Financials Smurfit Westrock Plc BOERSE DUESSELDORF

Equities

N4U

IE00028FXN24

Paper Packaging

End-of-day quote BOERSE DUESSELDORF 5-day change 1st Jan Change
- EUR -.--% Intraday chart for Smurfit Westrock Plc -.--% -.--%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,148 9,894 12,164 9,029 9,541 23,238 - -
Enterprise Value (EV) 1 11,645 12,269 15,049 12,021 12,381 23,238 33,603 32,306
P/E ratio - - - - - 17.6 x 11.9 x 11.5 x
Yield - - - - - - 3.24% 3.38%
Capitalization / Revenue 0.9 x 1.16 x 1.2 x 0.7 x 0.85 x 0.96 x 0.74 x 0.73 x
EV / Revenue 0.9 x 1.16 x 1.2 x 0.7 x 0.85 x 0.96 x 0.74 x 0.73 x
EV / EBITDA 4.94 x 6.55 x 7.15 x 3.83 x 4.59 x 6.31 x 4.37 x 4.2 x
EV / FCF 14.8 x 13.1 x 26.7 x 16.6 x 15.2 x 25 x 13.7 x 11.1 x
FCF Yield 6.76% 7.62% 3.74% 6.04% 6.58% 4% 7.32% 8.98%
Price to Book - - - - - - - -
Nbr of stocks (in thousands) 236,565 256,388 257,299 257,059 258,721 519,324 - -
Reference price 2 38.15 47.05 53.75 37.33 40.81 48.84 48.84 48.84
Announcement Date 2/5/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
1USD in Million2USD
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 24,214 31,273 31,941
EBITDA 1 1,650 1,510 1,702 2,355 2,080 3,681 5,320 5,530
EBIT 1 1,062 922 1,073 1,662 1,403 1,961 3,246 3,488
Operating Margin 11.74% 10.81% 10.62% 12.97% 12.45% 8.1% 10.38% 10.92%
Earnings before Tax (EBT) 677 748 913 1,293 1,055 - 2,663 2,773
Net income 1 476 545 679 944 758 1,008 1,997 2,079
Net margin 5.26% 6.39% 6.72% 7.37% 6.72% 4.16% 6.39% 6.51%
EPS 2 - - - - - 2.780 4.100 4.250
Free Cash Flow 1 551 754 455 545 628 928.8 1,701 2,087
FCF margin 6.09% 8.84% 4.5% 4.25% 5.57% 3.84% 5.44% 6.53%
FCF Conversion (EBITDA) 33.39% 49.93% 26.73% 23.14% 30.19% 25.23% 31.98% 37.74%
FCF Conversion (Net income) 115.76% 138.35% 67.01% 57.73% 82.85% 92.11% 85.19% 100.41%
Dividend per Share - - - - - - 1.580 1.650
Announcement Date 2/5/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
1EUR in Million2USD
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 Q2 2024 Q3 2024 Q4
Net sales 1 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 4,860 7,484 7,827
EBITDA 1 803 735 775 781 467 921 514 660 1,174 588 1,181 534 1,113 512 967 678.4 1,199 1,273
EBIT 1 504 450 472 477 - 596 - - 839 - 823 - 779 - 624 359.9 689.7 743.3
Operating Margin 11.39% 10.71% 10.91% 10.19% - 10.98% - - 13.14% - 12.8% - 13.35% - 11.48% 7.41% 9.22% 9.5%
Earnings before Tax (EBT) 1 - - - - - - - - - - - - - - - 255.3 582.8 -
Net income 1 - - - - - - - - - - - - - - - 191.5 436.6 -
Net margin - - - - - - - - - - - - - - - 3.94% 5.83% -
EPS 2 - - - - - - - - - - - - - - - 0.8000 0.9000 -
Dividend per Share - - - - - - - - - - - - - - - - 0.3800 0.3800
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 Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 3,497 2,375 2,885 2,992 2,840 - 10,365 9,067
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) 2.119 x 1.573 x 1.695 x 1.27 x 1.365 x - 1.948 x 1.64 x
Free Cash Flow 1 551 754 455 545 628 929 1,701 2,087
ROE (net income / shareholders' equity) 22.7% 16.9% 16.7% 20.1% 14.3% - - -
ROA (Net income/ Total Assets) - - 6.17% 7.81% 6.04% - - -
Assets 1 - - 10,998 12,095 12,550 - - -
Book Value Per Share - - - - - - - -
Cash Flow per Share - - - - - - - -
Capex 612 493 693 970 1,056 - 2,208 2,208
Capex / Sales 6.76% 5.78% 6.86% 7.57% 9.37% - 7.06% 6.91%
Announcement Date 2/5/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
1EUR in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
48.84 USD
Average target price
55 USD
Spread / Average Target
+12.61%
Consensus

Quarterly revenue - Rate of surprise

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