Key message: Cotton further in the red, while VSF and DWP gain further ground. Both VSF inventory days (13.0) & average op. rate (78%) stable. VSF theoretical profit improves but still in the red at -USD 120/t (VSF/DWP spread +15% YTD). Spot DWP is USD 1,140/t.
Key message: Pulp prices steady, however more increases announced in most regions. Graphic Paper prices stable, while kraftliner extends its gains. The sack kraft market continues to heat up with tighter supply and more price increases announced.
Key message: Cotton and polyester in the red, while VSF and DWP gain further ground. VSF inventory days down to 13.0 & the average op. is stable at 78%. VSF theoretical profit improves but still in the red at -USD 133/t (VSF/DWP spread +11% YTD). Spot DWP is now USD 1,140/t.
Key message: Record quarterly EBITDA. UWF and Pulp sales volumes reduced due to the need to replenish stocks and logistic challenges. NVG continues to expand its packaging offering.
Key message: Pulp and Packaging stable, while Graphic Paper makes further gains.
Key message: Cotton and polyester in the red, while VSF and DWP gain further ground. VSF inventory days down to 15.5 & the average op. is stable at 78%. VSF theoretical profit improves but still in the red at -USD 140/t (VSF/DWP spread +12% YTD). Spot DWP is now USD 1,135/t.
Key message: Q2 much stronger than expected, with Sappi printing a record quarterly EBITDA of USD 337mn. Given the outlook for H2 22E, significant degearing provides Sappi with the opportunity to improve its capital structure and accordingly should drive a structural re-rating.
Key message: Maintain OVERWEIGHT. Strong Q2 expected, marking the 7th consecutive quarter of improving EBITDA and potentially record EBITDA of USD 273mn (EPS of USD 0.24/share). We expect net debt/EBITDA to decline to 2.3x.
Key message: Cotton in the red, while VSF and DWP gain further ground. VSF inventory days down to 21.0 & the average op. is stable at 78%. VSF theoretical profit further in the red at -USD 149/t (VSF/DWP spread +8% YTD). Spot DWP is now USD 1,100/t.
Key message: Cotton and polyester in the red, while VSF and DWP gain further ground. VSF inventory days up to 24.0 & the average op. drops to 69%. VSF theoretical profit further in the red at -USD 159/t (VSF/DWP spread +12% YTD). Spot DWP is now USD 1,000/t.