SUZ - Suzano Is A Levered Pulp Price Play Supported By Demand And Supply Side

• Suzano is a play that aggressively leverages the pulp price opportunity due to its almost total exposure to the commodity.
• While there has been a run-up in pulp prices recently, it doesn't coincide much with Suzano's recovery, which occurred primarily in line with the recovery in the general market.
• Suzano is very levered, which magnifies the upside in pulp price run-ups.
• With several supply-side forces stepping in to raise pulp prices, and demand side forces incoming with reopening, we are bulls on Suzano in the short, medium, and long term.

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