Deutsche Bank Reports Summaries
080208 Deutsch Bank Report - Dr. Paper's Weekly Wrap Up
Deutsche Bank - Equity Research
* Virtually all major players have announced $50/ton
containerboard hike for early March. The exception = Weyerhaeuser.
We can't recall prices ever rising in a recessionary environment.
But, we've never seen a slowdown marked by tight supply/demand, a
weak US$ & rising input costs.
* Q4 earnings reports? The "best of the bunch" this past week =
International Paper. Internal initiatives appear to be creating
traction. The big risks for IP are: (1) the economy, (2) rebound in
* "Wood's no good." At least during '08. Weyerhaeuser's wood
op's lost $215MM in Q4. Lumber & panel prices have continued
trending downward in Q1. More closures look inevitable. Bigger
moves to consolidate & rational capacity seem probable.