Ukujonga imeko yeshishini leekhathoni ngo-2023 ukusuka kwimeko yophuhliso lwezigebenga zokupakisha zaseYurophu.
Kulo nyaka, iingxilimbela zokupakisha iibhokisi zaseYurophu zigcine ingeniso ephezulu phantsi kwemeko ewohlokayo, kodwa ukuphumelela kwabo kunokuthatha ixesha elingakanani? Ngokubanzi, i-2022 iya kuba ngunyaka onzima kwizigebenga zokupakisha iibhokisi. Ngokunyuka kweendleko zamandla kunye neendleko zabasebenzi, iinkampani eziphezulu zaseYurophu, kuquka iSmurf Cappa Group kunye neDesma Group, nazo zisebenza nzima ukujongana nengxaki yamaxabiso ephepha.Ibhokisi yephepha
Ngokutsho kwabahlalutyi bakaJeffries, ukususela ngo-2020, njengenxalenye ebalulekileyo yokuvelisa iphepha lokupakisha, ixabiso lekhadibhodi ehlaziyiweyo eYurophu liphantse liphindwe kabini. Ukongeza, ixabiso lebhokisi lebhokisi lemveli elenziwe ngokuthe ngqo kwizigodo kuneebhokisi eziphinda zisetyenziswe zilandela umkhondo wophuhliso ofanayo. Kwangaxeshanye, abathengi abaziindleko bayayinciphisa inkcitho yabo kwi-Intanethi, nto leyo enciphisa imfuno yeebhokisi. Isikhwama sephepha
Iminyaka ezukileyo eziswe yi-COVID-19, efana nee-odolo ezisebenza ngokuzeleyo, ukubonelela ngeekhathoni eziqinileyo, kunye nokunyuka kwamaxabiso esitokhwe seengxilimbela zokupakisha, zonke ziphelile. Nangona kunjalo, ukusebenza kwezi nkampani kubhetele kunangaphambili. I-Smurfit Cappa isanda kunika ingxelo yokuba i-EBITDA yayo inyuke nge-43% ukusuka ekupheleni kukaJanuwari ukuya kuSeptemba, ngelixa ingeniso yayo yokusebenza nayo yanda ngeyesithathu. Oku kuthetha ukuba nangona kusekho ikota yexesha ngaphambi kokuphela kuka-2022, ingeniso yayo kunye nengeniso yemali ngo-2022 idlule kwinqanaba eliphambi kobhubhani we-COVID-19.
Ngeli xesha, i-Desma, isigebenga esikhulu sokupakisha e-UK, inyuse ingqikelelo yayo yonyaka ukusukela nge-30 ka-Epreli ka-2023, isithi inzuzo yokusebenza ehlengahlengisiweyo kwisiqingatha sokuqala sonyaka kufuneka ibe yi-400 yezigidi zeeponti, xa kuthelekiswa ne-351 yezigidi. iiponti ngo 2019. Mengdi, enye ingxilimbela ukupakisha, iye yandisa inzuzo yayo esisiseko umda ngamanqaku 3 ekhulwini kwaye ngaphezu kabini inzuzo yayo kwisiqingatha sokuqala salo nyaka, nangona kusekho ishishini Russian kwimeko enzima ngakumbi ngenxa yeengxaki ezingasonjululwanga.Ibhokisi yomnqwazi
Iinkcukacha zohlaziyo lwentengiselwano kaDesma bezimbalwa ngo-Okthobha, kodwa ikhankanye ukuba “ingeniso yeebhokisi zamathako ezifanayo iphantsi kancinci”. Ngokufanayo, ukukhula okuqinileyo kwe-Smurf Cappa akusiyo isiphumo sokuthengisa iikhathoni ezininzi - ukuthengiswa kweekhathoni zayo zamathambo zahlala zithe tyaba kwiinyanga ezilithoba zokuqala ze-2022, kwaye zehla nge-3% kwikota yesithathu. Ngokwahlukileyo koko, ezi zigebenga ziyayinyusa ingeniso yazo ngokunyusa ixabiso leemveliso zazo.Ibhokisi ye-baseball cap
Ukongeza, ingeniso ayibonakali ngathi iphucukile. Kwinkomfa yengxelo yezemali kule nyanga, uTony Smurf, i-CEO ye-Smurf Cappa, uthe: "Umthamo wokurhweba kwikota yesine ufana kakhulu nento esiyibone kwikota yesithathu. Sidla ngokulindela ukuchacha ngeKrisimesi. Ewe kunjalo, ndicinga ukuba ezinye iimarike ezifana neBritane neJamani ziqhube kakuhle kwezi nyanga zimbini okanye zintathu zidlulileyo.” Ibhokisi yesikhafu
Oku kukhokelela kumbuzo othi: Kuya kwenzeka ntoni kwishishini lebhokisi ye-corrugated ngo-2023? Ukuba imarike kunye nemfuno yabathengi yokupakisha ngamalahle iqala ukuzinza, ngaba abavelisi bezinto ezipakishiweyo bangaqhubeka nokunyusa amaxabiso ukuze bafumane inzuzo ephezulu? Ngokujonga imvelaphi enzima kunye nokuhanjiswa kweebhokisi ezibuthathaka ezixelwe eUnited States, abahlalutyi bayavuya ngohlaziyo lweSmurf Cappa. Kwangaxeshanye, uSmurfikapa wagxininisa ukuba "ukuthelekisa phakathi kweqela kunye nonyaka odlulileyo kunamandla kakhulu, kwaye sihlala sikholelwa ukuba eli linqanaba elingazinzanga". Ibhokisi yesipho seKrisimesi
Nangona kunjalo, abatyali-mali bathandabuza kakhulu. Ixabiso lesabelo sikaSmurf Cappa lalingama-25% ngaphantsi kwencopho yobhubhane, kwaye ixabiso lesabelo sikaDesma lehle ngama-31%. Ngubani olungile? Impumelelo ayixhomekanga kuphela kwiikhathoni kunye neentengiso zekhadibhodi. Abahlalutyi bakaJeffries baqikelele ukuba xa kujongwa imfuno enkulu ebuthathaka, ixabiso lekhadibhodi esetyenzisiweyo liza kuwa, kodwa baphinde bagxininisa ukuba iindleko zenkunkuma yephepha kunye namandla nazo ziyehla, kuba oko kuthetha ukuba iindleko zokupakishwa kwemveliso ziyehla.
“Ngokokubona kwethu, into edla ngokungakhathalelwa kukuba iindleko eziphantsi zinokuba nefuthe elikhulu kwimivuzo. Ekugqibeleni, kubavelisi bebhokisi ye-corrugated, izibonelelo zokunciphisa iindleko ziya kubonakala ngaphambi kokuba nayiphi na intengo ye-carton ephantsi, eyona nto ibonakalayo kwinkqubo yokwehla (i-lag 3-6 iinyanga). Ngokubanzi, ingeniso evela kumaxabiso aphantsi ithotywa ngokuyinxenye yindleko yengeniso.” Jeffries abahlalutyi bathi. Ibhokisi yempahla
Kwangaxeshanye, ingxaki yemfuno ngokwayo ayilulanga ngokupheleleyo. Nangona i-e-commerce kunye ne-slowdown iye yabeka isoyikiso esithile ekusebenzeni kweenkampani zokupakisha ezinodaka, esona sabelo sikhulu sokuthengiswa kwala maqela sihlala kwamanye amashishini. E-Desma, malunga ne-80% yengeniso ivela kwizinto zabathengi ezihamba ngokukhawuleza (FMCG), ezizimveliso ezithengiswa kwiivenkile ezinkulu. Malunga ne-70% yeekhathoni zokupakishwa kweSmurf Cappa zinikezelwa kubathengi be-FMCG. Ngophuhliso lwemarike yesiphelo, oku kufuneka kungqineke kuguquguquka. U-Desma uye waqaphela ukukhula okulungileyo ekutshintsheni iplastiki kunye neminye imimandla.
Ke ngoko, ngaphandle kokuguquguquka kwemfuno, akunakufane kuwele ngaphantsi kwinqanaba elithile- ngakumbi xa kuthathelwa ingqalelo ukubuya kwabathengi bemizi-mveliso abaye babethwa kanobom sisibetho se-COVID-19. Oku kuxhaswa yintsebenzo yamva nje ye-MacFarlane (MACF), ebonisa ukuba ukubuyiswa kwabathengi kwiinqwelomoya, ubunjineli kunye namashishini ehotele kunciphisa impembelelo yokucotha kokuthengwa kwe-intanethi, kwaye ingeniso yenkampani yanda nge-14% ekuqaleni. iinyanga ezintandathu 2022. ibhokisi yokuhambisa ukutya kwesilwanyana
Abapakisheli bemali nabo basebenzisa ubhubhane ukuphucula ibhalansi yabo yamaphepha. UTony Smoffey, i-CEO ye-Smoffey Kappa, ugxininise ukuba ubume benkampani yakhe "bukweyona ndawo ibalaseleyo kwimbali yethu", kwaye amatyala / i-amortization yangaphambili inzuzo ephindwe kabini yayingaphantsi kwamaxesha ayi-1.4. U-Miles Roberts, i-CEO ye-Desma, uvumelane nale nto ngoSeptemba, esithi i-akhawunti ye-amortization ye-amortization ye-amortization yeqela iye yehla ukuya kumaxesha e-1.6, "enye yezona zinto ziphantsi kwiminyaka emininzi".ibhokisi yokuthumela
Zonke ezi zidibene zithetha ukuba abanye abahlalutyi bakholelwa ukuba imakethi iphendule ngokugqithisileyo, ngakumbi kwimeko ye-FTSE 100 index packers, amaxabiso abo ehle ukuya kuthi ga kwi-20% kwinzuzo elindelekileyo ye-amortization yangaphambili. Uqikelelo lwabo ngokuqinisekileyo lunomtsalane. Umlinganiselo P / E phambili Desma kuphela 8.7, lo gama i-avareji yeminyaka emihlanu 11.1, ngelixa umlinganiselo P / E phambili Smurfikapa yi 10.4, kunye ne-avareji yeminyaka emihlanu 12.3. Ubukhulu becala, kuxhomekeke ekubeni inkampani ingabaqinisekisa na abatyali-mali ukuba bangaqhubeka nokusebenza ngendlela emangalisayo ngo-2023.ibhokisi yokuthumela umeyile
Ixesha lokuposa: Dec-27-2022
