Avior Capital Markets - Mondi Limited (A1JBPG) Mondi | No more than a hangover

Report

Avior Capital Markets

Wade Napier

Mondi | No more than a hangover

Mondi's â€œthrough the cycleâ€ ability to deliver value accretive growth is well established and underpins the Group's investment case. Lower selling prices will impact H2 '19f results. However, we take comfort in Mondi's belief that it can continue identifying growth opportunities organically and inorganically. Moreover, with a net debt to EBITDA of 1.3x, management believes it is probable that a flat final dividend in absolute terms will be maintained in H2 '19f.

05/08/2019 11 EN

Underlying

Mondi Limited

Mondi is a packaging and paper company. Co. is structured into two divisions. Co.'s Europe & International division include: packaging paper, which manufactures and sells a range containerboard and sack and kraft paper; fiber packaging, which manufactures and sells a range of corrugated packaging products, industrial bags and extrusion coatings; consumer packaging, which develops, manufactures and sells consumer packaging solutions, films and release liner; and uncoated fine paper, which manufactures and sells papers for use in printing. Co.'s South Africa division manages forestry operations and manufactures and sells pulp, containerboard, uncoated fine paper and newsprint products.

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ZAE000156550 United Kingdom

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Analysts

Wade Napier

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Mondi | No more than a hangover

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