DAVY VIEW

While Mondi 2023 EBITDA fell 35% year-on-year (yoy) to €1.2bn, with improving orderbooks, Mondi targets 2024E packaging price increases. Our unchanged €1.15bn 2024E EBITDA sits in-line with the street. Mondi has confirmed merger discussions with DS Smith. Our updated merger analysis (see page 9) suggests that Mondi could offer £4.00/share for DS Smith, delivering 19% Mondi FY25E EPS accretion (assuming €200m synergies). DS Smith will issue a Q3 FY24E trading update on March 6th. Pending merger terms, we reaffirm our ‘Neutral’ view on Mondi.