Industry Reports

Deutsche Bank Reports Summaries

080229 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up (2/29/08)

Deutsche Bank - Equity Research

Buying opportunity in containerboard stocks? PKG, SSCC, and TIN were all down at least 6% this week. While we recognize the economic concerns, we think the sell-off was overdone. TIN, our favorite of the three, fell the most.

Serious liquidity concerns at both ABH and CSAR. We think the concerns about ABH's '08 maturities are exaggerated, but maturities beyond '08 may be another story. We reduced our price target from $29 to $16 to reflect increased financial risk.

Greif reported another solid qtr, with strong y/y growth in Industrial Pkg earnings. Company also guided FY08 to "upper end" of previously stated range of $3.80 - $4.00 and reaffirmed ambitious FY09 targets (e.g. 12.5% EBIT margin, 25% RONA).