Temple-Inland Inc. http://www.alacrastore.com/company-snapshot/Temple_Inland_Inc-1016484 Friday, January 09, 2009 4:53:05 AM 1016484 Temple-Inland Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/77730cs/77730norm Temple-Inland #Q## Tearsheet With limited visibility in terms of the company's operating outlook, we are increasingly concerned that industrial packaging earnings will not be able to offset weakness in the company's forest products...C211137tearsheets/premium1612/9/2008 3:05:16 PM150Tearsheet77730450Yes77730Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/682901spcred/682901normThe latest Summary from S&Pglobalstructured11/12/2008 3:29:00 PM175Summary682901United StatesPaper PackagingEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsForest ProductsSummaryThe ratings on Temple-Inland Inc. reflect the company's competitive cost positions in corrugated packaging and building products, above-average forward integration, and moderate financial policy. The ratings also incorporate industry cyclicality, mature box demand, and wide swings in the company's earnings, cash flow, and credit measures. Austin, Texas-based Temple-Inland is the third-largest U.S. containerboard producer in an industry where the top-five producers account for about three-quarters of production. Temple-Inland is also a leading maker of corrugated containers, converting about 100% of its containerboard internally into boxes, which is well above the industry average. The company is also a moderate-size building products manufacturer. Although these businesses are not countercyclical, the causes of demand are not directly correlated. Substantial industry capacity closures haveUSA87987E87987F87986887987H15103020 151030 1510 15Temple-Inland Inc.106035EMERGINGEUROMIDAFRLATAMERICAUSATINSUMMARYGLOBISSSTRUCCORPCDOForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/76207cs/76207norm Earnings Note: International Paper - Will Darkened Outlook Meaningfully Increase Ratings Risk? We review IP's #Q## earnings with an emphasis on relative value, ratings risk, operating fundamentals and the company's financial condition....762071784YesD0Article1001113741381169corp1654Euro Markets Issuers68Earnings Reports - Industrials/Consumer11/3/2008 9:05:03 PM150International Paper reported 3Q08 adjusted EBITDA of $684 million in its first quarter following the closing of its acquisition of WY's packaging assets. Despite beating consensus, IP's outlook has darkened meaningfully in the past months.76207Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/76056cs/76056norm Earnings Note: MeadWestvaco - Earnings Disappoint, What About Event Risk and Liquidity? We review #Q## earnings for MWV with an emphasis on operating fundamentals, relative value, event risk related to the company's timberland portfolio...760561961YesD0Article411001113738corphy581642High Yield68Earnings Reports - Industrials/Consumer10/31/2008 12:05:56 AM150MeadWestvaco (Ba1/BBB) reported 3Q08 adjusted EBITDA of approximately $228 million, down compared to $239 million in the year-ago quarter and narrowly missing Wall Street consensus.76056Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/75899cs/75899norm Earnings Note: Temple-Inland #Q## Earnings Miss as Icahn Watches We review TIN's #Q## earnings miss with an emphasis on operating fundamentals, relative value and liquidity. Additionally, we pay specific attention to recent filings...758991905YesD0Article11371163863381342207corphy581668Earnings Reports - Industrials/Consumer10/31/2008 12:05:00 AM150Temple-Inland reported 3Q08 adjusted EBITDA of roughly $68 million, down from $96 million in the year-ago quarter, $81 million in the quarter prior and below expectations.75899Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1995136ccbn/B1995136norm...No employees were injured due to hurricane and none of Co.'s facilities sustained significant damage, but force curtailments that resulted were extremely disruptive to Co.'s system and significantly impacted its earnings in #Q##. ... 10/28/2008 1:08:00 PMTemple-Inland Inc.54.0000EditedTemple-Inland Inc. Q3 2008 Earnings Conference Call SummaryTIN9:30am ETBriefB1995136Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1995136ccbn/T1995136norm...Good morning. My name is Chris and I will be your conference operator today. At this time I would like to welcome everyone to the Q# #### Temple-Inland, Inc. earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. (OPERATOR INSTRUCTIONS). Thank you. I will now turn the call over to Director of Investor Relations, Chris Mathis. Please go ahead, sir. ... 10/28/2008 11:08:00 AMTemple-Inland Inc.54.0000FinalTemple-Inland Inc. Q3 2008 Earnings Conference Call TranscriptTIN9:30am ETTranscriptT1995136Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/674793spcred/674793normThe latest Full Report from S&Pglobalstructured10/2/2008 6:28:00 PM400Full Report674793United StatesPaper PackagingUnited StatesEmerging MarketsEurope, Middle East, AfricaLatin AmericaGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsCollateralized Debt ObligationsForest ProductsFull ReportImproved containerboard industry fundamentals; Some product diversity; Above-average forward integration; Improving cost position for corrugated packaging; and Moderate financial policy. Cyclical industries; Mature box demand; Volatile prices; and Fragmented building products markets. The ratings on Temple-Inland Inc. reflect relatively balanced containerboard industry fundamentals and the company's competitive cost positions in both corrugated packaging and building products, above-average forward integration, and moderate financial policy. The ratings also incorporate industry cyclicality, mature box demand, and wide swings in the company's earnings, cash flow, and credit measures. Austin, Texas-based Temple-Inland is the third-largest U.S. containerboard producer in an industry where the top five producers account for about three-quarters of production. Temple-Inland is also a leading maker of corrugated containers, converting 100% of itsUSA87987E87987F87986887987H15103020 151030 1510 15Temple-Inland Inc.106035USAEMERGINGEUROMIDAFRLATAMERICATINFULLUSA45732615103020 151030 1510 15Inland Paperboard&Packaging Inc101193USA16187ZGLOBISSSTRUCFICORPCDOForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674794spcred/674794normThe latest Summary from S&Pglobalstructured10/2/2008 6:28:00 PM175Summary674794United StatesPaper PackagingUnited StatesEmerging MarketsEurope, Middle East, AfricaLatin AmericaGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsForest ProductsSummaryThe ratings on Temple-Inland Inc. reflect relatively balanced containerboard industry fundamentals and the company's competitive cost positions in both corrugated packaging and building products, above-average forward integration, and moderate financial policy. The ratings also incorporate industry cyclicality, mature box demand, and wide swings in the company's earnings, cash flow, and credit measures. Austin, Texas-based Temple-Inland is the third-largest U.S. containerboard producer in an industry where the top five producers account for about three-quarters of production. Temple-Inland is also a leading maker of corrugated containers, converting 100% of its containerboard internally into boxes, which is well above the industry average. The company is also a moderate-size building products manufacturer; although these businesses are not countercyclical, the causes of demand are notUSA87987E87987F87986887987H15103020 151030 1510 15Temple-Inland Inc.106035USAEMERGINGEUROMIDAFRLATAMERICATINSUMMARYGLOBISSSTRUCCORPCDOForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/74773cs/74773norm Basic Industries Short Interest: #H September #### In the two-week period ending September ##th, short interest in the basic industry coverage universe increased #.#% to ###.# million shares.   Short interest for our chemical names...Yes0747731740DArticle21641125355166749438111705100113421168863113741615031011639911511666197147198204118115711481141648202966645248145corphy581416554Euro Markets Issuers42High Yield59Short Interest33Capital Structure34Companies with Convertibles10/1/2008 9:05:00 PM150In the two-week period ending September 10th, short interest in the basic industry coverage universe increased 0.1% to 339.8 million shares.74773Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/bir/100253bir/100253normManufacturing: Containerboard and building products. Finance: Federally chartered savings bank, mortgage banking and holding company.Temple-Inland Inc.First Hemet Corp.Hemet Federal Savings and Loan AssociationAllegheny Particleboard L.P.California Financial Holding Co.InPeake PackagingUnited StatesManufacturing: Containerboard and building products. Finance: Federally chartered savings bank, mortgage banking and holding company.2631265360356162671932213032221152212052229255111217IKTIN9/30/2008 6:14:00 AM100253Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/cs/74530cs/74530norm Relative Value in Industrial Packaging Markets: September #### Focusing on supply-demand fundamentals, we discuss our overweight recommendations on SSCC and IP in the context of the most recent data as well as recent volatility in capital...745302459YesD0Article1342863113720738corp1642High Yield9/24/2008 11:06:00 PM150We review the most recent monthly box shipment figures alongisde containerboard inventory and export data in the context of our overweight recommendations on Smurfit-Stone and International Paper.74530Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74469cs/74469norm Temple-Inland #Q## Tearsheet Favorable supply-demand dynamics in industrial packaging markets are a credit positive. However, the benefit of TIN's industrial packaging business is more than offset by the forest products segment's exposure...74469408YesC21Tearsheet1137tearsheets/premium169/22/2008 3:05:00 PM15074469Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73976cs/73976norm Spotlight on Weyerhaeuser: Paging All Activists We examine relative value and potential activist risk at Weyerhaeuser in the context of a continued downturn in homebuilding and wood products markets. To better inform our valuation,...589/10/2008 9:06:29 PM500Against the backdrop of an ongoing slump in homebuilding and wood products markets, we provide a relative value update, sum-of-the-parts analysis and assess the potential for and consequences of a REIT conversion at Weyerhaeuser.16739764875YesD9Spotlight4111311137381001corp54Euro Markets Issuers68Earnings Reports - Industrials/Consumer73Spotlight Reports73976Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73782cs/73782norm Relative Value in Industrial Packaging Markets: July #### Box shipments in July declined #.#% on an average week basis, largely unchanged compared to shipment data in June and down compared to flat shipment data in May. We discuss...737821852YesD0Article20738134211638631137corphy58169/4/2008 11:06:26 PM150We review July box shipment, inventory and export data with an emphasis on relative value in light of International Paper's surprise announcement regarding a planned $60 per ton price hike in October.73782Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73026cs/73026norm Domtar #Q##: Rising While The Others Fall We discuss Domtar's #Q## results in the context of historically high UFS prices and input cost inflation. We reevaluate relative value based on the company's efforts to continually reduce its...730261331YesD0Article1137116941corphy12251642High Yield68Earnings Reports - Industrials/Consumer8/11/2008 12:07:17 AM150Domtar Corporation reported a healthy 2Q08 and the agencies are finally starting to play catch-up.73026Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72536cs/72536norm International Paper #Q##: Does Strong Quarter Justify IG Ratings? We discuss IP's #Q## earnings in the context of input cost inflation, ratings risk and recessionary fears. We review relative value, operating fundamentals and the company's...725361731YesD0Article100111378631163382071648corp1668Earnings Reports - Industrials/Consumer54Euro Markets Issuers7/31/2008 4:05:49 PM150International Paper reported 2Q08 adjusted EBITDA of $698 million, up from $668 million in 2Q07 and greatly exceeding expectations. We discuss the upside earnings surprise in the context of ratings risk and recessionary fears.72536Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72466cs/72466norm Temple-Inland #Q##: Will Packaging Offset Forest Products & Event Risk? We review TIN's #Q## earnings upside surprise with an emphasis on operating fundamentals, event risk and relative value. Additionally, we examine near break-even...724661849YesD0Article11371342863381001207corphy1654Euro Markets Issuers42High Yield7/30/2008 9:05:00 PM150Temple-Inland reported 2Q08 estimated adjusted EBITDA of roughly $78 million, down from $106 million but exceeding expectations. We review the earnings surprise focusing on operating fundamentals, event risk and relative value.72466Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1897163ccbn/B1897163norm...A return to profitability in Building Products operation and Co.'s commitment to lower cost throughout entire organization including lower G&A expenses. ... 7/30/2008 1:06:00 PMTemple-Inland Inc.54.0000EditedTemple-Inland Inc. Q2 2008 Earnings Conference Call SummaryTIN8:30am CTBriefB1897163Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1897163ccbn/T1897163norm...Good morning. I am Lindsey, and I will be your operator today. I would like to welcome everyone to the Temple-Inland #### earnings conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, then the number # on your telephone keypad. If you have already done so, please press the pound sign now; then press star # again to enter your question as registered. If you would like to withdraw your question, press the pound key. Thank you. I will now turn the call over to Chris Mathis, Director of Investor Relations. Please go ahead. ... 7/30/2008 11:06:00 AMTemple-Inland Inc.54.0000FinalTemple-Inland Inc. Q2 2008 Earnings Conference Call TranscriptTIN8:30am CTTranscriptT1897163Credit & Investment ResearchThomson StreetEvents