Industry Reports

Deutsche Bank Reports Summaries

080111 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up (1/11/08)

Deutsche Bank - Equity Research

* Rock-Tenn has announced the acquisition of Southern Container for $851MM in cash and assumption of $142MM in debt.  The deal value is 6.9x LTM pro forma EBITDA and 5.9x EBITDA adjusted for prospective tax savings.  The large Solvay mill is one of the lowest-cost in NA and should generate impressive free cash over time.

* Fluff pulp prices are set to rise in ‘08 to $900/mton in both North America and Europe.  Weyerhaeuser was the first major player to announce the price hike - - - IP, ABH and GP are also out with January hikes.

* Save the dates – Feb. 22nd to 29th - Deutsche Bank is headed to Latin America for our 4th Annual Pulp, Paper & Forestry trip.  This investor trip will include meetings and presentations with senior management of both U.S. and Latin America based companies, as well as planned site visits in Brazil and Chile.