Deutsche Bank Reports Summaries
080104 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up
Deutsche Bank - Equity Research
* A “super cycle” in pulp? Join DB for a
call with Brian McClay of the Market Pulp Monthly on Thursday,
January 10 at 11:00 am. The call will review global pulp
markets & last no longer than 45 minutes, including a Q&A
* DB placed a $31 target price on the new Temple-Inland.
At $18.82, TIN looks like among the best values in the
sector. Current price implies a cautious value for the
Corrugated Pkg business and no value for Building Products.
* Wausau looks very appealing. With $410MM market cap
& $131MM in net debt, EV is $541MM. We think WPP's Bay
West Towel & Tissue division (LTM EBITDA of $68MM) is worth
more than EV. Wausau also owns timberland and $900MM of sales
in Printing & Writing and Specialty Papers. Will the
Board unlock value by restructuring WPP?