Key message: Pulp prices broadly stable. Europe CWF prices gain further traction & August demand was up 16% y/y (UWF: 3%). US CFS mills are sold out and Sappi to increase prices by up to 8%. US Q3 containerboard production was up 9% (+7% YTD), while box shipments were flat y/y (down 1.6% q/q).
Key message: “Very” positive box volume growth and higher prices more than offset significant input cost pressures.
Key message: Cotton and polyester in the red, while VSF gains further traction. Hardwood DWP down 1% w/w to USD 940/t. The VSF/DWP spread is now up 26% YTD.
Key message: CWF/pulp spread now in the green and European paper producers announce surcharge price increases to compensate for higher energy costs. Containerboard prices gain further traction.
Key message: Top line growth offset by a challenging cost environment. Demand for fibre-based packaging normalized, while Flexible Packaging earnings was hit hard.
Key message: Strong results with EBITDA up 73% y/y and 9% q/q. Demand for FBB (Sappi read-though) and testliner was slightly weaker, while demand for kraftliner and corrugated (Mondi read-though) was stable. The Paper Segment EBITDA was in the red, impacted by restructuring and higher input costs. Paper demand was slightly stronger q/q (SAP and MNP read-though).
Key message: Hardwood DWP drops 5% w/w to USD 950/t, while VSF price is up 10% w/w. This means the VSF/DWP spread is now up 23% YTD.
Key message: Pulp prices under further pressure in China. CWF price up 1.4% but CWF margins remain in the red as European pulp price rise further. Kraftliner and testliner up over 2.5% w/w.
Key message: Most diversified healthcare company in SA remains focussed on growth and creating value for shareholders on undemanding valuation multiples.
Key message: Spot hardwood DWP drops 4% to USD 960/t, while VSF price is up 15% since 30 September. This means the VSF/DWP spread is now up 14% YTD.