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International Paper

IP is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its business is divided into three segments: Industrial Packaging, Global Cellulose Fibers and Printing Papers. International Paper is the largest manufacturer of containerboard in the United States, with an annual production capacity of over 13 million tons. Its Global Cellulose Fibers business includes fluff, market and specialty pulps. The business has an annual capacity of approximately 4 million metric tons. Lastly, IP has an annual paper capacity of over 4 million tons, primarily uncoated freesheet. On January 1, 2018, IP completed the transfer of its North American Consumer Packaging segment to Graphic Packaging (GPK) in exchange for an 20.5% equity interest in the combined business. The company received cash proceeds of $660 million as well as dividends of approximately $25 million per year from GPK going forward. (01 Oct 2018)

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Paper Trails: Soft Pulp, Buy or Build, And More...

Paper Trails: 10 Dec 2018, 4:25 AM ET - We present pulp and paper monthly data, as we note softness developing in the pulp markets. Lecta was weaker on the week due to concerns for management pursuing leveraging M&A. 

Paper Trails: Stocking Pre-Stuffed

Paper Trails: 03 Dec 2018, 4:26 AM ET - Our weekly recap was stocked with news, including WRK Sr. Notes issuance, comments from IP and UFS at an industry conference last week and our Pulp and Paper monthly previews. Also, the US/China reached a deal to suspend new tariffs. 

Paper Trails: The Grinch Invades UK, Pulp Wars

Paper Trails: 26 Nov 2018, 4:46 AM ET - AMZN ruins Christmas? Chinese customers pushing back against pulp prices, yet large hardwood manufacturers refuse to reduce pricing in the face of reduced orders. More inside....

Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.

Paper Trails: Upgrades, Buybacks, Pulp Market View

Paper Trails: 12 Nov 2018, 4:04 AM ET - Good earnings from RYAM and LPX highlight the week plus an upgrade to IG for STERV. We highlight commentary from the London Pulp Conference from RISI competitor Hawkins Wright.

WestRock F4Q18: Closure and A Path Forward

Earnings Note: 06 Nov 2018, 10:48 AM ET - The completion of the Kapstone acquisition and solid overall shipment data were some of the highlights in another strong reporting period for WestRock. 

Domtar 3Q18: Mike Jones

Earnings Note: 01 Nov 2018, 10:01 PM ET - Once again, Domtar is changing its tune on a possible containerboard conversion given a pick up in M&A activity for idled paper mills. We review the quarter's results, managements commentary, and our thoughts on the credit. 

Paper Trails: Mixed Bag

Paper Trails: 29 Oct 2018, 5:05 AM ET - Mixed results from 3Q18 earnings thus far, with some misses and and lowered guidance and some meets and affirmations. See our recaps as well as a news run and macro data of interest for the week. 

UPM Kymmene 3Q18: Steady Progress

Earnings Note: 28 Oct 2018, 9:04 AM ET - UPM posted solid results despite some operational issues in its pulp business. There is progress on the Uruguay investment and we review the company's progress as well as our thoughts on the credit. 
Focused

International Paper 3Q18: Middle Ground

Earnings Note: 28 Oct 2018, 9:03 AM ET - Good results set the stage for equivocating on debt reduction and shareholder returns. We review the quarter and share our thoughts on the credit. 

Graphic Packaging 3Q18: Down But Not Out

Earnings Note: 24 Oct 2018, 4:57 AM ET - GPK equity was hammered yesterday on an earnings miss. We parse the numbers for the story and share our updated view on the credit relative to its sector peers. 

Crown Holdings: S&P Upgrade, Still M&A Risk Ahead

Worth Watching: 19 Oct 2018, 1:09 PM ET - Crown Holdings (CCK, Ba2/BB+) issuer rating was upgraded to BB+ from BB by S&P ratings. Additionally, CCK's senior secured rating was upgraded to BBB- from BB+. According to S&P, the upgrade reflects the company's integration of Signode and its ..

Sealed Air: Clear Miss, Lowered Guidance

Worth Watching: 17 Oct 2018, 11:43 PM ET - Sealed Air  (SEE, Ba3/BB+, Market perform) announced limited preliminary 3Q18 results that were below our estimates. 3Q18 sales are expected to be $1.2 billion, up 5% from the prior year and ahead of our $1.1 billion estimate. Excluding $39 mil ..

Paper Trails: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

Paper Trails: Hurricanes, Forecasts, Volatility

Paper Trails: 15 Oct 2018, 9:18 AM ET - This week's market recap is headlined by a containerboard market forecast from RISI's annual conference. Hurricane Michael showed some impact on production. Equity market volatility impacted HY. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Paper Trails: RFP to Sell Catawba, Macro Data

Paper Trails: 08 Oct 2018, 8:29 PM ET - Resolute's agreement to sell its Catawba pulp and paper mill headlines our weekly market recap. We also provide our Paper and Pulp Monthly Data Recaps. 

Paper Trails: Hurricane Effects and Tariffs Hit

Paper Trails: 24 Sep 2018, 4:57 AM ET - This week we recap the impact Hurricane Florence had on several names under coverage. China imposes 5-10% tariffs on pulp imports. 

Paper Trails: Packaging Activism and IPO's....

Paper Trails: 17 Sep 2018, 4:20 AM ET - Our market recap this week features important news out of Europe. SIG launched its IPO and OI's investors recommended the company to sell its European business. We also present our July Paper and Pulp industry data recaps. 

Paper Trails: CVO, SIG, KPERST Make Headlines

Paper Trails: 10 Sep 2018, 3:40 AM ET - Moody placed SIGCBL on review for upgrade and Cenveo emerged from Chapter 11. KPERST also appointed a new CFO effective Oct 1st.  

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