Paper & Packaging

Packaging demand recovery; pricing to follow

  • Sectors : Paper & Packaging
  • Companies : Stora Enso | SCA | Mondi | UPM | Huhtamaki | DS Smith | Smurfit Kappa Group


Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
DS Smith OUTPERFORM 23/01/23 Neutral 03/04/19 291p
Huhtamaki OUTPERFORM 04/10/23 Neutral 03/04/23 3722c
Mondi NEUTRAL 05/05/20 Outperform 19/06/12 1492.5p
SCA OUTPERFORM 04/10/23 Neutral 03/04/23 13805
Smurfit Kappa Group OUTPERFORM 30/06/09 N/A N/A 3639c
Stora Enso NEUTRAL 24/07/23 Outperform 10/05/23 1206c
UPM OUTPERFORM 03/04/23 N/A N/A 3385c


After a two-year decline, US box demand returned to growth in Q4 2023. We expect a similar European return to box volume growth in Q1 2024, likely to be evident at Smurfit Kappa’s FY23e results on February 7th. We view the US and European return to box demand growth as a positive step ahead of possible containerboard and box price hikes later in CY 2024. We reaffirm our ‘Outperform’ rating on both Smurfit Kappa and DS Smith, with a ‘Neutral’ Mondi rating.

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Jan 30 2024, 07:00 GMT