Industry Reports

Deutsche Bank Reports Summaries

080307 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up (3/9/08)

Deutsche Bank - Equity Research

* Are you surprised? According to numerous trade sources, box vol's have slowed over past 2-3 weeks. Reports also suggest linerboard is more available. This raises "degree of difficulty" on spring price hike. We're skeptical about Pulp & Paper Week reflecting the hike in March est'd prices.

* The news isn't getting better. Newspaper web widths are dropping from 48" to 44" - - - creating further consumption headwind. 9 additional Gannett newspapers will go to 44" in 2008, joining papers in Indianapolis & Louisville in shifting to narrower papers.

* Merger will create world's largest carton producer. Merger of Graphic Packaging & Altivity will proceed after an agreement was reached w/ US DOJ. Graphic will divest 2 coated recycled paperboard mills as part of agreement. Biggest ripple to our coverage? Rock-Tenn is #2 player behind Graphic.