Tichitarisa maitiro eiyo indasitiri yemakadhibhokisi muna 2023 kubva padanho rekusimudzira reEuropean corrugated packaging giants.
Gore rino, hofori dzinotakura makadhibhokisi muEurope dzakachengeta purofiti yakakwira pasi pemamiriro ari kuderera, asi kuhwina kwavo kunotora nguva yakareba sei? Kazhinji, 2022 richava gore rakaoma kune makatoni ekurongedza hofori. Nekukwira kwemitengo yemagetsi uye mutengo wevashandi, makambani epamusoro eEurope, kusanganisira Smurf Cappa Group neDesma Group, vari kushandawo nesimba kuti vatarise dambudziko remitengo yemapepa.Pepa bhokisi
Sekureva kwevanoongorora vaJeffries, kubvira 2020, sechikamu chakakosha chekugadzira mapepa ekurongedza, mutengo wemakadhibhodi akadzokororwa muEurope wakawedzera zvakapetwa kaviri. Pamusoro pezvo, mutengo webhokisi bhokisi rekuzvarwa rakagadzirwa zvakananga kubva kumatanda pane kudzokororwa makadhibhokisi unotevera yakafanana budiriro trajectory. Panguva imwecheteyo, vatengi vanoziva mutengo vari kuderedza mari yavo yepamhepo, izvo zvinozoderedza kudiwa kwemakatoni. Paper bag
Makore ane mbiri akaunzwa neCCIDID-19, senge maodha anomhanya akazara, akaomerwa emakadhibhokisi, uye kukwira kwemitengo yemastock ehofori dzekurongedza, zvese zvapera. Nekudaro, kunyangwe zvakadaro, kuita kwemakambani aya kuri nani kupfuura nakare kose. Smurfit Cappa munguva pfupi yapfuura yakashuma kuti EBITDA yayo yakawedzera ne43% kubva pakupera kwaNdira kusvika Gunyana, nepo mari yayo yekushandisa yakawedzerawo nechetatu. Izvi zvinoreva kuti kunyangwe kuchine chikamu chechina chenguva gore ra2022 risati rapera, mari yayanowana uye purofiti yemari muna 2022 zvakapfuura mwero pamberi peCOVID-19 denda.
Zvichakadaro, Desma, hofori yepamusoro yekurongedza muUK, yakasimudza fungidziro yayo yegore kubva munaKubvumbi 30, 2023, ichiti iyo yakagadziridzwa purofiti yekushanda muhafu yekutanga yegore inofanira kunge inosvika mazana mana emamiriyoni mapaundi, zvichienzaniswa ne351 miriyoni. makirogiramu muna 2019. Mengdi, imwe hofori yekurongedza, yakawedzera purofiti yayo yekutanga ne3 muzana uye yakapetwa kaviri purofiti yayo muhafu yekutanga yegore rino, kunyangwe ichine bhizinesi reRussia mune yakanyanya kuoma mamiriro nekuda kwematambudziko asina kugadziriswa.Hat bhokisi
Desma's transaction update details muna Gumiguru anga ari mashoma, asi yakataura kuti "kudzokororwa kwemabhokisi akafanana nemarara kwakadzikira". Saizvozvowo, kukura kwakasimba kweSmurf Cappa hakusi chikonzero chekutengesa mamwe makatoni - kutengesa kwekatoni kwaro kwakaramba kwakagadzikana mumwedzi mipfumbamwe yekutanga ye2022, uye yakatodonha ne3% muchikamu chechitatu. Mukupesana, hofori idzi dzinowedzera purofiti yadzo nokuwedzera mutengo wezvigadzirwa zvadzo.Baseball cap box
Pamusoro pezvo, kudzoka kwemari hakuratidzike kunge kwave nani. Pamusangano wezvemari mwedzi uno, Tony Smurf, CEO weSmurf Cappa, akati: "Huwandu hwekutengesa mukota yechina hwakafanana nezvatakaona muchikamu chechitatu. Kazhinji tinotarisira kupora paKisimusi. Hongu, ndinofunga kuti mamwe misika yakaita seBritain neGermany aita zvishoma mumwedzi miviri kana mitatu yapfuura.” Scarf box
Izvi zvinotungamira kumubvunzo: Chii chichaitika kune corrugated box indasitiri muna 2023? Kana musika uye kudiwa kwevatengi kwekurongedza kwemarara kukatanga kugadzikana, vagadziri vemapakeji vane makora vangaramba vachiwedzera mitengo kuti vawane purofiti yepamusoro? Tichifunga nezve yakaoma macro kumashure uye isina kusimba katoni yekutakura yakashumwa muUnited States, vaongorori vanofara nekuvandudzwa kweSmurf Cappa. Panguva imwecheteyo, Smurfikapa akasimbisa kuti "kuenzanisa pakati peboka uye gore rapfuura kwakasimba zvakanyanya, uye isu tinogara tichitenda kuti iyi idanho risingagoneke". Kisimusi chipo bhokisi
Zvisinei, vanoisa mari havana chokwadi nazvo. Smurf Cappa's share price yaive 25% yakaderera pane iyo yepamusoro yedenda, uye mutengo weDesma wakaderera ne31%. Ndiani akarurama? Kubudirira kunoenderana kwete chete nekatoni uye kadhibhodhi kutengesa. VaJeffries 'vanoongorora vakafanotaura kuti nekuda kwekushaiwa simba kwema macro, mutengo wemakadhibhodi akadzokororwa waizodonha, asi ivo vakasimbisawo kuti mutengo wekurasa bepa uye simba uri kudonha zvakare, nekuti zvinoreva zvakare kuti mutengo wekurongedza kugadzirwa uri kudonha.
“Semaonero edu, chinowanzotariswa ndechekuti mitengo yakadzikira inogona kuita kuti pave nemuhoro wakakura. Chekupedzisira, kune vanogadzira mabhokisi ane makora, mabhenefiti ekudzikisa mutengo achaonekwa pamberi pechero mutengo wakaderera wekatoni, uyo unowedzera viscous mukuderera (lag 3-6 months). Kazhinji, mihoro yemhepo kubva pamitengo yakaderera inodzikiswa nemutengo wemhepo wemuhoro. " VaJeffries vaongorori vakadaro. Bhokisi rezvipfeko
Panguva imwecheteyo, dambudziko rekuda pacharo harina kujeka zvachose. Kunyangwe e-commerce uye kudzikira kwave kutyisidzira kuita kwemakambani ekurongedza, chikamu chikuru chekutengesa kwemapoka aya kazhinji mune mamwe mabhizinesi. MuDesma, ingangoita 80% yemari inowanikwa kubva kune inokurumidza kufamba zvinhu zvevatengi (FMCG), izvo zvinonyanya zvigadzirwa zvinotengeswa muzvitoro zvikuru. Inosvika makumi manomwe muzana emakatoni ekurongedza eSmurf Cappa anopihwa kune FMCG vatengi. Nekuvandudzwa kwemusika wekupedzisira, izvi zvinofanirwa kuratidza kuchinjika. Desma akaona kukura kwakanaka mukutsiviwa kwepurasitiki nemimwe minda.
Naizvozvo, kunyangwe nekushanduka kuri kudiwa, hazvigone kuwira pasi peimwe nzvimbo - kunyanya tichifunga nezve kudzoka kwevatengi vemaindasitiri vakarohwa zvakanyanya neCOVID-19 denda. Izvi zvinotsigirwa nekuita kwazvino kweMacFarlane (MACF), iyo yakaratidza kuti kudzoreredzwa kwevatengi mundege, mainjiniya uye maindasitiri emahotera kunogadzirisa kuderera kwekutenga online, uye mari yekambani yakawedzera ne14% mukutanga. mwedzi mitanhatu ye2022. pet food delivery box
Corrugated packers vanoshandisawo denda kuvandudza mashizha avo. Tony Smoffey, CEO weSmoffey Kappa, akasimbisa kuti chimiro chekambani yake "chaive chepamusoro-soro munhoroondo yedu", uye chikwereti / pre amortization purofiti yakawandisa yaive isingasviki ka1,4. Miles Roberts, CEO weDesma, akabvumirana neizvi munaSeptember, achitaura kuti chikwereti / pre amortization profit ratio yeboka yakaderera kusvika ku1.6 nguva, "inova imwe yezvikamu zvakaderera mumakore akawanda".bhokisi rekutumira
Zvese izvi pamwe chete zvinoreva kuti vamwe vaongorori vanotenda kuti musika wakawedzera zvakanyanya, kunyanya mune yeFTSE 100 index packers, iyo mitengo yavo yakaderera kusvika makumi maviri muzana kubva painotarirwa pre amortization purofiti. Kukosheswa kwavo kunokwezva zvirokwazvo. Iyo yekumberi P/E reshiyo yeDesma ingori 8.7, nepo avhareji yemakore mashanu iri 11.1, nepo P/E reshiyo yeSmurfikapa iri 10.4, uye avhareji yemakore mashanu ndeye 12.3. Kusvika pamwero mukuru, zvinoenderana nekuti kambani inogona kugonesa vanoisa mari kuti varambe vachiita zvinoshamisa muna 2023.bhokisi rekutumira mailer
Nguva yekutumira: Zvita-27-2022