Industry Reports

Deutsche Bank Reports Summaries

080314 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up (3/14/08)

Deutsche Bank - Equity Research

* Rayonier announced acquisition of 56K acres of timberland in SW Washington from Sierra Pacific Industries. $3,819/acre valuation is healthy, but not out of line w/ other recent deals in Pacific NW. RYN has large existing holdings on Olympic Peninsula.

* Is International Paper close to a deal for Weyerhaeuser's packaging op's? In our view, falling stock prices & tight credit mkts make bids by Smurfit Stone or Temple-Inland less likely. An opportunistic deal could provide IP w/ margin expansion and cost reduction opportunities.

* Beverage Digest reported accelerated decline in US soft drink sales volume during ‘07 - - - down 2.3% vs. 0.6% decline in ‘06. Trend is weaker-than expected and creates domestic headwind for bevcan producers like Crown and Ball