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Feb 13 2019, 07:10 GMT
Smurfit Kappa Group
Record profits, cashflow and returns; 2019 likely to be even better; share price?
- Sectors : Paper & Packaging
- Companies : Smurfit Kappa Group
DAVY VIEW
Smurfit Kappa Group (SKG) reported record profits, cashflow and leverage for 2018. The step-up in profitability is a function of higher corrugated prices and more efficient operations. With its normalised free cashflow yield of over 11% set to increase further in 2019, the stock looks undervalued. We reiterate our ‘Outperform’ rating and 4200c price target.
