as well as high freight rates.
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
F&P: Smurfit Kappa FY 20A Packaging Insights
Key message: Supply of both kraftliner and testliner globally remains very tight. The containerboard market is the tightest they have seen it in 34 years.
F&P Weekly Price Update
Key message: Pulp extends its gains and compresses non-integrated producer margins further. Unbleached sack kraft producers target a EUR 50/t price increase.
F&P: Textiles Fibre Weekly Update
Key message: Further gains for VSF, while DWP prices hold tight ahead of the CNY. VSF stocks still tight at 10.5 days.
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
Sasol: Earnings measures have lost utility
We assess Sasol’s reported earnings measures and find that none reflect the true earnings attributable to shareholders. Multiples based on cash flow are superior measures for valuation.