Industry Reports

Deutsche Bank Reports Summaries

080502 Deutsche Bank Report - Dr. Paper's Weekly Wrap Up (5/2/08)

Deutsche Bank - Equity Research

* Q1 earnings have been weak.  Many co's (including IP, MWV, and SEE) struggling with tepid demand and rising input costs.  Key exception was OI, which delivered another strong qtr, driven by offshore margin expansion and FX translation.

* Southern Container acq'n looks even better for RKT than our initial read.  Southern provided $0.05 of EPS accretion in only 1 month, a run-rate of more than $0.60/yr of accretion.  Cash flow accretion will be even greater.

* Growing disconnect between private market & public market valuations on timberland is prompting Plum Creek to act.  We applaud PCL's decision to market 450K acres of US South timberland.