DAVY VIEW

Smurfit Westrock has announced a 3% year-on-year increase in adjusted EBITDA for Q3 with the result as expected. A stand-out in the quarter was significant free cash flow generation. However, with additional Q4 downtime planned due to the challenging demand environment, full year adjusted EBITDA guidance has been trimmed by around 2% at the mid-point (to a $4.9-5.1bn range). Even so, Smurfit Westrock is well placed and will set out long-term targets in February.