Industry Reports

Deutsche Bank Reports Summaries

071221 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up (12/21/07)

Deutsche Bank - Equity Research

US Senate passed the Tree Act, which would trim tax rate on Weyerhaeuser's timber from 35% to 14%. However, questions around WY's corporate structure remain open - Timber REIT, going private, etc. Shareholders appear to be getting impatient. DB believes slate of independent directors is possible.

Wausau Paper lowered 4Q EPS guidance from $0.04 to $(0.04), citing weak vol's in Printing & Writing and Specialty Papers. We believe sweeping restructuring of WPP should be considered.

No surprises in November containerb'd & box numbers. Box volumes dipped 1.1% y/y. In line with YTD #'s - reasonable, in light of slowing economy. Inventories remain extremely lean. Some leading producers talking about Q1 price initiative.