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Deutsche Bank Reports Summaries


080104 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up (1/4/08)

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 session.


* 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?


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