Industry Reports

Deutsche Bank Reports Summaries

080201 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up (2/1/08)

Deutsche Bank - Equity Research

* We boosted our rating on O-I to BUY and raised target to $65 from $50.  O-I reported very robust 4Q results.  Early reports on pricing initiatives are encouraging. 

* Dec. box #'s posted 6.8% y/y decline in vol.  It may be an aberration.  Many box producers suggest solid Jan. numbers. 

Inventories remain lean.  Smurfit-Stone out w/ a $50/ton hike for Mar. 1.  Others likely to follow.

* Despite a rally, we think Rock-Tenn still looks very cheap.  Move to $28 has trimmed free cash yield from 21% to "only" 16%.  A $50 containerboard hike could boost free cash flow yield back up to 19%.