Key message: Most textiles in the green, except cotton. VSF inventory days stable at 19 & the average op. is down to 82%. VSF theoretical profit further in the red at -USD 100/t (VSF/DWP spread +14% YTD). Spot DWP is now USD 960/t, with upside from current levels.
Key message: All grades in the green in February led by Graphic Paper (+10-28% m/m), followed by pulp
(+2-8% m/m) and then packaging (+1-2%).
Key message: Some global Forestry & Paper companies with Russian assets either have stopped or intend to stop production on the back of inadequate supplies of critical raw materials.
Key message: FY 21E results overshadowed by Russia invading Ukraine. Assuming no earnings (and cash extraction) from Russia, this would reduce our FY 22E EPS by 21% to EUR 1.59/share (+10% y/y), with net debt/EBITDA of 1.1x (before the Personal Care Components disposal). Under this scenario, our target price would be reduced by 18% to R 349/share, 13% higher than the CMP.
Key message: Cotton in the red, while Polyester and VSF in the green. VSF inventory days down to 19 & the average op. up to 84%. VSF theoretical profit further in the red at -USD 58/t (VSF/DWP spread +16% YTD). Spot DWP is now USD 925/t, with upside from current levels.
Key message: Further gains for pulp prices. CWF prices up 3%. Paper Packaging grades stable, with the exception of OCC, which was up 2%.
You are not authorised to view this page. Please Login or Contact us if you are a client and need access
Key message: Cotton & polyester in the red. VSF inventory days tighten to 20 & average op. edges up to 82%. VSF theoretical profit weakens further to -USD 31/t (VSF/DWP spread +16% YTD). Spot DWP is now USD 915/t.
Key message: Chinese pulp prices up 7%, Graphic Paper prices all in the green, and containerboard prices stable.
Key message: Textiles in the green. VSF inventory days at 24.5 & average op. at 81%. VSF theoretical profit just in the red at -USD 20/t (VSF/DWP spread +17% YTD). Spot DWP is now USD 910/t.