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Rayonier Advanced Materials

Rayonier Advanced Materials (RYAM) manufactures cellulose specialty fibers through the operation of production facilities in Jesup, GA and Fernandina Beach, FL. The company was originally founded in 1926 as Rainier Pulp & Paper in Washington State, ultimately merging three companies in 1937 to become the single largest producer of dissolving pulps. RYAM was spun off from Rayonier's forest resources and real estate business in 2014 to become an independent company. Post acquisition of Tembec (Nov 2017), RYAM now operates under four segments: High-Purity Cellulose, Forest Products, Pulp and Paper. (14 Sep 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: 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.
Focused

RYAM 3Q18: China, No Worries

Earnings Note: 06 Nov 2018, 10:11 PM ET - Despite equity market jitters around the future impact of Chinese tariffs, RYAM posted a solid 3Q18 with no change to its outlook, and increased expected synergies.

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 ..

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. 

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: 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. 

Resolute Forest Products: ITC Ends Newsprint Duty

Worth Watching: 03 Sep 2018, 5:44 PM ET - Resolute Forest Products (RFP B2/B+, SELL) and the rest of the newspaper industry received positive news during the slow holiday week. The United States International Trade Commission (ITC) ruled on August 29th that imports of uncoated groundwo ..

Paper Trails: KPERST Rebounds, RFP Upgrade

Paper Trails: 20 Aug 2018, 4:40 AM ET - This week's recap includes our review of KPERST's 2Q18 in line earnings and our thoughts RFP's one notch upgrade by Moody's. We also provide a first look at containerboard data and pricing updates for pulp and boxboard. 

Resolute FP: Moody's Upgrade Rationale vs Our View

Worth Watching: 15 Aug 2018, 10:39 PM ET - Resolute FP (RFP, Ba3/BB-, SELL) received a one-notch Credit Family Rating upgrade today from Moody's to Ba3 with a Stable outlook. The unsecured notes were also upgraded one-notch to B1. According to the ratings agency, the upgrade reflects its ..

Paper Trails: Earnings Wrap and CVO Confirmation

Paper Trails: 14 Aug 2018, 5:57 AM ET - Our market recap this week features our July Pulp Data Discussion and recaps of earnings as well as filings ahead of Cenveo's Confirmation Hearing.
Focused

RYAM 2Q18: Tembec Legacy Lives On

Earnings Note: 06 Aug 2018, 8:59 PM ET - Tembec legacy assets continue to perform well under RYAM's ownership. We review the quarter and our thoughts on the credit. 

Paper Trails: Earnings, Macro Data and Trade Duties

Paper Trails: 06 Aug 2018, 4:55 AM ET - Our market recap is highlighted by earnings reports from a bulk of our names this week. We also present containerboard and paper data as well as a DOC decision for newsprint.

Resolute Forest Products 2Q18: Cash Conversions

Earnings Note: 02 Aug 2018, 11:20 PM ET - RFP overpromised and underdelivered on Calhoun, which was overshadowed by strong results in other segments. We review the quarter and update our recommendation. 

Newsprint: CV and AV Duties Affirmed

Worth Watching: 02 Aug 2018, 11:04 PM ET - Newsprint anti-dumping (AD) and countervailing (CV) duties were affirmed today by the US Department of Commerce (DOC), yet at overall lower rates. The DOC affirmed the AD rate of 16.88% and the CV rate range of 0.82-9.81%. We note that the CVD ..

Paper Trails: 2Q18 Earnings Have Arrived

Paper Trails: 30 Jul 2018, 4:11 AM ET - Earnings season has started, and results have been mixed. Cenveo's census contract has been settled, clearing path to confirmation hearing. We review the week and more. 

Paper Trails: 2Q18 Earnings Are Coming

Paper Trails: 23 Jul 2018, 9:19 AM ET - Our 2Q18 earnings season kicked off this week with CCK reporting solid results. A bulk of our names will report earnings this week.

Paper Trails: North American 2Q18 Earnings Preview

Paper Trails: 10 Jul 2018, 5:01 AM ET - We present our North American earnings preview for 2Q18. 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. 

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