In a research note published on October 15, the analyst mentions that in addition to adjustments of final earnings, ideas on the trends of third quarter are being given. Furthermore, across many domestic businesses, demand of third quarter was stable.
In addition to this, basically in lumber & wood panels, the strongest volumes existed. Flattish volumes in developed markets are anticipated in beverage cans & other food packaging. For many commodities, demand and costs have been slashed by slower expansion in China.
Moreover, it seems that alternatives of restructuring have been calculated by quite a lot of packaging companies. Overcapacity in metal food (for example California) and O-I in glass containers (Europe) are predicted to be addressed by Silgan Holdings Inc (NASDAQ: SLGN). Also, in order to remodel their European footprints, both Greif Inc (NYSE: GEF) GEF and Sonoco Products Co (NYSE: SON) could take additional steps.
Many producers are anticipated to understand $15 to $25/ton in fourth quarter, $20 to $25/ton in FY13Q1 and the balance in second quarter due to the timing of downstream price pass-through. By $20/msf, the OSB price of FY13E has also been raised. Additionally, by roughly $20 to $25/mton, estimates of FY13 have been increased in pulp.
Together with PE, P/Book and EV/EBITDA, a range of methods are utilized to value the stocks. Both paper and packaging companies seem to be trading in the region of in line with historical averages and this is said on the basis of estimates of the present year. Moreover, for paper companies and 8.0x for packaging companies, 6.5x is the mean ratio of ’12E EV/EBITDA. Momentum in the economy, the strength of demand, energy, chemical and goods cost inflation and swings of foreign exchange (FX) have been comprised in the key risks, the analyst adds further.
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