DS Smith

Initial thoughts on possible Mondi merger

  • Sectors : Paper & Packaging
  • Companies : DS Smith

Ratings and price correct at time of issue.

  • DS Smith

    Closing Price: 314p

  • RATING 23/01/23

  • PREVIOUS RATING 03/04/19



Mondi has confirmed that it is in the early stages of a possible ‘all share combination’ with DS Smith. We believe a merged ‘Mondi Smith’ group would be (1) more vertically integrated in containerboard to box production, delivering (2) more stable through cycle returns with (3) potential €200m ‘Mondi Smith’ merger synergies. Pre-details of potential ‘all share combination’ terms, we reaffirm our ‘Outperform’ view on DS Smith and our ‘Neutral’ view on Mondi.

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Feb 8 2024, 14:10 GMT