DS Smith

In-line FY24 but expect IP bid focus at 09:00 call

  • Sectors : Paper & Packaging
  • Companies : DS Smith

Ratings and price correct at time of issue.

  • DS Smith

    Closing Price: 352p

  • RATING 08/05/24

  • PREVIOUS RATING 23/01/23

    OUTPERFORM

Person's Name

Justin Jordan

Analyst

DAVY VIEW

DS Smith reported £701m FY24 EBITA (in-line with consensus), with a positive FY25E box demand and pricing outlook. However, due to cost pressures (labour, OCC etc.), we expect minimal changes to £706.5m FY25E DS Smith EBITA consensus. As a result of uncertainty surrounding the potential International Paper (IP) bid from Suzano, DS Smith trades at a c.25% discount to IP’s recommended April 2024 offer. Expect focus on the IP offer at DS Smith’s 09:00 call. Dial-in details are: +44 (0) 33 0551 0200; password: DS Smith.

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Jun 20 2024, 07:30 IST/BST

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