Financials Smurfit Kappa Group Plc

Equities

SK3

IE00B1RR8406

Paper Packaging

Market Closed - Irish S.E. 11:55:00 2024-04-26 am EDT 5-day change 1st Jan Change
39.96 EUR +0.33% Intraday chart for Smurfit Kappa Group Plc -2.30% +11.37%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,113 9,753 12,464 8,884 9,283 10,357 - -
Enterprise Value (EV) 1 11,610 12,128 15,349 11,876 12,123 13,009 12,590 12,096
P/E ratio 17.1 x 16.9 x 18.6 x 9.55 x 12.3 x 12.6 x 11 x 10.3 x
Yield 3.18% 4.42% 2.59% 4.03% - 3.95% 4.33% 4.42%
Capitalization / Revenue 0.9 x 1.14 x 1.23 x 0.69 x 0.82 x 0.93 x 0.89 x 0.86 x
EV / Revenue 1.28 x 1.42 x 1.52 x 0.93 x 1.08 x 1.17 x 1.08 x 1.01 x
EV / EBITDA 7.04 x 8.03 x 9.02 x 5.04 x 5.83 x 6.54 x 5.7 x 5.3 x
EV / FCF 21.1 x 16.1 x 33.7 x 21.8 x 19.3 x 22.9 x 15.8 x 12.9 x
FCF Yield 4.75% 6.22% 2.96% 4.59% 5.18% 4.37% 6.35% 7.76%
Price to Book 2.74 x 2.41 x 2.84 x 1.8 x 1.66 x 1.74 x 1.59 x 1.47 x
Nbr of stocks (in thousands) 236,817 256,388 257,299 257,059 258,721 259,188 - -
Reference price 2 34.26 38.04 48.44 34.56 35.88 39.96 39.96 39.96
Announcement Date 2/5/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
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 11,125 11,663 11,977
EBITDA 1 1,650 1,510 1,702 2,355 2,080 1,988 2,207 2,282
EBIT 1 1,062 922 1,073 1,662 1,403 1,323 1,498 1,543
Operating Margin 11.74% 10.81% 10.62% 12.97% 12.45% 11.89% 12.85% 12.88%
Earnings before Tax (EBT) 1 677 748 913 1,293 1,055 1,187 1,314 1,340
Net income 1 476 545 679 944 758 837.7 956.7 1,008
Net margin 5.26% 6.39% 6.72% 7.37% 6.72% 7.53% 8.2% 8.42%
EPS 2 2.000 2.257 2.611 3.618 2.912 3.181 3.643 3.875
Free Cash Flow 1 551 754 455 545 628 567.9 799 938.8
FCF margin 6.09% 8.84% 4.5% 4.25% 5.57% 5.11% 6.85% 7.84%
FCF Conversion (EBITDA) 33.39% 49.93% 26.73% 23.14% 30.19% 28.57% 36.2% 41.14%
FCF Conversion (Net income) 115.76% 138.35% 67.01% 57.73% 82.85% 67.8% 83.51% 93.09%
Dividend per Share 2 1.088 1.683 1.254 1.392 - 1.579 1.730 1.765
Announcement Date 2/5/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
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 5,228 5,701
EBITDA 1 803 735 775 781 467 921 514 660 1,174 588 1,181 534 1,113 512 967 873 1,057
EBIT 504 450 472 477 - 596 - - 839 - 823 - 779 - 624 528 712
Operating Margin 11.39% 10.71% 10.91% 10.19% - 10.98% - - 13.14% - 12.8% - 13.35% - 11.48% 10.1% 12.49%
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 - - 0.3400 1.180
Announcement Date 2/5/20 7/29/20 2/10/21 7/28/21 2/9/22 2/9/22 4/27/22 7/27/22 7/27/22 2/8/23 2/8/23 8/2/23 8/2/23 11/5/23 2/7/24 - -
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 2,652 2,233 1,739
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.119 x 1.573 x 1.695 x 1.27 x 1.365 x 1.334 x 1.012 x 0.7618 x
Free Cash Flow 1 551 754 455 545 628 568 799 939
ROE (net income / shareholders' equity) 22.7% 16.9% 16.7% 20.1% 14.3% 14.2% 15.1% 14.6%
ROA (Net income/ Total Assets) - - 6.17% 7.81% 6.04% 6.15% 7.18% 7.45%
Assets 1 - - 10,998 12,095 12,550 13,612 13,330 13,531
Book Value Per Share 2 12.50 15.80 17.00 19.30 21.60 22.90 25.10 27.30
Cash Flow per Share 2 4.930 5.170 3.790 5.560 5.830 5.280 6.160 -
Capex 1 612 493 693 970 1,056 901 767 709
Capex / Sales 6.76% 5.78% 6.86% 7.57% 9.37% 8.1% 6.58% 5.92%
Announcement Date 2/5/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
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
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
39.96 EUR
Average target price
45.52 EUR
Spread / Average Target
+13.93%
Consensus

Quarterly revenue - Rate of surprise

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