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Feb 24 2023, 07:00 GMT
Mondi
Cautious 2023 outlook
- Sectors : Paper & Packaging
- Companies : Mondi
DAVY VIEW
Mondi reported 2022 EBITDA growth of 60% but cautioned on softer 2023E demand and pricing. Our revised €1.44bn 2023E EBITDA sits 7% below consensus. While Mondi is a quality packaging group with sector-leading margins and ROCE, uncertainty regarding its Russian disposal (Davy assumes zero proceeds) and the impact of subdued 2023E demand/pricing keep us at ‘Neutral’.
