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Jul 2 2020, 08:50 IST/BST
DS Smith’s results reflect the on-going impact of COVID and its historic over-payment for acquisitions. While the volume environment is less negative than we expected, higher OCC costs and on-going pressure on its US business have resulted in a more cautious outlook. This, combined with a growing balance sheet, has resulted in the cancellation of the dividend. There is limited upside in the stock for now.
Jul 2 2020, 08:50 IST/BST