Cole Hathorn

Forestry, Paper & Packaging, Metals & Mining

+44 (0)20 7029 8520

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Cole Hathorn joined Jefferies in 2014, following several years of financial services experience across various roles in investment management, advisory, risk and audit. He is a chartered accountant CA(SA), and CFA charter holder. Cole now leads the European Forestry, Paper & Packaging coverage at Jefferies along with European Steel coverage.

Phil Ng is a Managing Director in equity research at Jefferies covering Paper & Packaging and Building Products. Phil is a top-ranked analyst in the Institutional Investor’s All-America Research poll, and was ranked #1 in 2024 and #2 from 2014-2017 & 2022-23 in Paper & Packaging and Runner-Up for Homebuilders & Building Products in 2019-2021 and 2023-24. Prior to Jefferies, Phil was an equity analyst at Susquehanna Capital Group and Boyar Asset Management, serving as a generalist and basic materials analyst. Prior to the buy side, he spent four years in equity research at Lehman Brothers & Wachovia Capital Markets covering Packaging & Containers. Phil is a CFA charter holder.

What We Are Known For

  • Detailed cash cost curve analysis in packaging & pulp: Our supply & demand analysis is combined with our detailed work on industry cost curves to frame where we are in the cycle and how we think about P&P pricing. We see low-cost producers with scale, customer & end-market mix advantages as relative winners in a fragmented containerboard & box market, where the cost curve has steepened.
  • Expert calls & Jefferies Paper & Packaging Summit with company c-suite management. We host regular industry expert outlook calls, and expert panels on pulp, wood products, packaging & graphic paper to help provide investors differentiated non-banking industry and expert perspectives.
  • Strong industry knowledge and a differentiated perspective on packaging. Detailed company and industry outlook & company specific reports across the European paper, pulp and packaging coverage. Covering topics including M&A, sustainability (plastic to paper, forest & wood products carbon benefits) and e-commerce reports.