The report concludes that: First-half results indicate that transformational investments are starting to pay off.
Players that have repositioned or broadened their business profiles should maintain or even improve profitability in 2015, including Metsä Board Corporation, Mondi Plc, Sappi Limited, Stora Enso Oyj and UPM-Kymmene.

Less diversified players such as Lecta S.A., Norske Skogindustrier ASA and Portucel S.A continue to face shrinking demand for paper and price declines, factors that could erode their profitability more permanently.

Furthermore, the analysts stated that signs of possible future consolidation appear, lower pulp prices are a double-edged sword and that maintaining robust liquidity will be key.