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DS Smith AGM Summary

AGM results stated:

DS Smith has traded in line with management’s expectations during the first 4 months of the financial year is reassuring, but is unlikely to change ours or consensus expectations.
In line with normal practice, disclosure at this stage of the year is limited, but management highlight that LFL volume growth is well ahead of the comparative period of last year, with demand from e-commerce and pan-European customer remaining strong.
Given the recent paper price increases, we view it as reassuring that the process of recovery these costs is progressing as expected, and operating leverage is mitigating any near-term impact.
Following the completion of the Interstate Resources transaction on 25 August, management confirms that the business has performed in line with their expectation for this calendar year and integration process is underway.
Management have retained their confident outlook. During the last two months the shares have performed in line with the market, and trading on 2018E P/E and EBV/EBITDA multiples of 14.3x and 9.0x, respectively.


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