Financials Smurfit Kappa Group plc London S.E.

Equities

SKG

IE00B1RR8406

Paper Packaging

Real-time Estimate Cboe Europe 03:08:57 14/05/2024 pm IST 5-day change 1st Jan Change
3,780 GBX +1.18% Intraday chart for Smurfit Kappa Group plc +1.07% +21.35%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,113 9,753 12,464 8,884 9,283 11,262 - -
Enterprise Value (EV) 1 11,610 12,128 15,349 11,876 12,123 13,918 13,521 13,089
P/E ratio 17.1 x 16.9 x 18.6 x 9.55 x 12.3 x 13.5 x 11.7 x 11 x
Yield 3.18% 4.42% 2.59% 4.03% 4.23% 3.7% 4% 4.14%
Capitalization / Revenue 0.9 x 1.14 x 1.23 x 0.69 x 0.82 x 1 x 0.96 x 0.93 x
EV / Revenue 1.28 x 1.42 x 1.52 x 0.93 x 1.08 x 1.24 x 1.15 x 1.08 x
EV / EBITDA 7.04 x 8.03 x 9.02 x 5.04 x 5.83 x 6.8 x 6.03 x 5.61 x
EV / FCF 21.1 x 16.1 x 33.7 x 21.8 x 19.3 x 24.1 x 16.3 x 13.7 x
FCF Yield 4.75% 6.22% 2.96% 4.59% 5.18% 4.14% 6.13% 7.31%
Price to Book 2.74 x 2.41 x 2.84 x 1.8 x 1.66 x 1.89 x 1.73 x 1.6 x
Nbr of stocks (in thousands) 2,36,817 2,56,388 2,57,299 2,57,059 2,58,721 2,59,188 - -
Reference price 2 34.26 38.04 48.44 34.56 35.88 43.45 43.45 43.45
Announcement Date 05/02/20 10/02/21 09/02/22 08/02/23 07/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9,048 8,530 10,107 12,815 11,272 11,228 11,754 12,130
EBITDA 1 1,650 1,510 1,702 2,355 2,080 2,046 2,241 2,334
EBIT 1 1,062 922 1,073 1,662 1,403 1,344 1,512 1,571
Operating Margin 11.74% 10.81% 10.62% 12.97% 12.45% 11.97% 12.86% 12.95%
Earnings before Tax (EBT) 1 677 748 913 1,293 1,055 1,210 1,333 1,371
Net income 1 476 545 679 944 758 857.2 972.4 1,026
Net margin 5.26% 6.39% 6.72% 7.37% 6.72% 7.63% 8.27% 8.45%
EPS 2 2.000 2.257 2.611 3.618 2.912 3.223 3.711 3.962
Free Cash Flow 1 551 754 455 545 628 576.5 828.4 957.3
FCF margin 6.09% 8.84% 4.5% 4.25% 5.57% 5.13% 7.05% 7.89%
FCF Conversion (EBITDA) 33.39% 49.93% 26.73% 23.14% 30.19% 28.17% 36.97% 41.02%
FCF Conversion (Net income) 115.76% 138.35% 67.01% 57.73% 82.85% 67.26% 85.19% 93.35%
Dividend per Share 2 1.088 1.683 1.254 1.392 1.519 1.607 1.739 1.799
Announcement Date 05/02/20 10/02/21 09/02/22 08/02/23 07/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q4 2022 S2 2023 Q2 2023 S1 2023 Q3 2023 S2 2024 S1 2024 S2
Net sales 4,426 4,203 4,327 4,679 2,820 5,428 - 3,361 6,385 3,091 6,430 2,842 5,837 - 5,435 5,390 5,761
EBITDA 1 803 735 775 781 467 921 514 660 1,174 588 1,181 534 1,113 512 967 937 1,063
EBIT 504 450 472 477 - 596 - - 839 - 823 - 779 - 624 587 713
Operating Margin 11.39% 10.71% 10.91% 10.19% - 10.98% - - 13.14% - 12.8% - 13.35% - 11.48% 10.89% 12.38%
Earnings before Tax (EBT) - - - - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - - - - -
EPS - - 1.093 1.192 - 1.419 - - - - - - - - - - -
Dividend per Share 0.8090 0.8090 0.8740 0.2930 - 0.9610 - - 0.3160 - - - 0.3350 - 1.184 0.3400 1.180
Announcement Date 05/02/20 29/07/20 10/02/21 28/07/21 09/02/22 09/02/22 27/04/22 27/07/22 27/07/22 08/02/23 08/02/23 02/08/23 02/08/23 05/11/23 07/02/24 - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,497 2,375 2,885 2,992 2,840 2,657 2,259 1,827
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.119 x 1.573 x 1.695 x 1.27 x 1.365 x 1.298 x 1.008 x 0.783 x
Free Cash Flow 1 551 754 455 545 628 577 828 957
ROE (net income / shareholders' equity) 22.7% 16.9% 16.7% 20.1% 14.3% 14.7% 15.3% 15.2%
ROA (Net income/ Total Assets) - - 6.17% 7.81% 6.04% 6.77% 7.41% 7.72%
Assets 1 - - 10,998 12,095 12,550 12,670 13,131 13,290
Book Value Per Share 2 12.50 15.80 17.00 19.30 21.60 22.90 25.10 27.10
Cash Flow per Share 2 4.930 5.170 3.790 5.560 5.830 5.430 6.220 6.370
Capex 1 612 493 693 970 1,056 904 807 775
Capex / Sales 6.76% 5.78% 6.86% 7.57% 9.37% 8.05% 6.87% 6.39%
Announcement Date 05/02/20 10/02/21 09/02/22 08/02/23 07/02/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
43.45 EUR
Average target price
47.44 EUR
Spread / Average Target
+9.19%
Consensus

Quarterly revenue - Rate of surprise

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