DAVY VIEW

Smurfit Westrock (SW) Q3 2024 EBITDA of $1,265m is in-line with $1,258m Bloomberg Q3 2024 consensus and up by $120m quarter-on-quarter (qoq) from $1,145m proforma Q2 2024, indicative of packaging pricing power. SW is providing guidance for CY24E EBITDA of “approximately $4.7bn” (implying c.$1.2bn in Q4 2024E). SW will host an 11:30 (07:30 ET) earnings call, accessed via registering at this link. Expect focus on (1) packaging demand and pricing, (2) merger synergy delivery and (3) guidance on profitability and capital allocation.