..A leading supplier of recycled packaging in Europe

With a turnover in 2011/12 of £2.0 billion and employing more than 20,000 people, DS Smith Plc is an international supplier of recycled packaging for consumer goods.

On 30 June 2012 DS Smith acquired SCA Packaging. On a combined basis, the group is now the second largest manufacturer of corrugated products in Europe. We are also a leading worldwide supplier of bag-in-box packaging and a leading European supplier of plastic returnable transit packaging. The combined Group now has revenues of approximately £4 billion (based on a combination of historically reported figures and a 12 month contribution from both businesses).

DS Smith is a FTSE 250 company listed on the London Stock Exchange and headquartered in Maidenhead.

http://www.dssmith.com/

Hi dream,why has this one caught your eye?

Hi markymar, Its a fairly defensive stock. A large double spread page this week in IC about the packaging industry.
Rather been a dull industry in the past. There has been a recovery in packaging prices ahead of an important reporting period means that the sectors charms may become impossible to ignore. The sectors prospects are being stoked by recent consolidation
which is delivering cost saving and boosting shareholders returns. So while the fragile
European economy is at risk,strong structural growth drivers, healthy cash flows and enticing dividends means packaging shares could pack a punch in investors portfolios.
There are solid grounds for optimism about near term prospects for the packaging sector. Despite a tough first half which saw falling prices and volumes, the outlook for packaging prices has improved and analysts are now forecasting a nascent (starting to grow or develop) recovery which if it holds will support forecast upgrades and a potentially a share price rally.

The bit I like - '' We continue to emphasise the strong, and in our view under appreciated , fundamentals in the packaging segment'', said Lars Kjellberg, Credit Suisse analyst.

Also a recent acquisition of SCA is delivering - 1.3 billion euro takeover of swedish rival.
They gave a 100 day update - cost savings initially expected at 75 million euros (£60m) were increased to 100 million euros, and cash savings from working capital and capital expenditure efficiency, which it previously expected to be 40m euros over 3 years, were increased to 130m euros.

Stockbroker Numeris reckons the shares look to cheap given the market shift away from paper production . DS Smith trades on 9.4 times 2014 prospective earnings . Numeris reckons a 12 -times rating is fair value, equating to 258p price target.

DS SMITH PLC STATEMENT - SCA PACKAGING INTEGRATION

http://www.dssmith.uk.com/sites/default/files/press-releases/121011-DS-Smith-100-day-vFina-%20logo.pdf

Earnings release date - 6 Nov

Fingers crossed Marky.

Cheers dream,i did like the look of smurfit,keep up the udating of threads as they are of intrest.

Will do marky.

Trading Statement
RNS
RNS Number : 3849Q
Smith (DS) PLC
06 November 2012



6 November 2012

DS Smith Plc - Trading statement

DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues its period-end trading statement for the half-year to 31 October 2012.

Trading

The packaging business is performing in line with our expectations, with margins for the business as a whole, including SCA Packaging since acquisition on 30 June 2012, expected to be within the previously stated medium-term target range of 7 - 9% (HY 2011/12: 7.6%). This has been achieved through a combination of improving business mix together with pricing discipline and cost control. The regions of Northern Europe and Western Europe have performed particularly well in the period, whilst the UK has been held back by its high exposure to the paper cycle. The operating profit for the Group as a whole for the period reflects the seasonally higher margin usually experienced in the first half of the financial year.

As indicated at the 100-day update post the completion of the SCA Packaging acquisition, our strategic focus is on delivering above cost of capital returns and improving the mix of our business. We are growing our core FMCG categories with our pan-European customers whilst selectively exiting some categories of business that do not deliver attractive returns to shareholders.

The Plastic Packaging business has enjoyed continued growth as customers expand their use of bag-in-box for the transportation of liquids.

SCA Packaging integration

The integration of the SCA Packaging business continues as expected. As previously announced, we expect to deliver €100 million of annual cost savings, €130 million of cash savings and €100 million in proceeds from disposals of surplus property and non-core businesses by the end of year three. We expect the ratio of net debt to EBITDA to fall below 2.0x by 30 April 2013, one year earlier than we expected at the time the deal was announced.

Outlook

The Group continues to expect substantial year-on-year EPS growth and the Board views the remainder of the year with confidence.



Miles Roberts, Group Chief Executive, said:

"DS Smith is resilient and well placed to create further substantial value for our investors. With the integration of the recently acquired SCA Packaging business going to plan, we continue to focus on strengthening the business across a significantly enlarged geographic footprint. The transaction transforms our ability to serve customers on a pan-European basis, while improving the efficiency of our operations."

Investec has also downgraded its rating for industrial group DS Smith from 'buy' to 'hold', saying that while its recent strong share price performance was warranted, it's time to 'pause for now'.

"Whilst DS Smith offers excellent EPS [earnings per share] growth and potential upside, we think after the strong run the stock has had, it is likely to pause for breath until the pre-close update during April 2013."

Will hold on to these

DS Smith in shape for year
Tue 06 Nov 2012


LONDON (SHARECAST) - Recycled packing firm DS Smith said it continue to expect substantial year-on-year EPS growth and views the remainder of the year with confidence.

In an update for the half-year to October 31st, the corrugated boxes maker said its packaging business is performing in line with expectations, with margins for the business as a whole, including SCA Packaging, expected to be within the previously stated medium-term target range of 7-9%.

DS said this has been achieved through a combination of improving business mix together with pricing discipline and cost control.

Northern Europe and Western Europe have performed particularly well in the period, whilst the UK has been held back by its high exposure to the paper cycle, the group explained.

The Plastic Packaging business saw continued growth as customers increase their use of bag-in-box for the transportation of liquids.

Commenting on the integration of the SCA Packaging business, it expects to deliver €100m of annual cost savings, €130m of cash savings and €100m in proceeds from disposals of surplus property and non-core businesses by the end of year three.

DS expects the ratio of net debt to EBITDA to fall below 2.0x by April 2013, a year earlier than expected.

Chief Executive Miles Roberts said: "DS Smith is resilient and well placed to create further substantial value for our investors. With the integration of the recently acquired SCA Packaging business going to plan, we continue to focus on strengthening the business across a significantly enlarged geographic footprint."

"The transaction transforms our ability to serve customers on a pan-European basis, while improving the efficiency of our operations," he added.

Questor in The Telegraph writes that recycled packaging group DS Smith confirmed yesterday that it continues to see "substantial" year-on-year earnings per share (EPS) growth following its purchase of SCA Packaging earlier this year. The recycled packaging group is focusing on servicing fast-moving consumer goods (FMCG) companies across Europe (Chicago Options: ^REURUSD - news) . This means Smith has a lot of euro exposure after buying Swedish company SCA (SNP: ^SCAY - news) for €1.6bn (£1.3bn)in January. This prompted a share price fall earlier in the year but these fears were significantly overdone and its shares have soared in the second half. Even after recent gains, the shares are now trading on an April 2013 earnings multiple of 12.8 falling to 10 next year. This is not overly stretched. "They were last tipped as a buy at 154½p in July and the shares remain a hold."

DS Smith: JPMorgan Cazenove ups target from 240p to 250p, overweight rating kept.

.

06 Dec 2012


Announcement of half-year results for the six months ended 31 October 2012



2012/13 Half Year ResultsHighlights

· Revenue +61.6% to £1,671.8m (H1 2011/2012: £1,034.5m)

· Adjusted operating profit(1) +57.3% to £123.2m (H1 2011/2012: £78.3m)

· Profit before tax (1) + 62.5% to £106.1m (H1 2011/2012: £65.3m)

· Free cash flow +175.3% to £151.8m (H1 2011/2012: £55.1m)

· ROACE(1)+80bps, to 13.7% (H1 2011/2012: 12.9%)

· Return on sales(1) -20bps to 7.4% (H1 2011/2012: 7.6%)

· EPS(1) + 15.8% to 8.8p (H1 2011/2012: 7.6p)

· Interim dividend per share + 31.6% to 2.5p (H1 2011/2012: 1.9p)

· Profit after tax £44.2m (H1 2011/2012: £34.8m)

(1)continuing operations, before exceptional items and amortisation




a href="http://www.moneyam.com/action/news/showArticle?id=4498664">http://www.moneyam.com/action/news/showArticle?id=4498664

..

DS Smith Increases Dividend 32%
By Sam Robson


Shares in FTSE 250 (FTSE: ^FTMC - news) company DS Smith rose 3% to 219.80p at the time of writing, following the packaging and office product wholesaling business's half-year results being released.

The company, which specialises in paper and plastic packaging materials and also has recycling and waste management divisions, saw pre-tax profits jump 63% to £106.1m compared to £65.3m at the same stage last year. Revenue saw a similar increase, leaping 62% to £1.67bn against £1.03bn at the half-way stage in 2011.

In the interims, DS Smith management stated:

"In the first half of the financial year we have transformed our ability to serve customers on a pan-European basis. Though markets remain challenging, we are well placed to create further significant value for our investors through the robust performance of our corrugated and plastic packaging businesses, allied to acquisition synergy benefits that are ahead of our initial expectations."

The most keenly anticipated news for shareholders came in the form of a 31.6% increase in the interim dividend, rising to 2.5p per share (previously 1.9p). Elsewhere, earnings per share shot up 16% to end the first half at 8.8p, compared to H1 2011/12's 7.6p.

Like many British firms, DS Smith found the turbulent economic times hard-going on its shares, hitting lows of 34p at the end of 2008 and even dropping to 33.5p in 2009. However, with a strong management team and good business practice, the company rode through the recession and continues its upward trajectory, with the shares now increasing 650% since the dark days of 2008/9.

Smith (DS): JP Morgan moves target price from 250p to 256p and keeps an overweight rating. UBS raises target price from 260p to 270p maintaining a buy recommendation.

1

Broker Numis Securities expects full year pre-tax profit of £203m, giving EPS of 16.7p
(from£119m and 12.6p in 2012) Trade on 13 times forecast earnings, re-rate further.

DS Smith says continues to finalise accounts

17 December 2012 | 08:52am

StockMarketWire.com - DS Smith said in response to media reports that it is continuing the process to finalise the completion accounts following its recent acquisition of SCA Packaging.

"This is an agreed process between the Company and SCA AB, the seller of SCA Packaging and is a standard method of determining the value of the target's assets and liabilities at completion," the company said in a statement.

"At our interim results on 6 December we explained that the process is on-going, and this remains the case," it said, noting the integration was progressing well and ahead of original expectations.

At 8:52am: [LON:SMDS] Smith (DS) share price was -1.15p at 213.35p

DS Smith can pack a punch

Alex Brummer: The prospects for 2013 are not looking that bright with the eurozone in recession, Asia slowing and the US struggling with deficit and debt problems. So, once again, it seems sensible to look for reliable, defensive plays.


Diageo, my stock pick the past three years, continued to shine in 2012 rising by nearly 30 per cent in the year to date despite a recent setback in Mexico. For 2013 I have decided to switch horses.


My choice, the paper recycling and packaging group DS Smith, sits not far outside the FTSE 100 and looks deadly dull. And unlike Diageo, with its prestige branded liquors and beer portfolio, it can too easily be overlooked.

Under the guidance of its current chief executive Miles Roberts it has put down an important marker in Europe through the purchase of SCA Packaging. The core business of DS Smith is picking up paper waste from Britain’s supermarket groups and using modern technology and innovation to create corrugated cardboard and other durable products.


Among its recent innovations is a tough printed cardboard material that can safely hold liquids such as mass-market wine boxes. The shares that dropped to 900p in June 2012 have been steadily climbing but are well below the 2011 peaks.


Read more: http://www.thisismoney.co.uk/money/markets/article-2254395/2013-SHARE-TIPS-The-Mails-city-reporters-reveal-picks-coming-year.html#ixzz2GX1hREsV
Follow us: @MailOnline on Twitter | DailyMail on Facebook

A buy in this weeks Shares mag

Pre-Close Statement

RNS


RNS Number : 0571D

Smith (DS) PLC

24 April 2013






24 April 2013

DS Smith Plc - Pre-Close Statement

DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues its Pre-Close Statement for the full-year to 30 April 2013.



Trading and Integration



After a transformational period for the Group, the business expects to deliver operating profit fully in line with expectations and earnings per share towards the higher end of expectations. With a near doubling in the size of the Group, we expect revenues to be c. £3.7bn, up around 90% on the prior year. Our core Packaging businesses have delivered underlying volume growth in line with our GDP+1% medium term financial target. As in previous announcements, the original DS Smith business has continued to outperform and we are now starting to see an improving trend in the ex-SCA Packaging business.



We continue to make strong progress in the early delivery of synergies associated with the integration of SCA Packaging and are on track to deliver cost and cash synergies as previously advised, with around €40 million of cost synergies this year versus original guidance of €25 million. In addition, we expect to deliver a return above our cost of capital in the 10 months to 30 April 2013, a year earlier than originally announced. The business continues to generate strong cash flow and we expect the ratio of net debt to EBITDA to fall to 2.0x or below by 30 April 2013.



Miles Roberts, Group Chief Executive, said:

"We are delighted with the substantial operating, financial and strategic progress made in the past year, in what has been a transformational period for the Group and our people. Looking ahead, whilst the European packaging market remains competitive, we expect to make further significant progress. Our Packaging businesses continue to grow as we leverage our enlarged and strengthened geographic footprint and further develop our commercial proposition, particularly with our largest pan-European customers.



We look forward to delivering further substantial progress in the coming year."

DS Smith seeing upward trend in markets
Wed 24 Apr 2013


DS Smith seeing upward trend in markets LONDON (SHARECAST) - Recycled packaging group DS Smith has confirmed that its full-year earnings will be towards the higher range of expectations after a 'transformational' year.

In a statement as it enters the close period at the end of its financial year to April 30th, the FTSE 250 company said it expected revenues to be close to £3.7bn.

Having acquired Swedish rival SCA Packaging for £1.28bn last June, nearly doubling the size of the group, revenues will rise 90% over the prior year and cost synergies from the new addition of €40m versus original guidance of €25m.

The group core packaging businesses have delivered underlying volume growth in line with its medium-term financial target of gross domestic product growth plus 1.0%, with the original DS Smith business continuing to outperform.

Furthermore, the acquisition should now deliver a return above the cost of capital in the 10 months to April 30th, a year earlier than originally announced, and "is now starting to see an improving trend".

The business reportedly continues to generate strong cash flow and management expects the ratio of net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) to fall to 2.0 times or below by year end.

Miles Roberts, group Chief Executive, wrote: “Looking ahead, whilst the European packaging market remains competitive, we expect to make further significant progress.

“Our packaging businesses continue to grow as we leverage our enlarged and strengthened geographic footprint and further develop our commercial proposition, particularly with our largest pan-European customers.

“We look forward to delivering further substantial progress in the coming year."

Analyst Mike Murphy at broker Numis has raised his earnings-per-share number for 2013 from 16.6p to 16.8p to reflect a slightly lower interest cost and tax rate.

He also said: “We believe too many investors remain anchored to Smiths as a cyclical paper stock and have overlooked the value-added provided in a market which has capital discipline as evidenced by Smith's return on average tangible common shareholders' equity of 21% pre-tax for the year to 2012.”

DS Smith: Investec moves target price from 300p to 310p retaining a buy recommendation.

DS Smith (LSE: SMDS.L - news) : Bank of America ups target price from 251p to 262p and keeps a buy recommendation. UBS moves target price from 270p to 280p maintaining its buy rating. HB Markets upgrades to buy.

Share price forecast

The 7 analysts offering 12 month price targets for DS Smith plc have a median target of 272.00, with a high estimate of 301.00 and a low estimate of 260.00. The median estimate represents a 9.37% increase from the last price of 248.70



DS Smith PLC (SMDS:LSE) set a new 52-week high during today's trading session when it reached 252.00. Over this period, the share price is up 61.69%.

DS Smith PLC (SMDS:LSE) set a new 52-week high during today's trading session when it reached 265.03. Over this period, the share price is up 81.87%.

31 May Davy Research N/A Underperform

5 Jun Goldman Sachs 278.00 Neutral

21 Jun JP Morgan... N/A Overweight

Smith (DS): Bank of America ups target price from 262p to 288p and reiterates a buy recommendation.

Full Year Results 2012


Financial Highlights

· Revenue +86% to £3,669.3m (2011/12: £1,969.4m)

· Adjusted operating profit(1) +77% to £250.9m (2011/12: £142.0m)

· Profit before tax(2) +51% to £166.2m (2011/12: £110.2m)

· Profit after tax from continuing operations £70.3m (2011/12: £8.4m)

· EPS(1) +36% to 17.4p (2011/12: 12.8p)

· Dividend +36% to 8.0p (2011/12: 5.9p)

· Free cash flow +186% to £270.4m (2011/12: £94.5m)

· ROACE(1) 12.3% - in line with medium-term target



note 1: continuing operations, before exceptional items and amortisation

note 2: continuing operations, before exceptional items, after amortisation and share of profit/(loss) of associate



Please refer to glossary of terms for definitions.

These results include 10 months' contribution from the acquisition of SCA Packaging completed on 30 June 2012.



Delivering on our strategy

DS Smith has made substantial progress over the past year towards its strategic aim to become the leader in recycled packaging for consumer goods.



Operational and strategic highlights

· Successful integration of SCA Packaging

o Cost and cash synergy targets upgraded to €120 million and €150 million respectively

o Achieved a return above the cost of capital in first 10 months, one year earlier than anticipated

· Strong performance in packaging despite challenging economic environment with volume in line with medium term financial target of GDP +1 per cent

· Enhanced customer offering driving market share gains

· Successful international licensing of technology

· Building a strong platform for future growth



http://www.moneyam.com/action/news/showArticle?id=4621090

FTSE 250 (FTSE: ^FTMC - news) paper and plastic packaging company DS Smith jumped today after seeing annual pre-tax profits soar 51% and revenue surge 86% following a "transformational year".

Analysts at Investec (LSE: INVP.L - news) said that the results were ahead of forecast on all metrics, highlighting the 36% increase in the dividend to 8.0p which was "significantly more than we had expected (6.5p)".

DS Smith said that results were boosted by the €1.6bn acquisition of SCA Packaging in June last year which doubled the size of the business.

27 Jun Investec 300.00 Buy
27 Jun Numis 301.00 Buy

DS Smith (LON:SMDS)

Yesterday, DS Smith reported results for year ended 30th April 2013. Revenue from continuing operations rose 86% to £3.7bn boosted by strong growth across most markets. Adjusted operating profit was 77% up to £250.9m. Profit before tax rose to £86.6m from £21.7m. Earnings per Share (EPS) grew 36% to 17.4p; dividend per share (DPS) also increased 36% to 8.0p. For Western Europe, revenue increased to £966.2m from £569.4m while operating profits almost doubled to £73.4m. Revenue from France increased to £742.9m from £606.6m. The business in Germany, Austria and Switzerland (DACH) and northern Europe was almost entirely driven by the acquisition of SCA packaging. DACH and northern Europe revenues rose to £835.7m from £7.3m while operating profit advanced to £62.4m from £0.3m. The company has recently started operations in Central Europe and Italy. The revenue picked up fast and stood at £601.1m, up from £167.2m. However, the biggest market i.e. the UK was hit by decline in the paper market. Revenues remained almost flat at £961.2m while operating profits declined to £47.6m from £64.4m. The plastics business reported a robust performance with revenues growing to £305m from £265.3m.

Our view: DS Smith witnessed good growth in revenues and profits during the year with a remarkable acquisition of SCA packaging. The revenues and adjusted operating profit soared 86% and 77%, respectively. Acquisition of SCA packaging helped the company to tap major geographies within Europe. Revenue and operating profit in the newly formed geographical markets are rapidly gaining momentum. The plastics business, though a small part of the total business, is growing at a steady pace. The company has been successful in acquiring international technology license which is likely to help in expanding business across multiple geographies in the future. The geographical spread would also help the company in mitigating the impact of country-specific factors on the overall performance. The company has been successful in delivering strong overall results despite a weak European economy and sluggish paper industry. Continuing cost and cash synergies are likely to add to the profitability. The strong growth in EPS and DPS are a major attraction for the investors. We are optimistic about the company’s ability to achieve good revenue and profits growth in the future. We remain Buyers of the stock.


http://www.proactiveinvestors.co.uk/columns/beaufort-securities/13393/beaufort-securities-breakfast-today-including-wood-group-greene-king-and-ds-smith-13393.html

1 Jul Investec 300.00 Buy
1 Jul JP Morgan... 277.00 Overweight

A buy in this weeks IC - DS Smith's savings soar.

DS Smith doubled in size when it bought SCA Packaging for £1.3bn last year, and the benefits keep exceeding expectations. Management unearthed another slug of savings this time ,too, and rewarded investors with a juicier dividend. More savings seem inevitable and the growth in recycling and packaging should offset weak paper markets. Clearly, SCA flatters these results, generating most of the 77% growth in underlying operating profit to £251m. That included 40m euros (£34.2m) of cost cuts, which Smith now will total 120m euros, or 20% more than previous estimates.
Admittedly, most of the extra benefit fell in the year just gone, but there is more to come and that should underpin profit forecasts for 2014.
But there is still work to be done. Integrating SCA cost almost £58m and although volumes there are on ''improving trend'', they're are still no match for Smith's legacy business. And SCA'S inferior returns, plus a paper business that just broke even last year , hammering profits in the UK, dragged group margins below Smith's 7-9% target range. Still, finance director Steve Dryden is confident SCA will improve on this performance.
Broker JP Morgan expects adjusted 2014 pre-tax profit of £208m, giving EPS of 21.8p (from £166m and 17.4p last year).
DS Smith has got net debt below two times cash profits much more quickly than expected and the current year has started well. So, while the shares are up 50% since Feb 2012 , a forward PE of 11.5 , still looks cheap.

Wife of DS Smith CEO sells 5.6m-pound stake

Wed, 24 July 2013


The wife of DS Smith frontman Miles Roberts sold a substantial sum of shares in the packaging and office supplies firm on the same day it was revealed the Chief Executive Officer (CEO) received a big pay increase last year.

The move came on Tuesday, the same day DS Smith released its annual report in which it said the CEO had earned a total of £1.6m for the fiscal year ended April 30th, up from £1.3m the year before.

This included an annual salary of £0.61m and bonuses totalling £0.76m, in addition to pension payments and other benefits.

Gillian Roberts exercised nil-cost options over nearly 2.6m shares and subsequently sold around 2.22m of them at a price of 250.53p each, making a total of nearly £5.6m.

The couple’s total holding following the transaction was left at just under 0.6m shares, equal to a 0.064% stake.

The stock has risen by over 20% so far in 2013.

MIDAS UPDATE: DS Smith tip rewards the brave as packaging group's shares rise

By Joanne Hart, Financial Mail On Sunday

PUBLISHED: 22:05, 27 July 2013 | UPDATED: 22:05, 27 July 2013


Crunch: Miles Roberts focuses on 'retail ready' products

Packaging group DS Smith was one of our tips in January 2011, when the shares were 206p and the firm was at the start of a restructuring under chief executive Miles Roberts.


Roberts did well that year but the shares fell to 193p amid concerns about economic conditions in Europe. We suggested that investors hold and, thankfully, they have been rewarded.


Today, the shares are 2411⁄2p and should continue to rise. The current price is particularly impressive, as the group raised £466 million last year through a heavily discounted nine-for-eight rights issue at 95p a share. Existing shareholders who took up their rights have twice as many shares now as they started off with.


The money was raised to buy rival SCA Packaging, a deal that has already started to deliver benefits, both in terms of cost savings and increased sales.


In June, Roberts unveiled results for the year to April 30 showing an 86 per cent gain in sales to £3.7 billion, a 77 per cent increase in profits to £210 million and a 36 per cent rise in the dividend to 8p. Brokers forecast more strong growth this year, expecting £4.1 billion in sales, profits of £258 million and a 9.2p dividend.


DS Smith used to focus on paper making, a cyclical and commoditised industry. Under Roberts, it has shifted towards packaging, especially for big consumer goods groups such as Nestle and Procter & Gamble, and supermarkets.


The company aims to distinguish itself from rivals, particularly by offering ‘retail ready’ packaging, where products, such as cereal boxes are placed in cardboard packages that can be loaded directly on to supermarket shelves. This makes the entire process, from warehouse to supermarket shelf, quicker, easier and considerably cheaper.

DS Smith does not just design the retail-ready packages; it collects the emptied packages from the supermarkets, sends them to its own recycling plants and recreates them in days, ready for use again. The process is fast, efficient and enhances companies’ environmental credentials.


DS Smith has Amazon as a customer, as well as other retail businesses that are trying to make their packaging more interesting. Internet sales are soaring, retailers are keen to deliver goods in attractive containers and DS Smith can help.


Midas verdict: DS Smith has done well, but there is plenty of mileage left. The SCA deal has brought in new custom, the focus on consumer goods makes the firm less vulnerable to economic shocks and Roberts is keen to make further, small acquisitions if the right opportunities arise. The group also aims to reward shareholders with big dividend rises.


Existing investors should hold while new ones could look to buy.

01 Aug 2013 Smith (DS) PLC SMDS Numis Buy 265.20 259.40 301.00 301.00 Reiterates

SP TARGET 301p

smds

On the verge of a breakout.

Note how RSI and momentum are not
overbought like most other stocks
in this situation.

Leads me to think the breakout will
have a strong follow through.

16 Aug 2013 Smith (DS) PLC SMDS Bank of America Merrill Lynch Buy 0.00 254.10 - 310.00 Reiterates

SP TARGET 310p

Smith (DS): Citi takes target price from 265p to 300p retaining a buy recommendation.

Tuesday's agenda: DS Smith keeping things under wraps
By John Harrington
September 02 2013, 6:30pm
Packaging company DS Smith is not expected to reveal many numbers in its trading statement on Tuesday.



"We believe DS Smith's paper operations remain around the break-even point but the recent paper price rises do add modest upside risk to numbers if prices can be maintained," UBS said.

"Further details on SCA Packaging integration progress may be offered with revenue synergies potentially being discussed although we believe more colour is likely to be offered at the capital markets day in Brussels on 6th September," the Swiss bank speculates.

McBride, which makes "own brand" personal care and household products for supermarkets, has already indicated it will reveal a decline in full-year revenue of 5% on a constant currency basis.

Panmure Gordon is forecasting a 6.7% decline in revenue to £760mln and a 24% decline in adjusted profit before tax to £18.0mln. The median forecasts for analysts following the stock are £772mln for revenue and £21.3mln for profit before tax.

The consensus view is that the full-year dividend will be nudged up to 5.29p but Panmure Gordon is expecting nothing more than an unchanged pay-out from last year.

"The impact of lost toll manufacturing contracts, a deterioration in major Western European markets and a period of intense promotional activity in the UK all weighed on FY 2013E’s profitability," the broker notes.

Next year should be better for the group, Panmure Gordon believes.

Interim Management Statement

RNS


RNS Number : 0604N

Smith (DS) PLC

03 September 2013




3 September 2013

DS Smith Plc - Interim Management Statement

DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues its Interim Management Statement in respect of the three month period to 31 July 2013. DS Smith will hold its Annual General Meeting at 11am today.



Trading



The current year has started well and in line with our plans, driven by a good performance throughout the Group and the continued strong delivery of the previously announced synergies from the acquisition of SCA Packaging. Return on sales and ROACE have continued to improve, as anticipated.



Our Packaging business has performed as expected, despite the European markets remaining challenging. Corrugated volumes have continued to improve, with growth fully in line with our medium term financial target of GDP +1%, reflecting the increasingly positive customer reaction to our differentiated and strong value proposition as we leverage our enlarged and strengthened geographic footprint.



There has been no significant change in DS Smith's financial position during the period.



Outlook



Our overall outlook remains positive, as we continue to grow our business and deliver the synergies from the SCA Packaging acquisition, although as previously indicated there is the expected short term impact ahead of the pass through of input cost increases. The Group expects continued performance in line with the Company's medium term financial targets and views the remainder of the year with confidence.



Miles Roberts, Group Chief Executive, said:



"The year has started well and in line with our plans. Increasing volume growth fully in line with our medium term targets reflects continued innovation driven market share gains and, together with the delivery of synergies from the SCA Packaging acquisition, underpins our confidence for the year. Whilst the European market backdrop remains challenging, we are on track to make further significant progress this year and are excited about the growth opportunities for the Group."



Conference Call



A conference call for analysts and investors, hosted by Miles Roberts, will take place today, 3 September 2013 at 08.00 BST. The dial-in number is:

UK / International +44 (0)20 3003 2666

UK Toll Free 0808 109 0700

Password DS Smith



A play-back facility of this call will be available until 10 September 2013. The dial-in number is: +44 (0)20 8196 1998, access pin 2397506. A recording and transcript of the call will also be available through the Investor Relations section of our website: www.dssmith.uk.com



Capital Markets Event



The Company will be hosting a presentation for financial analysts and institutional investors in Brussels on 6th September 2013. No new material information will be disclosed and copies of the presentations will be available on our website www.dssmith.comfollowing the event.



Forthcoming Dates


Q2 trading update

Results for the half year to 31 October 2013

1 November 2013

5 December 2013

Questor share tip: DS Smith upgraded to a buy on strong trading
TelegraphBy John Ficenec | Telegraph – 1 hour 50 minutes ago..


Strong trading at packaging group DS Smith (LSE: SMDS.L - news) makes the shares with a fast growing dividend well worth snapping up, says Questor

DS Smith 267½p-2½ Questor says BUY

A STRONG start to the year’s trading at recycled packaging group DS Smith means the shares are looking increasingly attractive. The FTSE 250-listed group offers some stellar dividend growth and has wrapped up the first quarter with a confident outlook.

DS Smith manufactures recycled cardboard boxes that are used to hold products such as washing-up powder and tinned tomatoes on supermarket shelves. DS Smith’s fortunes are therefore linked to the sales of consumable products, or fast-moving consumer goods, made by global players such as Nestle (VTX: NESN.VX - news) and Reckitt Benckiser (Xetra: A0M1W6 - news) .

There are encouraging signs coming out of mainland Europe. The eurozone manufacturing indices announced a two-year high on Monday. This is good for DS Smith as it aims to deliver growth of GDP plus 1pc. The group said that packaging volume growth had accelerated during the first quarter, ended July 31, and was now above its targets. This improved trading will be boosted by recent acquisitions.

The packaging group made a bold expansion move last year. DS Smith bought Swedish rival SCA packaging in a €1.6bn (£1.35bn) deal, greatly expanding its footprint across northern Europe. The group now has three-quarters of its business focused in Europe. The impact of the deal can be seen in the table with a step change in revenues during 2012, while the profit impact lagged by a year due to restructuring and other deal costs.

The benefits of the SCA deal are ahead of schedule. DS Smith now expects to make €120m in cost savings over three years from joining the two groups. It had initially expected to save €75m a year after three years.

Dividend growth is a major reason for investors to take a look at DS Smith. “We are here to pay dividends and in a consistent fashion.” said Miles Roberts, chief executive. That isn’t just bluster either as, for the past three financial years, the dividend has grown by an annual average of 36pc. That growth is forecast to slow slightly in the years ahead but should still easily beat inflation. And on the concensus forecast 2014 dividend, the shares offer a handy yield of 3.5pc, rising to 4pc next year.

That dividend is looking secure. At the most recent full-year results the dividend was covered by more than 2.2 times earnings and over 3.7 times by the free cash flow. Mr Roberts said he wants to keep the earnings cover between 2 and 2.5 times earnings. So there is plenty of scope for more increases if the full-year figures match the encouraging start.

Increasing prices should improve profitability into rest of the year. DS Smith has managed to put through a round of paper price increases, which have increased profit margins. Mr Roberts said: “Price increases typically have around a four-month lag on profit performance.” So, if they hold into the second half, it is likely that analysts will have to upgrade numbers after the second-quarter trading update due on November (Xetra: A0Z24E - news) 1.

Shares in DS Smith have had an excellent run. They are up 29pc in the year to date. That means they trade on a 2014 earnings multiple of 12.6 times, falling to 10.2 times next year.

Given the group’s exposure to Europe, a wobble in the region would hurt as earnings per share need to grow by 27pc in the year ahead to reach targets. However, manufacturing indicators are encouraging and that dividend growth is too good to ignore. Questor upgrades to a buy.

Smith (DS): JP Morgan raises target price from 277p to 308p and retains an overweight rating.

Smith (DS): Investec moves target price from 300p to 320p retaining a buy recommendation

DS SMITH PLC - 2013/14 HALF YEAR RESULTS


Highlights

· Market share gains driving organic corrugated packaging volume growth of +2.2%, led by good growth in areas of focus; - Germany and CEE

· Improved performance across our key operational metrics

· Return on sales progression of 40bps to 7.7% despite input cost pressures

· Synergy benefits from SCA Packaging acquisition fully on track

· Results in line with our medium-term targets


http://www.moneyam.com/action/news/showArticle?id=4719096

Broker snap: Investec sees upside risk to forecasts at DS Smith

Thu, 05 December 2013


Investec has upped its target price for DS Smith from 340p to 350p after a better-than-expected first half from the packaging group, saying there is now upside risk to full-year forecasts.

The broker retained its 'buy' recommendation for the shares.

Revenues came in at £2,081m during the first six months of the year, up 25% year-on-year and 1.5% ahead of Investec's forecast. Meanwhile, adjusted operating profit jumped 31% to £160.2m, 4.7% above estimates.

"We see these interim results as very solid, driven by improving volumes and market share gains, in line with the medium term targets. The recent input price increases, while a short-term headwind, do present an opportunity to sell innovation and reduce paper content in the box.

"We leave estimated 2014 fiscal year forecasts unchanged, but with upside risk and being mindful of the first half bias. We expect to upgrade our estimates for the 2015 fiscal year adjusted operating profit by approximately 2% towards £340m," the broker said.

Numis Securites also upgraded its rating for DS Smith from 'hold' to 'add', saying that the business as a positive near- and long-term outlook.

The broker has 349p target price for the stock, valuing it at 14 times full-year earnings for the year ending April 2014 (24.9p).

"Our 14x rating reflects the improving return on capital employed and the opportunities for growth in an industry which now has much improved capital discipline."

The stock was 6.35% higher at 318p by 11:18 on Thursday.

A buy in this weeks IC - DS Smith on target.

Broker Investec Securities expects full year adjusted pre-tax profit of £259m, giving adjusted EPS of 21.3p from £211m and 17.3p in 2013. DS Smith continues to generate organic growth and expects another 60 million euros of cost savings over the next 18 months. Higher paper prices will be recovered in time, too. Smith's shares still trade on a not overly pricey 15 times forecast earnings.

Smith (DS): Berenberg starts with a target price of 400p and a buy recommendation

Smith (DS): Canaccord Genuity initiates with a target price of 370p and a buy recommendation.

Interim Management Statement

RNS


RNS Number : 6368B

Smith (DS) PLC

06 March 2014






6 March 2014

DS Smith Plc - Interim Management Statement

DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues its Interim Management Statement in respect of the three month period to 31 January 2014.



Trading



The business has continued to perform well, in line with our plans, driven by growth across the Group and the ongoing delivery of the previously announced synergies from the acquisition of SCA Packaging.



Like-for-like corrugated box volume growth has remained good and ahead of our medium term financial target of GDP +1%, with Germany and Central and Eastern Europe particularly strong. This volume growth reflects a strengthened customer proposition, driven by innovation and removing complexity and cost from our customers' supply chain. The pass through of input cost rises to date, with the usual short-term impact, has been as expected. Return on sales and ROACE continue to improve as the benefit of synergies flow through.



There has been no significant change in DS Smith's financial position during the period.



Outlook



Our outlook remains positive. Volumes continue to grow and the pass through of increased input costs remains ongoing. The Board expects performance in line with our medium term financial targets and views the remainder of the year with confidence.



Miles Roberts, Group Chief Executive, said:



"The year has continued in line with our plans, despite market conditions remaining difficult. We are continuing to grow volumes in these competitive markets, as our customers seek to consolidate their supplier base, by offering a complete service from design and production right through to supply and recycling via our closed loop model, delivered across Europe. DS Smith's recycled corrugated packaging offers our customers the opportunity to package their products in a cost effective material that provides consistent quality both in their supply chain and the retail environment. As such, we continue to see opportunities for growth in this market and are confident in the prospects for the business."

Sharecast - Comments from JPMorgan Cazenove gave consumer packaging group DS Smith a boost on Wednesday, saying that the recent de-rating of the stock has created an opportunity for investors ahead of a trading update later this month. JPMorgan reiterated its ‘overweight’ recommendation and 355p target price for the stock.

Since the start of February, DS Smith’s share price has fallen by 6.7%, underperforming its peers, and it now trades at similar valuation multiples to others in the sector. “Yet, in our opinion, deserves a premium on account of its lower cyclicality and lower capital intensity,” the bank said.

Pre-close statement

RNS


RNS Number : 8344F

Smith (DS) PLC

30 April 2014






30 April 2014

DS Smith Plc - Pre-close statement

DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues its pre-close trading statement for the year to 30 April 2014.

Summary

Group performance has been in line with our expectations, driven by growth across our businesses and the ongoing delivery of the previously announced synergies from the acquisition of SCA Packaging. The market and business trends from our Interim Management Statement of 6 March 2014 have continued.

Like-for-like corrugated box volume growth has remained good and ahead of our medium term financial target of GDP +1%, with Germany and Central and Eastern Europe continuing to be particularly strong. This growth reflects a strengthened customer proposition, driven by innovation and removing complexity and cost from our customers' supply chains. Return on sales and ROACE continue to improve as the benefit of the combined businesses flow through.

Our outlook remains positive and the Board expects continued performance in line with the Company's medium term financial targets.

Miles Roberts, Group Chief Executive, said:



"We are pleased with the performance of the business in the year, despite market conditions remaining difficult. The strength of our business model is shown by the continued increase in volumes as our customers seek to consolidate their supplier bases. Our complete service from design and production right through to supply and recycling, delivered across Europe, provides our customers with the opportunity to package their products in a recycled, cost effective material that provides consistent quality both in their supply chain and the retail environment. We continue to see opportunities for growth in this market and are confident in the prospects for the business."



Conference call

There will be a conference call at 08:00 today for analysts and investors, hosted by Miles Roberts, Group Chief Executive, and Adrian Marsh, Group Finance Director. Dial-in details:

Standard International Access : +44 (0) 20 3003 2666
UK Toll Free: 0808 109 0700

Password: DS Smith



A play-back facility of this call will be available until 7 May 2014. The dial-in number is: +44 (0)20 8196 1998, access pin 3563988. A recording and transcript of the call will also be available through the Investor Relations section of our website: www.dssmith.com

30 Apr Davy Research N/A Underperform
30 Apr Goodbody N/A Hold
30 Apr Berenberg 400.00 Buy

Telegraph -
Mid-cap share tip of the week: DS Smith

Each week, a fund manager tells us of a favourite medium-sized company. This week: recycled packaging firm DS Smith


Under new EU regulations, waste paper, metal, plastic and glass must be collected separately by councils – and if not, councils must prove that it is all of a similar quality to what’s collected separately.

D S Smith provides corrugated packaging solutions, such as cardboard boxes, as well as recycling services, for major companies Photo: Getty Images


After trebling shareholders’ money over the past five years, recycled packaging firm DS Smith has become a victim of its own success, with some fund managers taking profits and selling down their positions at the start of 2014.


But Tom Becket, who runs money for Psigma Investment Management, believes the selling and share price falls have been overdone. Over three months shares have fallen 9pc to trade at 312p last week, which Mr Becket said should tempt investors to buy.


“The company has gained substantial market share in northern Europe, through acquisitions. With a strong balance sheet the firm could easily do more transactions that are immediately accretive to their earnings,” he said. “The share price has recently come back, but those buying in now will be getting a cheaper price and a healthy yield at 3pc.”


DS Smith provides corrugated packaging solutions, such as cardboard boxes, as well as recycling services, for major companies such as Nestlé.


Mr Becket said: “The company could one day be a one-stop service for Europe-wide companies, such as major supermarkets. This potential organic growth is currently underappreciated by the investment community and could lead to earnings surprises in the years ahead.”

DS SMITH PLC - 2013/14 FULL YEAR RESULTS

Highlights

· Strong growth in profits, returns and dividends

· Organic corrugated packaging volume growth of +2.2% driving market outperformance, led by good growth in areas of focus

· Return on sales progression of 80bps to 7.6% despite input cost pressures

· Synergy benefits from SCA Packaging acquisition fully on track

· Continued delivery of our medium-term targets

· Investment to support further growth and efficiency




http://www.moneyam.com/action/news/showArticle?id=4836476

DS Smith "ticks all the boxes", Investec reiterates 'buy'

Thu, 26 June 2014



In spite of the negative reaction to DS Smith's annual results on Thursday, Investec has recommended investors 'buy' shares of the consumer goods packaging group after its report "tick[ed] all the boxes".

"We see these full-year results as solidly in line with our and consensus expectations in what remain difficult end markets," the broker said.

Pre-tax profit surged to £167m in the 12 months to April 30th from £82m a year earlier as revenue increased 10% to £4.03m. Earnings per share climbed 25% to 21.4p.

Organic corrugated packaging volumes grew 2.2%, ahead of the corrugated packaging market.

"Corrugated box volumes were broadly stable during the second half, ahead of target and show continued market share gains," Investec said.

The broker has placed its 390p target price for the shares under review.

Despite the positive comments, the stock was down nearly 5% at 290.2p by 10:25 on Thursday.

Questor share tip: DS Smith a buy as profits double

The recycled packaging maker has benefited from “particularly strong” volume growth in Central Europe and Italy, but a weak euro could hurt future earnings





Unilever, the Persil maker, is aware that job applicants 'are consumers too', according to a spokesman.

DS Smith said a change of one euro cent in the pound/euro exchange rate affected pre-tax profit by about £1.2m.



By Rebecca Clancy

6:00AM BST 27 Jun 2014




DS Smith
287.3p-18
Questor says BUY


It has been a strong year for DS Smith, the recycled packaging maker whose customers include Procter & Gamble, Nestlé and Unilever, which has reported a doubling in its pre-tax profits.


The FTSE 250 company saw its profits rise 104pc to £167m from £82m in the 12 months to April 30, on revenues of £4.03bn, up 10pc from £3.7bn. Volumes grew 2.2pc ahead of the rest of the corrugated packaging market, in which it specialises, which was ahead of its target of 1pc.



The company said it has benefited from “particularly strong” volume growth in Central Europe and Italy, where it has won new customers and expanded services to existing clients.


Revenues were also boosted by Swedish packaging firm SCA Packaging, which DS Smith acquired in 2012. The latest results included 12 months of earnings from the Swedish company, compared with 10 in the previous year.

However, despite the jump in profits and revenues the shares fell 5.9pc yesterday after the company warned that results in the coming year could be restrained by a weaker euro and conditions in Europe, which it sees as remaining “challenging”. DS Smith manufactures recycled cardboard boxes that are used to hold products such as washing powder and tinned tomatoes, on supermarket shelves.

DS Smith’s fortunes are therefore linked to the sales of consumable products, or fast-moving consumer goods.

“These results have been achieved despite economic conditions across Europe remaining challenging, with the significant pressure on household budgets affecting the entire supply chain,” said Miles Roberts, chief executive.

The company generates about 65pc of its earnings in euros and more than 70pc of its revenue comes from outside of the UK.

DS Smith said a change of one euro cent in the pound/euro exchange rate affected pre-tax profit by about £1.2m.

Justin Jordan, analyst at Jefferies, estimated a 3pc to 4pc hit in the current fiscal year due to the strong pound, while maintaining a “hold” rating on the stock.

Thomas Rand, analyst at Investec, said he expected the euro weakness to trim roughly 2pc of its forecast for earning per share, but said DS Smith remained a “top pick” for the year and maintained his “buy” rating on the stock.

Overall, the current financial year has “started well” and is in line with expectations, Mr Roberts said, despite anticipation that the “difficult consumer economic environment” will remain.

However, there are encouraging signs coming out of mainland Europe.

In the latest set of Purchasing Managers’ Index (PMI) data from the region, “peripheral” Europe — including the countries that were hit the hardest by the global financial crisis — saw output accelerate and growth was at the strongest since August 2007. Across the whole of the eurozone, new orders showed the largest increase since July 2007.

It is also worth noting that the company has raised its dividend again, up 25pc to 10p for the full year.

While the road to recovery in Europe and the UK may not be smooth, the encouraging manufacturing data and strong dividend growth make for a compelling investment.

Questor maintains its Buy rating.

Jefferies sees lower 2015 profit for DS Smith

Wed, 02 July 2014


Jefferies International has reduced its profit forecasts for DS Smith, but says the recycled packaging maker could cash in on acquisitions.

Jefferies said it was cutting its 2014/15 annual pre-tax profit and earnings per share forecasts by 5% to £281.3m and 23p respectively in light of foreign exchange and economic pressure in Europe. It also reduced its price target to 310p from 335p.

Shares in the group, whose clients include consumer goods giants such as Unilever and Nestlé, have fallen nearly a tenth since June, when it reported higher annual profits but said it expected the consumer economic environment to stay tough.

Jefferies advised investors to 'hold' the shares, however, saying the group could cash in on medium-term opportunities including a Eurozone economic recovery, ongoing market share gains and potentially earnings-enhancing mergers and acquisitions.

Shares in DS Smith climbed 5p or 1.8% to 285.4p at 13:06.

Recently appointed non-exec takes stake in DS Smith

Mon, 14 July 2014

Price: 267.60

Chg: 3.30

Chg %: 1.25%


Recently appointed Non-Executive Director of DS Smith, Ian Griffiths, on Monday purchased 15,000 shares, marking his first stake in the consumer goods packaging firm.

The shares were bought for 266.60p apiece for a total spend of £39,990.

The deal comes a few weeks after FTSE 250 DS Smith revealed its full-year profit had more than doubled, despite challenging economic conditions across Europe.

Pre-tax profit surged to £167m in the 12 months to April 30th from £82m a year earlier, as revenue increased 10% to £4.03m. Earnings per share climbed 25% to 21.4p.

Organic corrugated packaging volumes grew 2.2%, ahead of the corrugated packaging market. It said volume growth has been particularly strong in its Central Europe and Italy region after new customer wins and expanding services to existing customers.

Questor share tip: DS Smith shares look oversold

The FTSE 250 listed packaging group has suffered a selloff this year and it looks overdone, says Questor



Market consensus is for DS Smith to increase pre-tax profits to £271m, on revenue of £4.12bn in the year ended April

Market consensus is for DS Smith to increase pre-tax profits to £271m, on revenue of £4.12bn in the year ended April Photo: ALAMY

By John Ficenec, Questor editor

6:00AM BST 07 Aug 2014

DS Smith
259.6p-3p
Questor says BUY


SHARES in recycled packaging maker DS Smith [LON:SMDS] have slumped by more than 20pc this year as costs rise and foreign currency movements hit profit forecasts. But Questor thinks the shares are now looking oversold and investors should stick with the chunky dividend income.


The FTSE 250 company, whose customers include Procter & Gamble, Nestlé and Unilever, warned during its full-year results in June that results in the coming year would be hit by a weaker euro and price competition across the European marketplace.


That sent shares down almost 6pc on the day; they have fallen by more than 20pc in the two months since.


The company generates about 65pc of its earnings in euros and more than 70pc of its revenue comes from outside of the UK. DS Smith said a change of one euro cent in the pound/euro exchange rate affected pre-tax profit by about £1.2m.

The packaging group manufactures recycled cardboard boxes that are used to hold products such as washing powder and tinned tomatoes on supermarket shelves and the rising price of paper and cardboard has also eaten into profitability.

DS Smith’s debts have increased following the deal to buy Swedish packaging firm SCA Packaging in 2012: net debt increased to £827m at the end of April.

That said, DS Smith’s sales are linked to consumable products and fast-moving consumer goods.

Stocks with exposure to consumer goods are seen as a good defensive bet during a downturn: people will continue buying cleaning products long after they have reined back luxury purchases, meals out and gifts.

Market consensus is for DS Smith to increase pre-tax profits to £271m, on revenue of £4.12bn in the year ended April, giving 24.2p in earnings per share. That leaves the shares trading on 10.8 times forecast earnings and looking oversold.

DS Smith now trades at a 10pc discount to sector peer Mondi and the wider European packaging sector. The shares are now down slightly on our initial advice (Buy, 267.5p, September 4).

While investors wait for a recovery there is also a prospective dividend yield of 4.3pc on offer, and that dividend is covered more than twice by earnings and almost twice by free cashflow. Questor maintains the long term view on DS Smith: buy.

11 Sep Jefferies... 310.00 Hold

Interim Management Statement

RNS


RNS Number : 8643R

Smith (DS) PLC

17 September 2014






17 September 2014

DS Smith Plc - Interim Management Statement

DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues its Interim Management Statement in respect of the period since 1 May 2014. DS Smith will hold its Annual General Meeting at 11am today.



Trading



The business has made good progress since the start of the year and performance has been in line with our plans. Like-for-like corrugated box volumes have improved in all our regions, with growth ahead of last year's rate and our medium term financial target of GDP +1%. This growth reflects strong customer support for our proposition, driven by our focus on product and service innovation and removing complexity and cost from our customers' supply chains. Return on sales and ROACE continue to improve, benefiting from the organic growth together with the ongoing delivery of previously announced synergies from the acquisition of SCA Packaging.



Financial position



On 1 September 2014, we completed the previously announced disposal of our Scandinavian foam business for £24 million. We concluded our 2013 triennial pension review, with the ongoing cash contribution schedule to the pension fund remaining unchanged.



Outlook



Our outlook remains positive as volumes continue to grow, despite competitive market conditions. The Board expects continued performance in line with our medium term financial targets and views the remainder of the year with confidence.



Miles Roberts, Group Chief Executive, said:



"We continue to make significant progress in developing our differentiated offer for customers in the UK and Continental Europe. Volume performance has been strong as pan-European customers seek to consolidate their supplier bases and recognise the need for well-designed, recycled packaging at the in-store point of sale, where the buying decision is increasingly being made. Notwithstanding continued headwinds in many of our markets, performance has been in line with our plans. The market remains fragmented, providing ongoing opportunities for growth and we are confident in the prospects for the business."



Conference Call



A conference call for analysts and investors, hosted by Miles Roberts, will take place today, 17 September 2014 at 8.00am London time. The dial-in number is:



UK / International +44 (0)20 3003 2666

UK Toll Free 0808 109 0700

Password DS Smith



A play-back facility of this call will be available until 24 September 2014. The dial-in number is: +44 (0)20 8196 1998, access pin 9303748. A recording and transcript of the call will also be available through the Investor Relations section of our website: www.dssmith.com/investors.



Forthcoming Dates


Half year trading update

Results for the half year to 31 October 2014

6 November 2014

4 December 2014

17 Sep Investec 380.00 Buy
17 Sep JP Morgan... 368.00 Overweight

Questor share tip: DS Smith has strong start

The FTSE 250 listed packaging group has a good start to the new financial year sending shares higher, says Questor


Market consensus is for DS Smith to increase pre-tax profits to £271m, on revenue of £4.12bn in the year ended April

Market consensus is for DS Smith to increase pre-tax profits to £271m, on revenue of £4.12bn in the year ended April Photo: ALAMY








By John Ficenec, Questor editor

6:00AM BST 18 Sep 2014



DS Smith
286.9p+13.9p
Questor says BUY


SHARES in recycled packaging maker DS Smith [LON:SMDS] jumped more than 5pc yesterday as the company said sales volumes were up in the first quarter of the new financial year. The upbeat update means Questor’s advice that the shares were looking oversold is paying out nicely.





The FTSE 250 company, whose customers include Procter & Gamble and Unilever, manufactures packaging for consumable consumer goods such as washing powder and tinned tomatoes on supermarket shelves.


The packaging group said like-for-like corrugated box volumes since May 1 have grown across all DS Smith’s regions, with growth ahead of last year’s rate and its target rate of “GDP +1pc”.

The company added that it bought a Scandinavian foam business for £24m and that, following the triennial pension review, no drastic changes were required to the funding.

The company generates about 65pc of its earnings in euros and more than 70pc of its revenue comes from outside the UK. DS Smith said a change of one euro cent in the pound/euro exchange rate affected pre-tax profit by about £1.2m.

Miles Roberts, chief executive, said: “Notwithstanding continued headwinds in many of our markets, performance has been in line with our plans.”

DS Smith is still generating plenty of cash and the dividend is covered more than twice by free cash flow. Analysts from Investec expect net debt to fall to about £750m by next April, down from about £830m

Market consensus is for DS Smith to increase pre-tax profits to £271m, on revenue of £4.12bn in the year ended April, giving 24.2p in earnings per share. That leaves the shares trading on 11.3 times forecast earnings.

Questor said “DS Smith shares look oversold” at 259.6p on August 7, and so they proved, rising by almost 11pc in little over a month.

We didn’t expect the recovery to be that quick and we think there could be a little longer to run with the prospective dividend yield of 4pc on offer, and that dividend is covered more than twice by earnings. Questor maintains the long-term view on DS Smith: Buy.

Smith (DS): Investec cuts target price from 380p to 350p and stays with its buy recommendation.

H1 trading update and acquisition

RNS


RNS Number : 2867W

Smith (DS) PLC

06 November 2014






6 November 2014

DS Smith Plc - H1 trading update and acquisition

DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues a trading update for the half-year to 31 October 2014 and announces the acquisition of Spanish corrugated board producer Andopack.

Trading update

Group performance remains in line with our expectations, with continued good growth across all regions. The market and business trends discussed in our Interim Management Statement of 17 September 2014 have continued.

Like-for-like corrugated box volume growth is ahead of last year and our medium term financial target of GDP +1%. Return on sales and ROACE continue to improve and our focus on working capital and tight capital management has delivered a strong cash flow performance.

Acquisition of Andopack

We are pleased to announce the acquisition of Andopack, a Spanish corrugated board producer. Andopack is a very well-invested and growing business with good access to both Barcelona and Madrid.

The acquisition gives the Group a direct market position in Spain, allowing us to meet the demands from our pan-European customers to have a presence in this important market. Andopack will provide cost and cash saving opportunities and an excellent platform for growth as we leverage our scale, innovation and customer relationships.

The total consideration, including the assumption of debt, is expected to be circa £35m, subject to closing adjustments, representing a post synergy multiple of between 5.0 and 6.0x EBITDA. The transaction is being financed from existing cash resources and is expected to deliver a return on invested capital above our cost of capital in the second year of ownership.

Outlook

Our outlook remains positive as the business continues to grow, despite economic headwinds in many of our markets. The Board expects continued performance in line with the Group's medium term financial targets.

Miles Roberts, Group Chief Executive, said:

"In the first half of this financial year, we have continued to make good progress with our customers, benefitting from our differentiated commercial offering. We have again delivered volume growth ahead of the market, together with improved margins and returns.

The acquisition of Andopack in Spain is an exciting development for DS Smith as we continue to strengthen our pan-European customer offering. Andopack has high quality assets and we look forward to growing it further as we expand in this attractive market."

7 Nov Investec 350.00 Buy
7 Nov JP Morgan... 368.00 Overweight
6 Nov Goodbody N/A Hold
4 Nov Citigroup 350.00 Buy

Half Yearly Report

Highlights

· Continued success with customers driving growth

o Corrugated packaging volume growth of +2.3% - all regions in growth

o Underlying(6) revenue growth of 2.0%

· Strong financial performance in line with our KPI's

o Return on sales(4) increase of 130 bps (constant currency) to 8.9%

o ROACE(5) improvement of 170 bps to 13.8%

o Strong cash flow generation

o Net debt reduced by £133 million to £694 million

· Active investment and management of business portfolio

o 4 acquisitions and 2 disposals announced or completed

o Roll-out of design centre network through Europe



http://www.moneyam.com/action/news/showArticle?id=4936152

4 Dec Davy Research N/A Underperform
4 Dec JP Morgan... 360.00 Overweight
4 Dec Investec N/A Buy
4 Dec Canaccord... 370.00 Buy

Buy DS Smith for long term gains

The FTSE 250 listed packaging group has a good first half with profits up sharply, says Questor





First half pre-tax profits jumped 45pc to £123m, despite revenue falling 5pc on the euro’s weakness

First half pre-tax profits jumped 45pc to £123m, despite revenue falling 5pc on the euro’s weakness Photo: ALAMY


By John Ficenec, Questor Editor

11:49AM GMT 05 Dec 2014


DS Smith
303.8p+15.4p
Questor says BUY


DS SMITH’s first-half profits beat market expectations, sending shares in the recycled packaging group up more than 5pc yesterday.





Investors were rewarded with a 16pc increase in the interim dividend, and Questor thinks the shares are worth hanging on to for future gains.


The FTSE 250-listed company is operating in some very tough European markets, but online shopping and discount retailers are driving sales higher.



DS Smith generates about 65pc of its earnings in Europe, while more than 70pc of its revenue comes from outside of the UK.

Economic conditions across Europe are subdued. However, Miles Roberts, chief executive, is confident on the company’s outlook: “Packaging has never been more important for our customers.”

The recycled packaging maker’s customers include Procter & Gamble, Nestlé and Unilever, who demand boxes that hold products in a “shelf-ready” format. DS Smith can charge more for these boxes as they reduce costs for retailers, who in turn need fewer staff to stack shelves.

Transporting food long distances and keeping it fresh on shelves for longer will see more plastic and boxes being used in stores.

The boom in online retailing is also increasing the demand for cardboard packaging. The material remains the cheapest and easiest method to transport individually wrapped items through the post.

The like-for-like volume of packaging that DS Smith sold increased by 2.3pc during the six months ended October. Pre-tax profits jumped 45pc to £123m, despite revenue falling 5pc on the euro’s weakness.

DS Smith has been reducing costs since it paid €1.6bn (£1.35bn) for Swedish rival SCA in 2012. The deal increased DS Smith’s exposure across northern Europe, with the company now generating three-quarters of its sales from the continent as a whole.

The profit performance was 15pc ahead of analysts’ expectations, with a particularly strong performance in central Europe, Italy and the UK.

The sharp increase in profits meant the profit margin for the group rose 120 basis points to 8.9pc, towards the top end of company’s targeted range.

DS Smith can continue to increase shareholder returns against a tough European backdrop. It is now selling more cardboard boxes at a faster rate and at a higher profit margin, even after adjusting for additional sales from the SCA acquisition.

DS Smith is generating plenty of cash, and net debt – total debt less cash – has fallen to £694m, down £133m from a year ago. Those debt levels don’t look that risky against a balance sheet net asset value of £1.13bn at the end of October.

Investors are enjoying a decent income stream from DS Smith and the interim dividend was increased from 3.2p to 3.7p, ex-dividend April 5 and payable May 1.

The shares provide a full-year prospective dividend yield of 3.8pc, with payouts having increased about 12pc a year for the past four years.

With its finances looking reasonably robust, DS Smith is looking to expand into new markets. The company has recently purchased a Spanish packaging company and has signed a letter of intent. The deal, if completed, would expand the company into Turkey.

Shares in DS Smith have risen 17pc since Questor said they looked oversold on August 7 at 259.6p. However, there could be more gains to come. The shares trade on 12.2 times forecast earnings, falling to 11.3 times next year, which is in line with packaging sector peers on about 12 times forecast earnings.

DS Smith is growing earnings and the dividend by double digits, while the cash on the balance sheet also provides options for growth or returns. Buy.

05/12/2014 BUY Kathleen O'Donovan NED 10,471
05/12/2014 BUY Louise Smalley NED 14,615

UBS highlights further M&A opportunities for DS Smith

Mon, 08 December 2014



Price: 314.50

Chg: 2.80

Chg %: 0.90%

Date: 16:15



FTSE 250 Quote


Price: 15,962.29 Chg: -40.59 Chg %: -0.25% Date: 16:15

UBS has lifted its target price for packaging group DS Smith from 340p to 355p and reiterated a 'buy' rating after the company's strong first-half results, saying it sees the potential for more deals in the future.
"DS Smith delivered an impressive performance during H1 with robust volume growth being delivered alongside further M&A activity and deleveraging," the bank said.

It said that all key metrics showed improvements, such as corrugated card volumes, margins, return on average capital employed and cash generation.

DS Smith has either completed or announced the disposal of two businesses and the acquisition of four business over the past six months, but UBS believes that there are still more opportunities for the company.

"We believe the fragmented nature of the European corrugated industry, with the top five players accounting for only circa 40% of the market, offers opportunities for further consolidation and the deleveraging being delivered by DS Smith gives it the capacity to make additional acquisitions," the bank said.

"Inclusive of the £35m spend on Andopack, we continue to believe DS Smith can spend circa £600m on acquisitions."

The stock was up 1% at 314.76p by 11:01, and has now risen by 9% since its first-half results last Thursday

Top performing sector today
Forestry & Paper 12,688.66 +2.43%

2 Feb Canaccord... 370.00 Buy

17 Feb Jefferies... 360.00 Buy (upgrade)

Proposed acquisition of Duropack & trading update
RNS
RNS Number : 5333F
Smith (DS) PLC
23 February 2015



23 February 2015



DS Smith Plc

Proposed acquisition of Duropack and trading update



Proposed acquisition of Duropack

DS Smith Plc ("DS Smith"), the leading provider of recycled corrugated packaging in Europe, is pleased to announce the proposed acquisition of the Duropack business ("the acquisition") for approximately €300m (c.£220m). Duropack, a recycled corrugated board packaging business with market-leading positions across South Eastern Europe, is being acquired from CP Group 2 BV, a One Equity Partners subsidiary.

The acquisition is highly complementary to DS Smith's geographic footprint and transforms our position in higher-growth South Eastern European geographies, further strengthening our pan-European capabilities to our existing customer base in addition to providing access to new customers.

Duropack has number one or two market positions in many of the geographies in which it operates and, combined with DS Smith's existing operations in Hungary, Slovakia and Austria, will have a leading position across South Eastern Europe.

The business is well invested with high quality assets and operates a "short paper, long fibre" model similar to that of DS Smith.

In 2014 the business delivered EBITDA of €41 million and EBIT of €22 million on turnover of €273 million. Cost synergies of €12 million, are expected to be realised within three years of ownership. The additional investment required to integrate the acquisition is c.€13 million, incurred over the first two years. This will be funded by cash savings, driven by working capital efficiencies and tight cash management.

The total consideration, including the assumption of debt, is expected to be circa €300 million, subject to customary post-closing adjustments, representing a post synergy multiple of 5.7 times EBITDA.

The acquisition is being financed from existing debt facilities. It will be immediately accretive to earnings per share and generate a return above our cost of capital during the second year of ownership.

The acquisition is subject to competition clearance, which we expect in calendar Q2, with completion shortly thereafter.

Trading update

In the three month period to 31 January 2015, the business has continued to perform in line with our plans. Volumes have been ahead of the run-rate achieved in the first half of the year and remained positive in all regions, with Central Europe and Italy particularly strong. We are delighted by the initial customer reaction to our recent acquisition of Andopack and performance there has been in line with our expectations.



On 30 January 2015, we completed the disposal of our testliner mill in Nantes, France, which had capacity of c. 60 thousand tonnes. This transaction is in line with our strategy to exit paper manufacturing which does not sufficiently complement our Packaging business. There will be an exceptional charge of £9 million, of which £7 million is non-cash.



Our outlook remains positive as the business continues to perform in line with our medium term financial targets, despite economic headwinds in many of our markets, and the Board views the future with confidence.



Miles Roberts, Chief Executive of DS Smith said:

"Duropack is an excellent business and a highly complementary fit. It is a further important step in our strategy to leverage our scale and strengthen our geographic footprint. Duropack has high quality assets with market leading positions. We look forward to it contributing to the overall growth of DS Smith in attractive markets where we were previously under-represented.



Since our half-year, we have continued to make good progress with our customers, benefitting from our differentiated commercial offering and the ongoing roll out of our design centres. Our volume performance has been strong, as the rapidly changing retail environment and consumer buying patterns make well-designed recycled packaging increasingly relevant."

////////////////////////////////////////////////////////////////////////////////////////////////
23 Feb Berenberg 340.00 Hold
23 Feb JP Morgan... 380.00 Overweight

24 Feb Investec 410.00 Buy
24 Feb Jefferies... 410.00 Buy

DS Smith PLC (SMDS:LSE) set a new 52-week high during Wednesday's trading session when it reached 369.44. Over this period, the share price is up 7.02%.

Trading Statement
RNS
RNS Number : 2750M
Smith (DS) PLC
06 May 2015



6 May 2015



DS Smith Plc - 30 April 2015 Year end trading update



CONTINUED GOOD GROWTH



DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today announces a trading update for the year to 30 April 2015.



Trading update

Group performance in the year has been in line with our expectations, with strong underlying growth more than offsetting the continued strengthening of sterling on translated results. The market and business trends from our trading update of 23 February 2015 have remained consistent with volume growth in H2 ahead of our first half and the prior year. Growth has been across all regions, as the roll-out of our design centres and proposition continues to gain good customer traction.



Return on sales and return on capital continue to improve due to further business integration, increasing our value-added products and services to customers, and operational efficiencies, combined with tight working capital management.



Our outlook remains positive as the business performs in line with our medium term financial targets, despite economic headwinds in many of our markets, and the Board continues to view the future with confidence.



Duropack update

Following the announcement of the proposed acquisition of Duropack, on 23 February 2015, the necessary competition filings have been made and it is expected that completion will take place in Q1 of our financial year 2015/16. Plans are in place to integrate this business immediately from completion and we look forward to building on the excellent market positions that Duropack already has in its regions.



Miles Roberts, Group Chief Executive, said:

"We are pleased with the performance of the business in the year, in particular the continued market share and volume growth. We continue to actively manage our business portfolio and the progress we have made with customers during the year, together with the opportunities we see for growth in

Shares - DS Smith is expected to be strongly cash generative over the net two or three years and a significant proportion of this will be spent on capex and acquisitions, which should yield good returns and create value for shareholders.

21 May Berenberg 350.00 Hold

Proposed acquisition
RNS
RNS Number : 1841R
Smith (DS) PLC
25 June 2015

25 June 2015



DS Smith Plc

Proposed acquisition of Grupo Lantero's corrugated business



DS Smith Plc ("DS Smith"), the leading provider of recycled corrugated packaging in Europe, is pleased to announce today that we have reached an agreement to acquire the corrugated activities of Grupo Lantero, including several operations in which DS Smith currently has a minority holding. The business is a well-invested Iberian corrugated producer with a strong focus in the FMCG sector, operating seven sites across Spain. This acquisition significantly strengthens our operations in Spain, an important and growing market for corrugated packaging, taking our market share to approximately 10%. It also builds on our recent acquisition of Andopack in calendar Q4 2014, where we have seen a very positive customer reaction to our product and service offering. The acquisition is subject to competition clearance, which we expect during calendar Q3 2015 with completion shortly thereafter.



The total consideration, including the assumption of debt, is expected to be circa €190m, subject to closing adjustments, representing a post synergy multiple of between 5 and 6x EBITDA. The transaction is being financed from existing cash resources and is expected to deliver a return on invested capital above our cost of capital in the second year of ownership.



Miles Roberts, Chief Executive of DS Smith said:

"We are delighted to announce the acquisition of the corrugated activities of Grupo Lantero. It is a high quality business that we have known and partnered with for a number of years and significantly increases our offering to Pan-European customers in this large and growing market. It is a further important step in our strategy to leverage our scale and strengthen our geographic footprint and we look forward to working with Grupo Lantero stakeholders and contributing to the overall growth of DS Smith."



Enric Holzbacher, Chief Executive of Grupo Lantero added:

"We are very pleased to hand over our corrugated packaging business to our partner DS Smith. We are convinced that DS Smith has a strong alignment with our FMCG sector and will further develop our well established customer relationships. Grupo Lantero has decided to strategically focus its activities on its multinational rigid and flexible plastic divisions: Coexpan and Emsur."

Final results

Highlights

· Strong growth in profits, returns and dividends, despite FX headwinds

· Organic corrugated box volume growth of +3.1%

o Acceleration in H2

o Market share gains

· Strengthened the quality of the business portfolio and continued value creation from acquisitions

o Four acquisitions announced in the year, including Andopack in Spain and Duropack in south eastern Europe

o Announcing today the proposed acquisition of Grupo Lantero's corrugated business for €190 million, substantially expanding our position in Iberia

· Continued delivery against all our medium-term targets

o Significant improvement in return on sales and ROACE

o Strong cashflow and working capital performance

o Net debt reduced to £651 million, 1.49x EBITDA

25 Jun Investec 430.00 Buy
25 Jun JP Morgan... 420.00 Overweight

Questor-share-tip-Profits-jump-20pc-higher-at-DS-Smith.

26 Jun Barclays... 360.00 Overweight
26 Jun Jefferies... 435.00 Buy
25 Jun Investec 430.00 Buy
25 Jun JP Morgan... 420.00 Overweight

Lantero's completion announcement
RNS
RNS Number : 7854U
Smith (DS) PLC
03 August 2015



3 August 2015

DS Smith Plc

Completion of acquisition of Grupo Lantero's corrugated business



DS Smith Plc ("DS Smith"), the leading provider of recycled corrugated packaging in Europe, is pleased to announce the completion of the acquisition of the corrugated activities of Grupo Lantero ("the acquisition") on Friday 31 July, for approximately €190m (c.£135m), following receipt of competition authority clearance.

The business is a well-invested Iberian corrugated producer with a strong focus in the FMCG sector, operating seven sites across Spain. This acquisition significantly strengthens our operations in Spain, an important and growing market for corrugated packaging, taking our market share to approximately 10%. It also builds on our recent acquisition of Andopack in calendar Q4 2014, where we have seen a very positive customer reaction to our product and service offering.



Miles Roberts, Chief Executive of DS Smith said:

"We are delighted to announce the completion of the acquisition of the corrugated activities of Grupo Lantero. It is a high quality business that we have known and partnered with for a number of years and significantly increases our offering to Pan-European customers in this large and growing market. It is a further important step in our strategy to leverage our scale and strengthen our geographic footprint and we look forward to working with Grupo Lantero stakeholders and contributing to the overall growth of DS Smith."



Enric Holzbacher, Chief Executive of Grupo Lantero added:

"We are very pleased to complete the handover of our corrugated packaging business to our partner DS Smith. We are convinced that DS Smith has a strong alignment within the FMCG sector and will further develop our well established customer relationships. Grupo Lantero has decided to strategically focus its activities on its multinational rigid and flexible plastic divisions: Coexpan and Emsur."

Shares - Davy analyst Barry Nixon says positive containerboard and corrugated pricing momentum should result in further upgrades as the year progresses.

AGM Statement
RNS
RNS Number : 3454Y
Smith (DS) PLC
08 September 2015

8 September 2015

DS Smith Plc - AGM trading statement

DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues a trading update in respect of the period since 1 May 2015. DS Smith will hold its Annual General Meeting at 12 noon today.



Trading update

The business has made good progress since the start of the year and performance has been in line with our expectations. Volume growth remains good and reflects the continued customer support for our unique products and service proposition on a pan-European basis.



Our return on sales and return on average capital employed have both shown further improvement versus the comparable prior year period, reflecting the ongoing benefits from our scale which gives us the opportunity to gain share and lead the market in quality and innovation while remaining competitive on price.



Strengthening our business

We continue to actively manage our asset portfolio to enhance the quality of our business and our geographic footprint. On 31 May 2015, we completed the acquisition of Duropack, a recycled corrugated packaging business with market-leading positions across south eastern Europe, for €305 million. We are very pleased with the reaction from employees and from customers, with a limited impact on volumes from customer overlap. The integration work to date has progressed well and we now expect cost synergies of €15 million per annum and cash synergies of €18 million to be delivered within three years of ownership, compared to the original estimates of €12 million and €13 million respectively.



On 31 July 2015 we completed the acquisition of the corrugated activities of Grupo Lantero for approximately €190 million. The business is a well-invested Iberian corrugated producer with a strong focus in the FMCG sector and the acquisition significantly strengthens our operations in Spain, an important and growing market for corrugated packaging, increasing our market share to approximately 10%. Integration is progressing well and we are pleased with the initial response.



On 18 May 2015, the Group completed the sale of StePac, a specialist modified atmosphere packaging business based in Israel, for $31 million.



On 26 August 2015, we announced to employees the proposed closure of Wansbrough Mill and the commencement of employee representative consultation.



Outlook

Our outlook remains positive as volumes and financial returns continue to grow, despite ongoing challenging market conditions. The Board expects continued performance in line with our medium term financial targets and views the remainder of the year with confidence.

Miles Roberts, Group Chief Executive, said:

"We are pleased with our start to the year as we continue to grow organically and actively manage our business portfolio. Packaging has ever increasing relevance in a dynamic retail and consumer environment and our progress with customers is evidenced by continued volume growth, together with increased margins and returns, from our compelling offering and enhanced geographic footprint. We have a clear vision of further growing DS Smith both in geographic scale and quality of service and our most recent acquisitions, together with the customer and market opportunities for growth, give us confidence for the future."

8 Sep Investec 450.00 Buy
8 Sep JP Morgan... 440.00 Overweight

16 Sep Goldman Sachs 430.00 Neutral

01 Oct 2015 Smith (DS) PLC (7.7 P) Ex dividend

DS Smith downgraded by Jefferies
StockMarketWire.com
Jefferies has downgraded its recommendation on Europe's second largest corrugated packaging producer DS Smith (LON:SMDS) to hold from buy following a recent period of share price outperformance which has seen the stock close in on its target price.

The shares are up 11 per cent over the past 6 months and are up 19 per cent since the beginning of the year.

The broker also highlighted 4 key issues faced by the business, which include the volume and price outlook, the M&A pipeline, foreign exchange risks and innovation concerns.

Analysts have left their price target unchanged at 435 pence a share, implying around 10 per cent potential upside.



At 3:24pm: (LON:SMDS) Smith DS PLC share price was -12.85p at 370.15p

Acquisition of Greek corrugated packaging business
RNS
RNS Number : 1667C
Smith (DS) PLC
14 October 2015

14 October 2015



DS Smith Plc

Acquisition of Cukurova Group's Greek corrugated packaging business



DS Smith Plc ("DS Smith"), the leading provider of recycled corrugated packaging in Europe, is pleased to announce the acquisition of the Greek corrugated packaging business of Cukurova Group.



The business is the clear market leader in Greece with a turnover of approximately Euro80m from 3 production facilities. It has a strong focus in the FMCG sector and excellent customer relationships.



The transaction is fully expected to deliver the stated Group medium term financial targets within 3 years.



Simultaneously, DS Smith has entered into an agreement, subject to regulatory approvals, to sell its minority shareholding in Cukurova Group's Turkish corrugated paper and packaging entities to the Cukurova Group. These entities previously owned the Greek business being acquired.



Miles Roberts, Chief Executive of DS Smith said:

"We are delighted to announce the acquisition of the Greek corrugated packaging activities of the Cukurova Group. It is a high quality and stable business that we have known and partnered with for a number of years. It further strengthens and is very complementary to our recently enlarged presence in the growing region of South Eastern Europe.



It is a further important step in our strategy to expand our geographic footprint and to support our customers. We look forward to working with our new colleagues and delivering sustainable and profitable growth in the region."

Half Year pre close statement
RNS
RNS Number : 4840D
Smith (DS) PLC
27 October 2015

27 October 2015



DS Smith Plc - pre-close trading statement

for the half year ending 31 October 2015



DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues a pre-close trading statement for the half year ending 31 October 2015.



Group performance remains in line with our expectations, and the business and market trends, as detailed in our trading update on 8 September 2015, have continued. Volume growth remains good while margins, ROACE and EPS continue to show strong growth.



We continue to actively manage our asset portfolio to enhance the quality of our business and our geographic footprint. We have been very active in the half year period completing the acquisitions of Duropack, Lantero and most recently, the acquisition of the market leading corrugated business in Greece. At the same time, we agreed to sell our stake in the Turkish operations of Cukurova Group and we have announced a proposal to reduce our paper capacity via the closure of our Wansbrough paper mill.



Performance of the acquired businesses to date has been better than originally anticipated with good customer reception to our entry into new markets.


Miles Roberts, Group Chief Executive, said:

"We are very pleased with the growth in margins, returns and earnings delivered in the year so far. We have achieved this by a continued focus on delivering for our customers by developing our geographic coverage and the quality of our service offering and customer relationships.



Our outlook remains positive as volumes and financial returns continue to grow, despite no change in market conditions. The Board expects continued performance in line with our medium term financial targets, views the remainder of the year with confidence and remains excited about the opportunities for the Group."



Forthcoming Dates

Results for the half year to 31 October 2015
3 December 2015

27 Oct Canaccord... 430.00 Hold

28 Oct Davy Research N/A Underperform
28 Oct JP Morgan... 440.00 Overweight
27 Oct Canaccord... 430.00 Hold

Half year results

Market Buzz



Fri, 04 December 2015


Friday newspaper share tips: DS Smith a share to keep



Smith (DS) Quote more






Price: 396.60

Chg: 2.10

Chg %: 0.53%

Date: 16:35



FTSE 250 Quote


Price: 17,366.94 Chg: -24.93 Chg %: -0.14% Date: 17:14

(ShareCast News) - DS Smith is being unpacked by the papers in Friday's share tips.
The FTSE 250 packaging group posted a drop in first half pre-tax profit and revenue as the packaging company took a hit from restructuring costs.

For the six months to the end of October, pre-tax profit fell 26% to £91m as the group booked £48m of exceptional costs, namely related to the closure of its Wansborough paper mill and other restructuring activity.

Meanwhile, revenue slipped 1% from the first half of last year to £1.95bn. At constant currency, however, revenue was up 6%.

The Telegraph's Questor noted that while the business of cardboard boxes may to some be a bit boring, it has proven reliable enough to support growth and expand through acquisitions.

It said that the company still has plenty of scope to carry on growing, with a market share of around 16% in Europe.

Questor also highlighted that while the acquisitions have driven debt levels up, investors should not worry as the company has a habit of reducing debt levels quickly as it generates cash.

It said the shares have been on a great run over the year and as the company is growing earnings, the dividend should rise by quite a bit and advised to 'hold for the income'.

The Times' Tempus was a bit more optimistic and rated the shares a 'buy' on Friday.

It said that when chief executive Miles Roberts arrived at the company, he promised he would make it the leader in recycled packaging for consumer goods - a promise he's kept through acquisition.

Tempus also said that the company has worked closely with customers to develop packaging they need to promote greater efficiencies.

However it pointed out the company's weakness to exchange rates, specifically the fall in the euro against the pound, as well as the company's exceptional restructuring costs.

It said yesterday's 21.5p fall in the share price was hard to fathom and advised the fall helps it look like an attractive buying opportunity, observing that the company is still performing well and is building in future growth.

DS Smith (LON:SMDS), up 7.7%. Charles Stanley has initiated coverage on the packaging firm with a 'buy' rating.

Broker Forecast - Canaccord Genuity issues a broker note on Smith (DS) PLC
Canaccord Genuity today upgrades its investment rating on Smith (DS) PLC (LON:SMDS) to buy (from hold) and left its price target at 430p. Story provided by StockMarketWire.com

DS Smith Plc - trading statement
RNS
RNS Number : 4677R
Smith (DS) PLC
09 March 2016

9 March 2016



DS Smith Plc - trading statement



DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues a trading update in respect of the four month period since 1 November 2015.



Trading update

In the second half of the year to date, the business has continued to progress in line with our expectations. Volume growth has been good, particularly in Western Europe and South Eastern Europe, where as expected, customers have reacted positively to our business offering including access to our design and innovation capability. Growth from pan-European customers continues to benefit from our increased scale and coverage and reflects our continued investment in quality, service and innovation.



Our return on sales and return on average capital employed have both shown further improvement versus the comparable prior year period, reflecting the benefit of operating leverage and the strength of our business model.



Strengthening our business

On 23 January 2016, we completed the acquisition of Milas Ambalaj, a high quality producer of specialist corrugated packaging and displays in Istanbul, Turkey. Integration is progressing as planned and we are pleased with the initial customer reaction. The businesses acquired in the first half of the year, in Iberia and South Eastern Europe, also continue to deliver in line with our expectations.



Outlook

Our outlook remains positive as volumes and financial returns continue to grow, despite ongoing challenging market conditions. The Board continues to anticipate performance in line with our medium term financial targets and views the remainder of the year with confidence.



Miles Roberts, Group Chief Executive, said:

"We are pleased with progress in the year to date as we continue to grow organically and integrate the businesses acquired over the past year, with a positive customer reaction. We aim to continue to develop our high quality packaging offering while extending our geographic reach. The performance of the business, together with the customer and market opportunities for growth, gives us confidence for the future."

Broker Forecast - Goodbody issues a broker note on Smith (DS) PLC
Goodbody today upgrades its investment rating on Smith (DS) PLC (LON:SMDS) to hold (from sell). Story provided by StockMarketWire.com

Trading Statement

RNS


RNS Number : 4315W

Smith (DS) PLC

27 April 2016




27 April 2016

DS Smith Plc - pre-close trading statement

Another year of good progress



DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues a pre-close trading statement for the year ending 30 April 2016.



Group performance remains in line with our expectations. The trends described in our trading statement of 9 March 2016 have continued, with good volume growth across the business, and returns on sales and on average capital employed improved versus the comparable period. Growth from our large pan-European customers has been particularly strong, and has also been driven by our solutions for the fast growing e-commerce channel.



In line with our strategy, we are continuing to expand our geographic footprint and customer offering. We have invested around €600 million in acquisitions in this financial year, which are performing fully in line with our expectations. Most recently we have acquired TRM Packaging, a producer of specialist corrugated packaging and retail ready packaging, based in the North West of England, which will enhance our capabilities in this region.



Miles Roberts, Group Chief Executive, said:

"Packaging, and the supply chain in which it plays a part, is of great importance to our customers as they adapt for the evolving multi-channel retail environment. Over the year we have grown organically and by acquisition while at the same time improving our margin, and we remain excited about the opportunities for the business."



Forthcoming dates


Results for the full year to 30 April 2016

23 June 2016

Proactive investor - Thursday will also see final results from packaging company DS Smith (LON:SMDS), investors will be keen for an update on China expansion plans.

Full year results

Highlights

· Continued outperformance of the market

o Strong organic corrugated box volume growth of +3.1%

o Growth in all regions

o Excellent growth from pan-European customers and e-commerce

· Substantial investment to further strengthen the business

o Five acquisitions completed in the year, performing ahead of expectations

o Capital invested in-line with strategic priorities

· Continued delivery against our medium-term targets

o Sustainable financial returns

o Significant margin progression and record ROACE

· Further geographic expansion

o New or expanded presence in 13 countries

o Proposed acquisition of Gopaca in Portugal

o Acquisition of Creo - specialist Point of Sale / display

ShareCast News) - One of Britain's leading captains of industry is to warn the new Brexit minister that he may be forced to relocate his £4 billion UK-based manufacturing group to the Continent if the government does not keep the country within the European single market. In one of the first explicit examples of what Brexit means for British manufacturers, DS Smith, the provider of specialist packaging for Amazon and fast-moving consumer goods groups such as Unilever, Nestlé, Procter & Gamble and the Cadbury group Mondelez, has already diverted tens of millions of pounds of investment out of the UK to a new plant near Frankfurt. - The Times

Broker Forecast - Goldman Sachs issues a broker note on Smith (DS) PLC

Goldman Sachs today reaffirms its neutral investment rating on Smith (DS) PLC (LON:SMDS) and raised its price target to 400p (from 390p). Story provided by StockMarketWire.com

08:10 02/09/2016
Broker Forecast - Berenberg issues a broker note on Smith (DS) PLC

Berenberg today reaffirms its hold investment rating on Smith (DS) PLC (LON:SMDS) and raised its price target to 400p (from 375p). Story provided by StockMarketWire.com

DS Smith Plc - AGM trading statement

RNS


RNS Number : 0112J

Smith (DS) PLC

06 September 2016




6 September 2016



DS Smith Plc - AGM trading statement



DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues a trading update in respect of the period since 1 May 2016. DS Smith will hold its Annual General Meeting at 12 noon today.



Trading update

The business has made good progress since the start of the year and performance has been in line with our expectations. Volume growth remains good, particularly from pan-European customers who continue to benefit from our increased scale and coverage, and reflecting our continued investment in quality, service and innovation.

Our return on sales and return on average capital employed have both shown further improvement versus the comparable prior year period, reflecting the benefit of operating leverage and the strength of our business model.



Strengthening our business

Since the start of the year, we have continued to invest organically and acquire businesses in attractive geographies and market segments, including e-commerce and display, building on the 5 acquisitions completed in 2015/16. The proposed acquisition of Gopaca, a well invested corrugated packaging business in Portugal, will expand our position in Iberia and complement the operations we have in this important region. The transaction, announced in June, is expected to complete during the first half of our financial year.



As in-store marketing spend continues to increase, we have invested significantly in display products and services. In addition to our organic investment, in June 2016 we acquired Creo, based in the south east of the UK and we recently completed the acquisition of Deku-Pack, located in Denmark. Both businesses are focussed on FMCG, retail and media markets and significantly build on our capability in this important and growing market segment.



Miles Roberts, Group Chief Executive, said:

"We are pleased with our start to the year and the momentum within the business, as we continue to grow organically and by acquisition. Notwithstanding the increased political and economic uncertainty within Europe, our outlook remains positive. Packaging has ever increasing relevance in a dynamic retail and consumer environment and our recent acquisitions, together with the customer and market opportunities for growth, give us confidence for the future."

6 Sep Goodbody N/A Hold
6 Sep Jefferies... 440.00 Hold
6 Sep Numis 460.00 Hold
2 Sep Goldman Sachs 400.00 Neutral
2 Sep Berenberg 400.00 Hold

Ex dividend Thurs 29 Sept - Smith (DS) PLC [SMDS] (8.8 p)

DS Smith Plc half-year pre-close trading statement
RNS
RNS Number : 5643N
Smith (DS) PLC
27 October 2016
 
27 October 2016
 
DS Smith Plc - Half-year pre-close trading statement
 
DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues a pre-close trading update in respect of the half-year ending 31 October 2016.
The business has again made good progress and performance remains in line with our expectations. Volume growth continues to be supported by strong ongoing growth with our large pan European customers. Our return on sales and return on capital employed are expected to show progression over the comparative period last year despite the initially dilutive effect of recent acquisitions.
As in previous periods, we have invested in both organic and inorganic opportunities in the half-year and are pleased with the initial performance of the recently acquired display businesses, Creo and Deku-Pack, which form an important part of our strategy for this growth market segment. 
Miles Roberts, Group Chief Executive, said:
"The business continues to demonstrate good momentum with growth in line with our expectations, despite the considerable political and economic uncertainty. Alongside our ongoing delivery, we are also investing in our growth markets, particularly in packaging that helps our customers serve consumers across a broader range of retail channels.  These opportunities, together with our broader geographical footprint, give us continued confidence in our future."

12:40 27/10/2016
Broker Forecast - Numis issues a broker note on Smith (DS) PLC
Numis today upgrades its investment rating on Smith (DS) PLC (LON:SMDS) to add (from hold) and left its price target at 460p. Story provided by StockMarketWire.com

Half year results


Highlights
·     Organic volume growth of 2.9%
o  All regions in growth
o  Continued growth of pan-European FMCG and e-commerce customers
·     Delivering against all financial KPIs
o  Return on sales(4) increase of 10bps to 9.6%
o  ROACE(5) improvement of 10bps to 15.1%
o  Net debt / EBITDA(6) 1.9x
·     Strong profit growth
o  Adjusted operating profit +9%
o  Profit before tax +32%
·     Strengthening the business portfolio
o  Expanding pan-European point of sale and display capability
§ Acquired and integrated businesses in the UK and Denmark
§ Opened new plant in Erlensee, Germany
§ Acquisition of P&I, a specialist corrugated display business in Portugal
o  Completion of acquisition of Gopaca, corrugated packaging, in Portugal
o  Proposed acquisition of Parish Manufacturing Inc., a US bag-in-box plastics business

9 Dec
Barclays...
508.00
Overweight

DS Smith PLC (SMDS:LSE) set a new 52-week high during today's trading session when it reached 434.90. Over this period, the share price is up 15.92%.

have been in these since 2011 and happily so. Nice thing with these are that trend keeps going up but about 1x p/m they get a hit only to recover 2 days later

have been in these since 2011 and happily so. Nice thing with these are that trend keeps going up but about 1x p/m they get a hit only to recover 2 days later

7 Mar
Goldman Sachs
430.00
Neutral

Trading Statement
RNS
RNS Number : 9318Y
Smith (DS) PLC
09 March 2017
 
9 March 2017
 
DS Smith Plc - trading statement
 
DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues a trading update in respect of the period since 1 November 2016.
 
Trading
The business has performed in line with our expectations, continuing to build on the progress made in the first half of the year with sustained good volume growth. As before, this growth has been particularly strong from e-commerce businesses, which is an area of considerable focus for us. Pan-European customer volumes continue to grow ahead of the Group average rate as customers recognise the benefit of a co-ordinated multi-national solution to their packaging requirements. 
Strengthening our business
In the first half of the year, we acquired two businesses, Creo (in the UK) and Deku-Pack (in Denmark) for a total of £37 million. Since 1 November 2016 we have continued to invest and acquire businesses in attractive geographies and growth market segments. As previously announced, we have completed the acquisitions of P&I Display and Gopaca in Portugal, expanding our position in the important Iberian market and building on our pan-European point of sale capability. We have also completed the acquisition of Parish Manufacturing, a US manufacturer of flexible plastics packaging.
 
Outlook
Our outlook remains positive, despite ongoing challenging economic conditions. Volumes continue to grow well and the Board continues to anticipate performance in line with our medium term financial targets and views the future with confidence.
 
Miles Roberts, Group Chief Executive, said:
"We are pleased with the sustained, consistent progress of the business, both organically and from the contribution from acquired businesses.  Customer and consumer trends continue to drive the requirement for sophisticated, innovative packaging, and we have the scale and expertise to invest behind these trends and consistently drive growth. Accordingly, we remain confident for the future."
 

Pre Close Trading Update
RNS
RNS Number : 4718D
Smith (DS) PLC
27 April 2017
 
 
27 April 2017
 
DS Smith Plc - pre close trading statement
Another year of good delivery
 
DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues a pre-close trading update in respect of the year ending 30 April 2017.
 
The business continues to perform in line with our expectations, as described in our trading update of 9 March. Volume growth has been good, built on the strength of our relationships with pan-European and e-commerce customers and we expect to deliver on all our five medium term financial targets. The integration and performance of recently acquired businesses is progressing well, having expanded our position in corrugated packaging in Iberia, in point of sale capability in Europe, and in flexible plastic packaging in the US.
 
Miles Roberts, Group Chief Executive, said:
"We are pleased with the performance in the year, despite challenging economic conditions and have seen DS Smith grow again, both organically and through acquisitions. Our success is underpinned by our commitment to packaging that is innovative and adds value to our customers, throughout their global supply chains and also by a focus on our own global supply chain efficiency. This approach, together with momentum in our business and opportunities to further strengthen our customer offering, gives us confidence in the future."  
 
 
Forthcoming Dates
Results for the full year to 30 April 2017

14:00 27/04/2017
Broker Forecast - Numis issues a broker note on Smith (DS) PLC
Numis today reaffirms its add investment rating on Smith (DS) PLC (LON:SMDS) and set its price target at 495p. Story provided by StockMarketWire.com

Shares today - On the cusp of the FTSE100.

Have been in these "boys" quite a few years now and they are always behaving like a rollercoaster.... If the sp is down by say 10p/s one day-buy them the next day as they will go up in xs of that imme- they always have and probably always will and has never disappointed any investor

12 Jun
Peel Hunt
520.00
Buy

Results of Placing
RNS
RNS Number : 6141J
Smith (DS) PLC
29 June 2017
 

RESULTS OF PLACING OF NEW ORDINARY SHARES
 
DS Smith Plc (DS Smith or the Company) is pleased to announce the successful completion of the underwritten placing of new ordinary shares of 10 pence each in the Company (the Placing), announced earlier today.
 
A total of 62,637,363 new ordinary shares of 10 pence each in the Company (the Placing Shares) have been placed by Citigroup Global Markets Limited (Citi) and JP. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove) (JPM) at a price of 455 pence per Placing Share (the Placing Price), raising total proceeds of approximately £285 million (before commissions and expenses) (the Gross Proceeds) for the Company. The Placing Shares being issued represent approximately 6.6 per cent. of the Company's existing issued ordinary share capital immediately before the Placing.
 
The Placing Price represents a premium of 2.5 per cent. to the closing price on 28 June 2017.
 
The Placing Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 10 pence each in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue.
 
Applications have been made to the Financial Conduct Authority (the FCA) for the Placing Shares to be admitted to the premium listing segment of the Official List of the FCA (the Official List) and to the London Stock Exchange plc (the London Stock Exchange) for the Placing Shares to be admitted to trading on the main market for listed securities of the London Stock Exchange (together, Admission). It is expected that settlement of the Placing Shares and Admission will take place at 8.00 a.m. on 3 July 2017. Settlement of the Placing is conditional upon, among other things, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms.
 
Following Admission the total number of shares in issue in the Company will be 1,014,426,719.
 

29 Jun
Peel Hunt
520.00
Buy
29 Jun
Citigroup
498.00
Buy

Broker Forecast - Jefferies International issues a broker note on Smith (DS) PLC
BFN
Jefferies International today reaffirms its hold investment rating on Smith (DS) PLC (LON:SMDS) and raised its price target to 475p (from 460p).

Story provided by StockMarketWire.com

Dream I think you're a Fund Manager , who brings his work home with him .

I wish. lol

14:30 18/07/2017
Broker Forecast - Numis issues a broker note on Smith (DS) PLC
Numis today downgrades its investment rating on Smith (DS) PLC (LON:SMDS) to hold (from add) and raised its price target to 520p (from 495p). Story provided by StockMarketWire.com

Acquisition

dreamcatcher help me out on this one... numis downgrade from add to hold and raises target to 520 p instead of 495 p.....????????????/

Simple I think, hold your holding, possibly rising to 520p. ?

5 Sep
Peel Hunt
550.00
Add

Anyone subscribing to the MoneyAM Level 2 platform please take note that most days it is not reporting the correct Trade High nor Trade Low information and "some days" not reporting the correct Opening Price or Closing Price.

The reason is because MoneyAM's Level 2 system is not correctly sensing the Auto Trades or Ordinary Trades correctly so is wrongly reporting them

12:20 12/09/2017
Broker Forecast - Goldman Sachs issues a broker note on Smith (DS) PLC
Goldman Sachs today reaffirms its neutral investment rating on Smith (DS) PLC (LON:SMDS) and raised its price target to 500p (from 485p). Story provided by StockMarketWire.com

Ex divi 5 Oct 10.6p payable 1 Nov

With a reshuffle round, DS Smith could enter the FTSE 100 next week.

09:50 27/11/2017
Broker Forecast - Jefferies International issues a broker note on Smith (DS) PLC
Jefferies International today reaffirms its hold investment rating on Smith (DS) PLC (LON:SMDS) and raised its price target to 530p (from 475p). Story provided by StockMarketWire.com

Trading statement DS Smith Thursday 7 Dec 17

Proactive investor - Thursday 7 DEC

It has been a stellar year for DS Smith, topped off by its promotion to the FTSE 100, which was confirmed last Wednesday.
Investors will be hoping this recent momentum continues in its half year results, due on Thursday, with the signs looking good in October’s pre-close update, although the mid cap firm didn’t give much away in.
However, all of this, along with a recent broker upgrade, has raised expectations which may be hard to beat, according to Graham Spooner, investment research analyst at The Share Centre.
He said there will also be interest in how the group’s recent US acquisition, Interstate Resources is performing.

Half year results

Highlights
·     Strong organic volume growth(2) of 5.2%
o  All regions in growth
o  E-commerce and pan-European strength
·     In-line performance, delivering against all financial KPIs
·     Recovery of paper price increase progressing as expected
·     Excellent start from Interstate, our first fibre-based US business
o  Integration ahead of expectations with positive employee and customer reaction
o  Benefits of global supply chain validated and being delivered
o  Annualised pre-tax cost synergy target raised to $30 million
·     Continuing to grow the business organically and inorganically
o  Proposed €208 million acquisition of Ecopack and Ecopaper in Romania (completion expected January 2018)
o  Packaging capacity investment programme for Europe and US

Sharecast -t a note on packaging and paper.



Goldman said it likes Smurfit in the packaging space, along with Mondi, which had been trading up earlier. The bank said it expects Smurfit and Mondi to benefit from already achieved price increases throughout 2017 and continuous solid demand.
"Smurfit Kappa Group and DS Smith, two of the biggest box producers in Europe are targeting box prices after rising input costs through 2017 caused margin contraction. At 4Q results, Smurfit highlighted it had achieved a 5% box price increase and remained confident in achieving the 6%-8% it guided for earlier in 2017.
"DS Smith is targeting an 8%-10% increase and had achieved around 3.5% at 1H18 results and price increases are progressing in line with expectations. We expect the recovery to continue in 1H18 and drive a margin expansion in 2018 as producers benefit from already achieved box prices and get additional gains in 1H18 contract negotiations."

Q3 Trading Statement
RNS
RNS Number : 8976G
Smith (DS) PLC
07 March 2018

7 March 2018

DS Smith Plc - Q3 trading statement

DS Smith Plc ("DS Smith"), today issues a trading update in respect of the period since 1 November 2017.

Trading update
We are pleased with the good progress of the business in the period, reflecting the increasing relevance of sustainable packaging and our compelling customer offering.

Box volume growth has remained strong, continuing the positive trend seen in the first half of the year, reflecting on-going good progress with our multi-national and e-commerce customers. Growth was delivered across all our geographies, with our expertise in e-commerce, combined with a strong Christmas trading period for online retail sales, contributing to our continued market share gains.

Integration of our North America business is going very well. The business continues to perform ahead of our initial expectations, with packaging volume growth significantly ahead of the Group average rate and improved paper productivity.

The recovery of recent increases in paper prices is progressing well, as expected. This, together with operational leverage coming from the strong top-line growth, means that return on sales is expected to increase in this H2 period as compared to H1, and the full year return on sales is expected to be in line with that for the prior year, with trading overall in line with our expectations.

Completion of acquisition of Ecopack and Ecopaper in Romania
DS Smith completed the acquisition of Ecopack and Ecopaper, a leading integrated packaging and paper group in Romania, on 6 March 2018. The acquisition will significantly enhance our capacity to serve customers in this high growth region as well as supporting our wider substantial Eastern European presence. The acquisition, for an enterprise value of c. €208 million, is expected to be earnings enhancing immediately and is consistent with the Group's medium term financial targets.

Miles Roberts, Group Chief Executive, said:
"I am very pleased with how our strategy is delivering for customers and producing strong results. We continue to gain market share by delivering packaging that adds value for our customers, as they look to improve the efficiency of their own operations. The excellent reaction from US customers reflects the differentiated offer we bring, including our expertise in retail ready packaging and e-commerce. At the same time, the benefit of a global supply platform for paper and fibre is being seen in the improved operational efficiency of our US assets and greater co-ordination across the Group.

We are excited by the structural drivers supporting the growth of sustainable packaging and the opportunities for DS Smith. Our outlook therefore is positive and we remain confident in the future."

Pre Close Trading Update
RNS
RNS Number : 6553M
Smith (DS) PLC
01 May 2018

1 May 2018
DS Smith Plc - pre close trading statement

DS Smith Plc today issues a pre-close trading update in respect of the year ended 30 April 2018.

Trading
The business continues to perform in line with our expectations, with the industry and business trends consistent with our trading update of 7 March. Volume growth has remained strong with our focus on sustainable solutions and the accelerating e-commerce sector. This and continued growth in multi-national customers has resulted in further gains in our market share. Recovery of increased paper prices, which have risen throughout the year, has continued as expected and we expect return on sales to be in line with the prior year.

Volume growth in the US has been excellent, and we are very pleased with the positive reaction from local and global customers. Integration of Interstate is also progressing well and we now expect synergies to reach an annualised rate of $35 million by the end of the third full year of ownership (a further increase of $5 million on our expectations), driven principally by further anticipated global supply chain benefits.

Our acquisition of Ecopack and Ecopaper completed on 6 March 2018, further building our European network, and we are pleased with the initial progress made, driven by our proven expertise in integration.

Miles Roberts, Group Chief Executive, said:
"We are very pleased with the performance in the year, in particular in the step-up in volumes that we have delivered, and in the successful integration, customer reaction and volume growth within Interstate.

Our success is underpinned by our commitment to sustainable packaging that is innovative and adds value to our customers, throughout their global supply chains and also by a focus on our own global supply chain efficiency. This approach, together with momentum in our business and opportunities to further strengthen our customer offering, gives us confidence in the future."

Forthcoming Dates
Results for the full year to 30 April 2018
28 June 2018
Enquiries

11:40 18/05/2018
Broker Forecast - Davy Research issues a broker note on Smith (DS) PLC
Davy Research today upgrades its investment rating on Smith (DS) PLC (LON:SMDS) to outperform (from neutral). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

Acquisition

PROPOSED ACQUISITION OF EUROPAC AND FULLY UNDERWRITTEN RIGHTS ISSUE

Final results

Highlights
· Strong organic box volume growth of +5.2%
o Growth in all regions
· Continued delivery in line with medium-term targets
o Strong margin performance despite significant input cost headwinds
o Sustainable financial returns
· Continued leadership in e-commerce packaging
· Excellent performance by North American business
o Delivering well ahead of initial expectations
o Returns greater than WACC in initial period of ownership
· Further accretive bolt-ons in Europe and US
o EcoPack and EcoPaper (Romania) in March 2018
o Corrugated Container Corporation (US) in May 2018
· Proposed acquisition of Europac
o Highly compelling strategic rationale and financial returns
· Strategic review of Plastics division underway
· Good momentum into 2018/19

10:00 19/06/2018
Broker Forecast - Berenberg issues a broker note on Smith (DS) PLC
Berenberg today reaffirms its buy investment rating on Smith (DS) PLC (LON:SMDS) and raised its price target to 630p (from 570p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

DS Smith launches £1bn share issue to fund Papeles y Cartones de Europa deal
StockMarketWire.com
Packaging group DS Smith launched a £1bn share issue help fund its €1.67bn (£1.43bn) acquisition of Papeles y Cartones de Europa.

Three new shares in the company would be issued for each 11 already held at an offer price of 350p each.

The issue price represented a discount of around 30.9% to the theoretical ex-rights price, based on the closing middle-market price of the shares on 18 June, DS Smith said.

The new shares would represent around 21.4% of the enlarged company's share capital. Story provided by StockMarketWire.com

hi dreamcatcher,
do you know when to declare interest? (Interactive investor is not quite sure)
thx

Hope this helps robinhood



3 for 11 Rights Issue at 350 pence per New Share.

Details of the Rights Issue

Pursuant to the Rights Issue, the Company is proposing to offer 293,064,829 New Shares by way of a Rights Issue to qualifying shareholders other than to shareholders with a registered address in one of the Excluded Territories, subject to certain exceptions. The offer is to be made at 350 pence per New Share, payable in full on acceptance by no later than 11.00 a.m. on 24 July 2018. The Rights Issue is expected to raise proceeds of approximately £1,000 million net of expenses. The Issue Price represents a discount of approximately 30.9 per cent. to the theoretical ex-rights price based on the closing middle-market price of 549.6 pence per existing share on 18 June 2018 (being the latest business day before the announcement of the terms of the Rights Issue).
The New Shares, when issued and fully paid, will rank pari passu in all respects with the Existing Shares, including the right to receive dividends or distributions made, paid or declared after the date of the issue of the New Shares. Applications will be made to the FCA and to the London Stock Exchange for the New Shares to be admitted to the Official List and to trading on the London Stock Exchange. It is expected that Admission will occur and that dealings in the New Shares (nil paid) on the London Stock Exchange will commence at 8.00 a.m. on 10 July 2018.
293,064,829 New Shares will be issued, providing approximate net proceeds (after costs and expenses associated with the Rights Issue) of c. £1,000 million to be used to finance the Acquisition.

Thx dreamcatcher

Cheers robinhood.


10:50 27/06/2018
Broker Forecast - Numis issues a broker note on Smith (DS) PLC
Numis today upgrades its investment rating on Smith (DS) PLC (LON:SMDS) to add (from hold). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

ANNOUNCEMENT OF RESULTS OF RIGHTS ISSUE
RNS
RNS Number : 6530V
Smith (DS) PLC
25 July 2018

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO ANY OF THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, SOUTH AFRICA, SWITZERLAND, THE UNITED ARAB EMIRATES OR ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

25 July 2018

For immediate release

DS SMITH PLC
ANNOUNCEMENT OF RESULTS OF RIGHTS ISSUE


DS Smith Plc ("DS Smith" or the "Company") today announces that the 3 for 11 Rights Issue of 293,068,454 New Ordinary Shares at 350 pence per New Ordinary Share announced on 19 June 2018 closed for acceptances at 11:00 a.m. (London time) on 24 July 2018. The Company received valid acceptances in respect of 282,893,119 New Ordinary Shares, representing approximately 96.5 per cent. of the total number of New Ordinary Shares to be issued pursuant to the fully underwritten Rights Issue.

It is expected that the New Ordinary Shares in uncertificated form will be credited to CREST accounts as soon as practicable after 8.00 a.m on 25 July 2018 and that definitive share certificates in respect of New Ordinary Shares in certificated form will be dispatched to Shareholders by no later than 3 August 2018.

It is expected that the New Ordinary Shares will commence trading, fully paid, on the London Stock Exchange plc's main market for listed securities on 25 July 2018.

In accordance with their obligations under the Underwriting Agreement as Joint Underwriters in respect of the Rights Issue as set out in the Prospectus, Goldman Sachs International, J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove and Citigroup Global Markets Limited will endeavour to procure subscribers for the remaining 10,175,335 New Ordinary Shares not validly taken up in the Rights Issue, failing which the Joint Underwriters have agreed to acquire, in proportion to their underwriting commitment, any remaining New Ordinary Shares.

The net proceeds from the placing of such New Ordinary Shares (after the deduction of the Issue Price of 350 pence per New Ordinary Share and the expenses of procuring subscribers including any applicable brokerage and commissions and amounts in respect of VAT which are not recoverable), if any, will be paid (without interest) to those persons whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5 will not be paid to such persons but will be aggregated and paid to the Company.

A further announcement as to the number of New Ordinary Shares for which subscribers have been procured will be made in due course.

1 Aug
Peel Hunt
N/A
Buy

Anyone in the know why down 3% today?

2.25% down at the bell. Not to bad considering the poor market.

22 Aug
Jefferies...
N/A
Hold

Q1 AGM Trading Statement
RNS
RNS Number : 6395Z
Smith (DS) PLC
04 September 2018

4 September 2018

DS Smith Plc - Q1 AGM trading statement

DS Smith Plc ("DS Smith"), today issues a trading update in respect of the period since 1 May 2018. DS Smith will hold its Annual General Meeting at 12 noon today.

Trading update
We continue to be excited by our prospects. Our focus on sustainable packaging in resilient and growing sectors, including FMCG and e-commerce, is consistently driving market share gains. We have seen good like for like volume growth in the year to date, with progress in all geographic regions.

Recovery of input cost increases from earlier in the calendar year is in line with our expectations, with the consequent positive margin impact. Cashflow has also remained a focus in the period as we maintain a disciplined approach to working capital and capex. Trading remains in line with our expectations.

Interstate Resources, our North America Paper and Packaging division, continues to perform very strongly. Integration continues to go well and we have added additional capacity and further enhanced our customer offering via the acquisition of Corrugated Container Corp, which completed on 1 June 2018. We are delighted with the customer reaction, with a number of major customers seeking to partner with DS Smith for their packaging solutions in both Europe and the US.

Update on Europac
On 4 June 2018 we announced the proposed acquisition of Papeles y Cartones de Europa, S.A., ("Europac"), for €16.80 per share and an implied enterprise value of €1,904m. The required regulatory approval process is progressing as expected and we anticipate completion in calendar Q4 2018, as previously indicated. Preparation for integration is continuing at pace and we look forward to welcoming Europac to the DS Smith group.

Strategic review of Plastics division
In June 2018 we announced a strategic review of our Plastics division. Progress has been positive and we will update further as appropriate.

Miles Roberts, Group Chief Executive, said:
"I am pleased with our momentum in the year to date, in a period when we also announced a significant acquisition and associated equity fundraising to expand our position in the important Iberia region. The corrugated packaging industry continues to demonstrate excellent growth prospects, driven by changing shopping habits, e-commerce, and the ever-increasing relevance of sustainability. DS Smith is in a strong position, as a market leader, to capitalise on these opportunities, and the Board looks to the future with confidence. "

was (since 2011)-still am-and will be (for the moment) holding this lovely "baby"in my portfolio.
Admittedly I am probably too heavy into this one but hey so good so far and long may it continue which I believe it will with all the recycling momentum /awareness prevalent.
Am a strong believer that any recycling industry will be the stock to invest into right now.
Check out current crowd funding of MacRebur as an example

4 Sep
Numis
N/A
Add
4 Sep
Peel Hunt
N/A
Buy

11:40 07/09/2018
Director Deals - Smith (DS) PLC (SMDS)
Adrian Marsh, Financial Director, bought 7,978 shares in the company on the 4th September 2018 at a price of 502.71p. The Director now holds 400,525 shares. Story provided by StockMarketWire.com Director deals data provided by www.sharesmagazine.co.uk
11:40 07/09/2018
Director Deals - Smith (DS) PLC (SMDS)
Adrian Marsh, Financial Director, sold post-exercise 175,373 shares in the company on the 4th September 2018 at a price of 491.60p. The Director now holds 392,547 shares. NOTE: Sold to meet tax liabilities etc. Story provided by StockMarketWire.com Director deals data provided by...
11:40 07/09/2018
Director Deals - Smith (DS) PLC (SMDS)
Adrian Marsh, Financial Director, exercised 285,510 shares in the company on the 4th September 2018 at a price of 0.00p. The Director now holds 567,920 shares. Story provided by StockMarketWire.com Director deals data provided by www.sharesmagazine.co.uk

Pre-close Trading Statement
RNS
RNS Number : 4085G
Smith (DS) PLC
06 November 2018

6 November 2018

DS Smith Plc - pre close trading statement

DS Smith Plc today issues a pre-close trading update in respect of the half-year ended 31 October 2018.

Trading
The business continues to perform in line with our expectations, with the industry and business trends consistent with our trading update of 4 September 2018. We expect return on sales and adjusted operating profit in the half-year to be materially ahead of the comparable period following recovery of increased input costs earlier in the year and good volume growth from our highly resilient FMCG focussed business. The integration of Interstate Resources continues to go very well, with major customers now procuring from us in both Europe and the US.

We remain highly focussed on cash management and anticipate cash flow from operations to be significantly ahead of the prior period. The previously announced strategic review of our plastics division is progressing well.

The regulatory process for the proposed acquisition of Europac continues to be in line with our expectations, with completion of the acquisition expected by the end of the calendar year. We are excited about the prospects for this business and the opportunity for DS Smith to expand further in the important growth market of Iberia.

Miles Roberts, Group Chief Executive, said:
"We are very pleased with the performance in the half year, in particular the margin development, and the continued excellent progress and integration of Interstate Resources. We continue to see strong customer support to our innovative sustainable packaging, responding to the dynamic requirements of our customers. We expect good ongoing volume and market share growth, look forward to the completion of Europac and view the future with confidence."

DS Smith gets Spanish regulator nod for Europac takeover
StockMarketWire.com
Packaging company DS Smith said the Spanish Securities Market Commission had authorised its proposed acquisition of Papeles y Cartones de Europa, known as Europac.

DS Smith said it expected offer documentation to be posted to Europac shareholders as soon as practicable.

'We look forward to completing the formal takeover process and integrating Europac into DS Smith to the benefit of all our stakeholders,' chief executive Miles Roberts said.

'This acquisition is a fantastic opportunity to enhance our customer coverage and offering in this important region.'

At 3:06pm: (LON:SMDS) Smith DS PLC share price was +1.35p at 345.05p


Story provided by StockMarketWire.com

Half year report


Highlights
· Successful and differentiated business model
o Return on sales margin +120 bps
o Good organic volume growth(2) of 3.2%
o Excellent cost recovery reflects business mix and strength of business model
o Growth from FMCG and e-commerce leadership
o US acquisition fully integrated and delivering well ahead of acquisition case
· Strong balance sheet
o Increase in cash flow from operating activities from continuing operations
o Net debt / EBITDA(6) (excluding rights issue proceeds) fallen to 2.1x
o Refinancing complete - new long-term facility
o Plastics strategic review making good progress
· Europac acquisition completion expected around calendar year end
o Reported performance to Q3 2018 in line with expectations
o Integration planning well advanced
· Compelling commercial differentiation and structural drivers for growth
o E-commerce, sustainable packaging, dynamic retail changes
o DS Smith innovation-led solutions for multinational customers
· Good momentum into H2

08:00 04/01/2019
Broker Forecast - Jefferies International issues a broker note on Smith (DS) PLC
Jefferies International today reaffirms its hold investment rating on Smith (DS) PLC (LON:SMDS) and cut its price target to 330p (from 440p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

Europac result of final offer
RNS
RNS Number : 4118N
Smith (DS) PLC
17 January 2019

17 January 2019

DS Smith - result of Europac offer

DS Smith is pleased to note that The Board of the Spanish Securities Market Commission (CNMV) has today announced the result of the tender offer launched by DS Smith on 3 December 2018 to the shareholders of Papeles y Cartones de Europa, S.A., known as Europac. Acceptances representing 98.8% of the total share capital of Europac have been received by DS Smith. As a result, the final condition of DS Smith's proposed acquisition of Europac has been satisfied and settlement and completion are expected to take place around 22 January 2019.

Miles Roberts, Group Chief Executive, said:
"I am delighted with the support from Europac shareholders. We look forward to welcoming Europac employees into the DS Smith Group and integrating the businesses to the benefit of all our stakeholders. This acquisition is a fantastic opportunity to enhance our customer coverage and offering in this important region."

DS Smith announced the proposed acquisition of Europac in June 2018. It is a highly complementary, vertically integrated packaging business based in Spain with a diversified customer portfolio and strong customer relationships. In 2017 Europac delivered revenues of €868 million and had recurring EBITDA of €147 million. In the first nine months of 2018, recurring EBITDA was €157 million and net profit was at €79 million, compared to €104 million and €58 million posted in the same period of 2017.