Leading indicators

OECD: The indicator points up from a low level. US: The indicator points up (housing starts, monetary policy, interest rates, real FX). EU: The indicator points up from a low level (bond yields, stock market). Japan: The indicator is neutral (monetary policy, housing starts).

Fresh paper cuts - newsprint benefits

March: Pulp shipments +8% y-o-y

A strong start to the year

Q1 EBIT +7% — better volumes and higher wood prices. Early-cyclicals improve, and paper better in '24. Decent valuation support, SOTP ~SEK 535/sh.

Metsa Group - Strategy, SWOT and Corporate Finance Report

- Stay up to date on Metsa Group's business structure, strategy and prospects.

Mayr-Melnhof Karton AG - Strategy, SWOT and Corporate Finance Report

Summary Mayr-Melnhof Karton AG - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Mayr-Melnhof Karton AG (Mayr-Melnhof) is a manufacturer and supplier of recycled fiber-based carton boards, and virgin fiber-based carton boards. The company’s portfolio of products inc...

Sector Fast Comment - October pulp data: shipments +2% y-o-y

Global shipments: +2% y-o-y, China +8% Pulp prices have started to fall but show resilience '23 supply manageable, but a recession could hit demand

Sector Fast Comment - September pulp data: shipments +5% y-o-y

Global shipments: +5% y-o-y, China +1% Pulp prices have started to fall amid a weaker cycle ’23 supply manageable, but a recession could hit demand

Holmen - Nordic sweet spot but the effect could ease

Super profits in Paper continue, Paperboard higher Energy hedges create sweet spot in the coming years Good value support, late-cyclical

Holmen - Another beat – a Nordic sweet spot

Clean EBIT was 13% above Paper and Paperboard beat + prices rise 10% in Oct Q4 should be somewhat weaker than Q3

Sector Report - A weaker cycle and a Nordic sweet spot

Powerpoint Sector Report - Leading indicators for OECD industrial prod...

OECD: The indicator points down. IP has held up so far US: The indicator points down (housing starts, monetary policy, FX) EU: The indicator points down (monetary policy, bond yields)

Sector Fast Comment - July pulp data: shipments +4% y-o-y

Global shipments: +4% y-o-y, China +1% First sign of weakness for the pulp price ~3% supply growth in ’22e-’23e

Sector Fast Comment - Swedish forest asset values +11%

Forest values up 10.7% (5.4% in real terms) Central up 9%, Northern up 14% Positive for Holmen, SCA, Stora – SOTPs up 4-10%

Holmen - On top of its hedging game

Super profits in Paper to continue Energy hedges create sweet spot next years Attractive late-cyclical exposure

Holmen - Super profits in Paper, EBIT +25%

Clean EBIT was 25% above Super profits in Paper Q3 should be weaker than Q2

Sector Fast Comment - June pulp data: shipments +5% y-o-y

Global shipments: +5% y-o-y, China -1% First sign of weakness for the pulp price ~3% supply growth in ’22e-‘23e

Sector Report - Reverting to the mean

Sector Fast Comment - May pulp data: shipments +5% y-o-y

Global shipments: +5% y-o-y, China -2% Inventories flat m-o-m, ~20% above hist. avg. Pulp prices at all-time highs

Powerpoint Sector Report - Leading indicators for OECD industrial prod...

OECD: The indicator points down, momentum fades. IP has held up well so far. US: The indicator points down from a high level (building permits, monetary policy). EU: The indicator points down (monetary policy, bond yields).