Industry Reports

Deutsche Bank Reports Summaries

080418 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up (4/18/08)

Deutsche Bank - Equity Research

* Smurfit-Stone pre-announced a weak 1Q - - - but, rallied in response to 2.7% rise in avg. week box shipments in March.  Actual shipments of boxes were -6.7% and YTD is -2.3%, suggesting that slower economy is having impact.  With inventories creeping up, we'd like to see focus on supply/demand balance.

* Potlatch is evaluating potential spin-off of its tissue & paperboard businesses.  Potlatch will remain a timber REIT. We think the spin-off would provide a welcome boost to focus and transparency.

* Crown Holdings put up strong Q1.  Underlying = $0.18, well ahead of DB @ $0.13 & FC @ $0.14.  Strongest performance can in Euro beverage cans.  We think offshore strength will be recurring theme in Q1 results.