Company Overview
Huhtamäki is a leading global packaging and foodservice company that provides innovative solutions to its customers. With a strong presence in over 30 countries, the company offers a wide range of products and services that cater to various industries, including food processing, pharmaceuticals, and consumer goods.
The primary mission of Huhtamäki is to deliver sustainable packaging solutions that enhance customer convenience, reduce waste, and promote environmental responsibility. The company's core values include innovation, quality, and customer satisfaction, which guide its business decisions and operations.
Huhtamäki is a Finnish-based company with a rich history dating back to 1867. The company has evolved over the years, expanding its operations globally and diversifying its product portfolio. Today, Huhtamäki is part of the Huhtamaki Group, which operates in over 30 countries.
The company's headquarters are located in Espoo, Finland, with regional offices and manufacturing facilities across Europe, Asia, and North America. Huhtamäki employs approximately 10,000 people worldwide, committed to delivering high-quality products and services that meet the evolving needs of its customers.
Key Products/Services
Huhtamäki offers a diverse portfolio of products and services, including:
- Packaging solutions for food processing, pharmaceuticals, and consumer goods, such as flexible packaging, paper-based packaging, and plastic packaging.
- Foodservice solutions, including disposable cutlery, plates, cups, and utensils, designed for various cuisines and dietary requirements.
- Customized packaging solutions for specific industries, such as cosmetics, personal care, and healthcare.
The company's products and services offer numerous benefits, including:
- Increased convenience and reduced waste through innovative packaging designs.
- Improved food safety and hygiene through its foodservice solutions.
- Enhanced brand visibility and customer satisfaction through customized packaging solutions.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 107.8 | 107.8 | 107.8 | 107.8 | 107.8 | 107.8 | 107.8 |
| Target Valuation (MEur) | 3376.9 | 3511.0 | 3604.6 | 3583.0 | 3173.2 | 3055.2 | 3055.2 |
| Target Price | 31.34 | 32.58 | 33.45 | 33.25 | 29.45 | 28.35 | 28.35 |
| Potential, % | -2.1 | -11.3 | -2.2 | 11.8 | 9.7 | 5.6 | 5.6 |
| Recommendation | Hold | Hold | Hold | Hold | Hold | Hold | Hold |
| MCAP (MEur) | 3448.3 | 3958.0 | 3687.5 | 3204.8 | 2892.3 | 2892.3 | 2892.3 |
| Price | 32.0 | 36.73 | 34.22 | 29.74 | 26.84 | 26.84 | 26.84 |
| EV | 4919.0 | 5246.0 | 5158.0 | 4381.0 | 3954.0 | 3704.0 | 3653.0 |
| P/S | 0.77 | 0.95 | 0.85 | 0.81 | 0.72 | 0.75 | 0.77 |
| EV/S | 1.1 | 1.26 | 1.19 | 1.11 | 0.98 | 0.97 | 0.97 |
| EV/EBIT | 13.36 | 13.77 | 12.98 | 11.61 | 11.45 | 12.86 | 14.69 |
| P/E | 13.49 | 17.58 | 14.17 | 12.5 | 11.61 | 12.55 | 14.54 |
| P/B | 1.87 | 2.15 | 2.01 | 1.73 | 1.43 | 1.28 | 1.18 |
| P/OCF | 10.73 | 6.85 | 6.27 | 6.72 | 9.44 | 7.4 | 15.03 |
| EV/OCF | 15.31 | 9.07 | 8.78 | 9.19 | 12.91 | 9.48 | 18.99 |
| P/FCF | 23.35 | 12.45 | 14.4 | 10.86 | 14.34 | 11.59 | 56.52 |
| EV/FCF | 33.3 | 16.5 | 20.14 | 14.85 | 19.6 | 14.85 | 71.39 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 4479.0 | 4168.9 | 4323.4 | 3960.2 | 4032.8 | 3834.4 | 3763.5 |
| Rev. Growth, % | 25.3 | -6.9 | 3.7 | -8.4 | 1.8 | -4.9 | -1.8 |
| Ebit | 368.2 | 380.9 | 397.4 | 377.4 | 345.2 | 288.0 | 248.7 |
| Ebit Growth, % | 24.3 | 3.4 | 4.3 | -5.0 | -8.5 | -16.6 | -13.6 |
| Ebit, % | 8.2 | 9.1 | 9.2 | 9.5 | 8.6 | 7.5 | 6.6 |
| Profit | 255.7 | 225.2 | 260.3 | 256.5 | 249.1 | 230.4 | 198.9 |
| EPS | 2.37 | 2.09 | 2.42 | 2.38 | 2.31 | 2.14 | 1.85 |
| Profit Growth, % | 26.1 | -11.9 | 15.6 | -1.5 | -2.9 | -7.5 | -13.7 |
| Profit, % | 5.7 | 5.4 | 6.0 | 6.5 | 6.2 | 6.0 | 5.3 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 755.4 | 620.9 | 755.4 | 599.9 | 714.9 | 727.3 | 707.6 |
| Acc. Receivable | 709.4 | 636.5 | 709.4 | 611.0 | 712.0 | 743.1 | 763.9 |
| Cash | 309.4 | 348.2 | 309.4 | 378.6 | 530.5 | 780.0 | 831.2 |
| Equity | 1842.2 | 1844.9 | 1836.2 | 1848.0 | 2026.6 | 2257.0 | 2455.9 |
| ROE, % | 13.9 | 12.2 | 14.2 | 13.9 | 12.3 | 10.2 | 8.1 |
| ROCE, % | 10.2 | 10.9 | 11.0 | 11.1 | 9.5 | 7.5 | 6.1 |
| Net Debt | 1470.8 | 1288.3 | 1470.8 | 1176.5 | 1061.6 | 812.1 | 760.9 |
| Gearing, % | 79.8 | 69.8 | 80.1 | 63.7 | 52.4 | 36.0 | 31.0 |
| Equity ratio, % | 38.2 | 39.5 | 38.1 | 40.5 | 42.0 | 45.3 | 47.9 |
| Acc. Payable | 734.9 | 703.5 | 734.9 | 679.3 | 742.4 | 662.1 | 685.7 |
| Total Assets | 4821.3 | 4664.9 | 4821.3 | 4565.9 | 4823.3 | 4978.8 | 5131.7 |
| ROA, % | 5.3 | 4.8 | 5.4 | 5.6 | 5.2 | 4.6 | 3.9 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 321.4 | 578.2 | 587.8 | 477.0 | 306.3 | 390.7 | 192.4 |
| Investment Cash Flow | -173.7 | -260.2 | -331.7 | -182.0 | -104.6 | -141.2 | -141.2 |
| Free Cash Flow | 147.7 | 318.0 | 256.1 | 295.0 | 201.7 | 249.5 | 51.2 |
| OCF/CAPEX | 1.85 | 2.22 | 1.77 | 2.62 | 2.93 | 2.77 | 1.36 |
| Financial Cash Flow | -21.6 | -268.3 | -62.5 | -194.8 | -55.9 | 0.0 | 0.0 |
Disclaimer
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