Ukusuka kwimeko yophuhliso lweenkampani ezinkulu zokupakisha ezirhabaxa zaseYurophu ukubona indlela ishishini leekhathoni elihamba ngayo ngo-2023
Kulo nyaka, iinkampani ezinkulu zokupakisha iikhathoni zaseYurophu zigcine inzuzo ephezulu nangona imeko isiya isiba mandundu, kodwa ingakanani ixesha eziphumelele ngalo? Lilonke, unyaka ka-2022 uza kuba ngunyaka onzima kwiinkampani ezinkulu zokupakisha iikhathoni. Ngenxa yokunyuka kweendleko zamandla kunye neendleko zabasebenzi, iinkampani eziphambili zaseYurophu kuquka iSchmofi Kappa Group kunye neDesma Group nazo ziyasokola ukujongana namaxabiso ephepha.
Ngokutsho kwabahlalutyi baseJeffries, ukusukela ngo-2020, ixabiso lebhodi yeekhonteyina ezisetyenzisiweyo, inxalenye ebalulekileyo yokuveliswa kwephepha lokupakisha, liphantse laphindeka kabini eYurophu. Kungenjalo, ixabiso lebhodi yeekhonteyina ezingazange zisetyenziswe ezenziwe ngqo ngeenkuni endaweni yeebhokisi ezisetyenzisiweyo liye lalandela indlela efanayo. Kwangaxeshanye, abathengi abaqaphela iindleko banciphisa inkcitho yabo kwi-intanethi, nto leyo enciphisa imfuno yeebhokisi.
Iintsuku zozuko ezazikade zibangelwa yintsholongwane entsha, ezifana nee-odolo ezisebenza ngokupheleleyo, ukuhanjiswa okuncinci kweebhokisi, kunye namaxabiso aphezulu esitokhwe seenkampani ezinkulu zokupakisha…konke oku kuphelile. Nangona kunjalo, nangona kunjalo, ezi nkampani zenza ngcono kunangaphambili. Kutshanje iSmurfi Kappa ibike ukunyuka kwama-43% kwingeniso ngaphambi kwenzala, irhafu, ukwehla kwexabiso kunye nokuhlawula imali ukususela ngoJanuwari ukuya ekupheleni kukaSeptemba, ngelixa ingeniso yokusebenza inyuke ngesithathu. Oko kuthetha ukuba ingeniso yayo ka-2022 kunye nenzuzo yemali sele idlule kumanqanaba angaphambi kobhubhane, nangona ibiyikota yendlela eya ekupheleni kuka-2022.
Okwangoku, iDesma, inkampani enkulu yokupakisha iikorteji e-UK, inyuse uqikelelo lwayo lonyaka ukuya kutsho nge-30 ka-Epreli 2023, isithi inzuzo yokusebenza elungisiweyo kwisiqingatha sokuqala kufuneka ibe yi-£400 yezigidi, xa kuthelekiswa nowama-2019. yayiyi-351 yezigidi zeepawundi. Enye inkampani enkulu yokupakisha iikorteji, iMondi, inyuse umda wayo osisiseko ngamanqaku eepesenti ezi-3, ngaphezulu kokuphinda kabini inzuzo yayo kwisiqingatha sokuqala sonyaka, nangona iingxaki ezingasonjululwanga kwishishini layo laseRashiya elinzima.
Uhlaziyo lwezorhwebo lukaDesma ngo-Okthobha beluncinci kwiinkcukacha, kodwa lukhankanye “umthamo ophantsi kancinci weebhokisi ze-corrugated ezifanayo”. Ngokufanayo, ukukhula okuqinileyo kweSmurf Kappa akubangelwa kukuthengiswa kweebhokisi ezininzi – ukuthengiswa kweebhokisi ze-corrugated box kwancipha kwiinyanga ezilithoba zokuqala zika-2022 kwaye kwada kwehla nge-3% kwikota yesithathu. Ngokwahlukileyo koko, ezi zigebenga zonyusa inzuzo yamashishini ngokunyusa amaxabiso eemveliso.
Ukongeza, ivolumu yorhwebo ayibonakali iphucukile. Kwingxelo yengeniso yale nyanga, i-CEO yeSmurfi Kappa uTony Smurphy uthe: “Ivolumu yentengiselwano kwikota yesine ifana kakhulu neyo siyibonileyo kwikota yesithathu. Iyanda. Ewe, ndicinga ukuba ezinye iimarike ezifana ne-UK neJamani bezihleli zizinzile kwiinyanga ezimbini okanye ezintathu ezidlulileyo.”
Oku kubangela umbuzo othi: kuza kwenzeka ntoni kushishino lweebhokisi ze-corrugated ngo-2023? Ukuba imarike kunye nemfuno yabathengi yokupakisha i-corrugated iqala ukwehla, ngaba abavelisi bokupakisha i-corrugated banokuqhubeka nokunyusa amaxabiso ukuze bafumane inzuzo ephezulu? Abahlalutyi banelisekile luhlaziyo lweSmurfKappa ngenxa yemeko enzima ye-macro kunye nokuthunyelwa kweebhokisi ezibuthathaka ezixeliweyo kwilizwe. Kwangaxeshanye, uSmurfi Kappa ugxininise ukuba eli qela "linokuthelekiswa okunamandla kakhulu nonyaka ophelileyo, inqanaba ebesisoloko silijonga njengelingazinzileyo".
Nangona kunjalo, abatyali-mali banamathandabuzo kakhulu. Izabelo zeSmurfi Kappa ziphantsi ngama-25% kunakwixesha lobhubhane, kwaye ezakwaDesmar zehle ngama-31%. Ngubani ochanekile? Impumelelo ayixhomekekanga kuphela ekuthengisweni kwekhathoni kunye neebhodi. Abahlalutyi baseJefferies baqikelela ukuba amaxabiso ebhodi yeekhonteyina ezisetyenzisiweyo aza kwehla ngenxa yemfuno encinci, kodwa bagxininisa nokuba iindleko zephepha elilahliweyo kunye namandla nazo ziyahla, kuba oku kuthetha ukuba iindleko zokuvelisa ukupakisha ziyehla.
“Into edla ngokungananzwa, ngokombono wethu, kukuba iindleko eziphantsi zinokuba negalelo elikhulu kwingeniso kwaye ekugqibeleni, kubavelisi beebhokisi ezirhabaxa, inzuzo yokonga iindleko iya kuba kukulahlekelwa yixabiso eliphantsi lebhokisi. Kuye kwaboniswa ngaphambili ukuba oku kunamathela ngakumbi xa usiya ukwehla (ixesha leenyanga ezi-3-6). Lilonke, iingxaki zemali ezivela kumaxabiso aphantsi zincitshiswa kancinci ziingxaki zemali ezivela kwingeniso,” umhlalutyi kwiJeffries Say.
Kwangaxeshanye, umbuzo weemfuno ngokwawo awululanga ngokupheleleyo. Nangona urhwebo lwe-e-commerce kunye nokuhla kwesantya kuye kwabeka ezinye izisongelo ekusebenzeni kweenkampani zokupakisha ezirhabaxa, isabelo esikhulu sentengiso yala maqela sidla ngokuba kwamanye amashishini. EDesma, malunga ne-80% yengeniso ivela kwiimpahla zabathengi ezihamba ngokukhawuleza (i-FMCG), eziziimveliso ezithengiswa kakhulu kwiivenkile ezinkulu, kwaye malunga ne-70% yokupakisha kwebhokisi yeSmurfi Kappa inikezelwa kubathengi be-FMCG. Oku kufanele kungqineke kuqinile njengoko imakethi yokugqibela ikhula, kwaye iDesma iqaphele ukukhula okuhle kwiindawo ezifana nokutshintshwa kweplastiki.
Nangona imfuno iguquguquka, akunakwenzeka ukuba iwele ngaphantsi kwenqanaba elithile - ngakumbi xa kujongwa ukubuya kwabathengi bemizi-mveliso abachaphazeleke kakhulu ngubhubhane we-COVID-19. Oku kuxhaswa ziziphumo zamva nje ezivela kwiMacFarlane (MACF), ephawule ukunyuka kwengeniso nge-14% kwiinyanga ezintandathu zokuqala zika-2022 njengokubuyiselwa kwabathengi beenqwelo moya, ubunjineli kunye neendwendwe ngaphezu kokunciphisa ukwehla kokuthenga kwi-intanethi.
Abapakishi be-corrugated basebenzisa ubhubhane ukuphucula amaphepha abo ebhalansi. I-CEO yeSmurfi Kappa uTony Smurphy ugxininise ukuba isakhiwo senkampani yakhe “sikwindawo engcono kakhulu esikhe sayibona” kwimbali yethu, kunye netyala/ingeniso ngaphambi kokuhlawula ngaphezulu kwe-1.4 amaxesha. I-CEO yeDesmar uMyles Roberts uphinde watsho ngoSeptemba, esithi umlinganiselo wetyala/ingeniso yeqela lakhe ngaphambi kokuhlawula u ...
Konke oku kongeza kwintsingiselo yokuba abanye abahlalutyi bakholelwa ukuba imakethi isabela ngokugqithisileyo, ingakumbi malunga neepakethe ze-FTSE 100, ixabiso liphantsi nge-20% kuneengqikelelo ezivunyiweyo zengeniso ngaphambi kokuba ihlawulwe. Amaxabiso abo ngokuqinisekileyo ayathandeka, iDesma irhweba nge-forward P/E ratio ye-8.7 kuphela xa kuthelekiswa nomyinge weminyaka emihlanu we-11.1, kunye nomlinganiselo we-forward P/E kaSchmurf Kappa we-10.4 xa kuthelekiswa nomyinge weminyaka emihlanu we-12.3. Okuninzi kuya kuxhomekeka kubuchule benkampani bokweyisela abatyali-mali ukuba banokuqhubeka bebamangalisa ngo-2023.
Ixesha lokuthumela: Disemba-13-2022
