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Oct 31 2019, 07:00 GMT
Smurfit Kappa Group
Upgrading 2019 forecasts following better Q3 performance
- Sectors : Paper & Packaging
- Companies : Smurfit Kappa Group
DAVY VIEW
Smurfit Kappa Group (SKG) profits are proving more resilient given the weaker macro environment. This suggests that demand growth is more structural in nature and pricing is more stable. This should merit a re-rating in the deeply discounted valuation. In addition, the near-10% normalised free cashflow yield provides the company with on-going ability to enhance shareholder value.
