Financials DS Smith Plc OTC Markets

Equities

DSSMY

US23335X1054

Paper Packaging

Market Closed - OTC Markets Other stock markets 11:39:54 16/04/2024 pm IST			5-day change	1st Jan Change
18.89 ^USD	+9.83%		-.--%	+43.11%

08/05	Deutsche Bank Starts DS Smith Coverage at Hold	MT
08/05	UBS raises Centrica to 'buy' from 'neutral	AN

Valuation

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,892	4,277	5,772	4,543	4,268	5,158	-	-
Enterprise Value (EV) ¹	7,169	6,378	7,567	6,027	4,268	7,126	7,036	6,892
P/E ratio	17.3 x	8.1 x	29.6 x	16.3 x	8.74 x	13.9 x	13 x	11.9 x
Yield	4.54%	-	2.88%	4.53%	-	4.72%	4.74%	5.01%
Capitalization / Revenue	0.79 x	0.71 x	0.97 x	0.63 x	0.52 x	0.74 x	0.72 x	0.69 x
EV / Revenue	1.16 x	1.06 x	1.27 x	0.83 x	0.52 x	1.02 x	0.98 x	0.92 x
EV / EBITDA	8.74 x	6.67 x	9.39 x	6.65 x	3.64 x	6.97 x	6.66 x	6.12 x
EV / FCF	21.1 x	18 x	15.6 x	11.6 x	-	160 x	21.6 x	19.1 x
FCF Yield	4.73%	5.55%	6.42%	8.61%	-	0.63%	4.63%	5.24%
Price to Book	1.52 x	1.28 x	1.63 x	1.07 x	-	1.25 x	1.19 x	1.14 x
Nbr of stocks (in thousands)	13,70,294	13,71,316	13,71,775	13,72,931	13,76,455	13,78,437	-	-
Reference price ²	3.570	3.119	4.208	3.309	3.101	3.742	3.742	3.742
Announcement Date	13/06/19	02/07/20	22/06/21	21/06/22	22/06/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,171	6,043	5,976	7,241	8,221	7,010	7,210	7,473
EBITDA ¹	820	956	806	906	1,173	1,022	1,057	1,127
EBIT ¹	631	660	502	616	861	697.9	725.1	777
Operating Margin	10.23%	10.92%	8.4%	8.51%	10.47%	9.96%	10.06%	10.4%
Earnings before Tax (EBT) ¹	350	368	231	378	661	487.4	531.5	595.3
Net income ¹	274	527	194	280	492	371	398	436.8
Net margin	4.44%	8.72%	3.25%	3.87%	5.98%	5.29%	5.52%	5.84%
EPS ²	0.2060	0.3850	0.1420	0.2030	0.3550	0.2683	0.2879	0.3157
Free Cash Flow ¹	339	354	486	519	-	44.6	325.7	361.2
FCF margin	5.49%	5.86%	8.13%	7.17%	-	0.64%	4.52%	4.83%
FCF Conversion (EBITDA)	41.34%	37.03%	60.3%	57.28%	-	4.36%	30.81%	32.06%
FCF Conversion (Net income)	123.72%	67.17%	250.52%	185.36%	-	12.02%	81.83%	82.71%
Dividend per Share ²	0.1620	-	0.1210	0.1500	-	0.1766	0.1772	0.1876
Announcement Date	13/06/19	02/07/20	22/06/21	21/06/22	22/06/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	3,188	2,855	2,889	3,087	3,362	3,879	4,299	3,922	3,513	3,434
EBITDA ¹	498	458	385	421	423	483	572	601	522	492
EBIT ¹	351	309	230	272	276	340	418	443	365	330.5
Operating Margin	11.01%	10.82%	7.96%	8.81%	8.21%	8.77%	9.72%	11.3%	10.39%	9.62%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-
EPS	-	0.2650	-	0.0880	0.0980	0.1050	-	-	-	-
Dividend per Share ²	0.0540	-	0.0400	0.0810	0.0400	0.1100	0.0600	-	0.0600	0.1200
Announcement Date	05/12/19	02/07/20	10/12/20	22/06/21	09/12/21	21/06/22	08/12/22	22/06/23	07/12/23	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,277	2,101	1,795	1,484	-	1,968	1,877	1,734
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.777 x	2.198 x	2.227 x	1.638 x	-	1.925 x	1.776 x	1.539 x
Free Cash Flow ¹	339	354	486	519	-	44.6	326	361
ROE (net income / shareholders' equity)	14.4%	14.1%	9.65%	10.9%	-	10.6%	10.8%	11.4%
ROA (Net income/ Total Assets)	5.06%	5.31%	3.83%	4.54%	-	3.8%	4.05%	4.34%
Assets ¹	5,410	9,924	5,062	6,166	-	9,766	9,837	10,064
Book Value Per Share ²	2.340	2.440	2.580	3.080	-	3.000	3.130	3.290
Cash Flow per Share ²	0.4000	0.4800	0.5500	0.6700	-	0.3000	0.6100	0.6600
Capex ¹	303	376	331	431	-	494	477	476
Capex / Sales	4.91%	6.22%	5.54%	5.95%	-	7.05%	6.61%	6.37%
Announcement Date	13/06/19	02/07/20	22/06/21	21/06/22	22/06/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for DS Smith Plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.742 GBP

Average target price

3.989 GBP

Spread / Average Target

+6.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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