Ukubheka ukuthambekela komkhakha wamabhokisi ngo-2023 kusuka esimweni sokuthuthukiswa kwezinkampani ezinkulu zokupakisha ezihlanganisiwe zaseYurophu
Kulo nyaka, izinkampani ezinkulu zokupakisha amabhokisi eYurophu zigcine inzuzo ephezulu ngaphansi kwesimo esiwohlokayo, kodwa uchungechunge lwazo lokuwina lungahlala isikhathi esingakanani? Ngokuvamile, u-2022 uzoba unyaka onzima kuzinkampani ezinkulu zokupakisha amabhokisi. Njengoba izindleko zamandla kanye nezindleko zabasebenzi zikhuphuka, izinkampani eziphezulu zaseYurophu, okuhlanganisa iSmurf Cappa Group kanye neDesma Group, nazo zisebenza kanzima ukubhekana nenkinga yamanani ephepha.Ibhokisi lephepha
Ngokusho kwabahlaziyi bakaJeffries, kusukela ngo-2020, njengengxenye ebalulekile yokukhiqizwa kwephepha lokupakisha, intengo yekhadibhodi eliphinde lasetshenziswa eYurophu isicishe yaphindeka kabili. Ngaphezu kwalokho, izindleko zebhodi lebhokisi lendabuko elenziwe ngqo ngezingodo esikhundleni samabhokisi aphinde asetshenziswa zilandela indlela efanayo yokuthuthukiswa. Ngesikhathi esifanayo, abathengi abaqaphela izindleko banciphisa ukusetshenziswa kwabo kwe-inthanethi, okunciphisa isidingo samabhokisi. Isikhwama sephepha
Iminyaka emihle kakhulu eyalethwa yi-COVID-19, njenge-oda elisebenza ngokugcwele, ukunikezwa kwebhokisi elincane, kanye namanani akhuphukayo esitoko sezinkampani ezinkulu zokupakisha, konke sekuphelile. Kodwa-ke, noma kunjalo, ukusebenza kwalezi zinkampani kungcono kunanini ngaphambili. I-Smurfit Cappa isanda kubika ukuthi i-EBITDA yayo inyuke ngo-43% kusukela ekupheleni kukaJanuwari kuya kuSepthemba, kanti imali engenayo yokusebenza nayo inyuke ngengxenye yesithathu. Lokhu kusho ukuthi nakuba kusenesikhathi sekota ngaphambi kokuphela kuka-2022, imali engenayo kanye nenzuzo yayo yemali ngo-2022 kudlule izinga ngaphambi kobhubhane lwe-COVID-19.
Okwamanje, iDesma, inkampani enkulu yokupakisha ehlanganisiwe e-UK, inyuse isibikezelo sayo sonyaka kusukela ngomhlaka-30 Ephreli 2023, ithi inzuzo yokusebenza elungisiwe engxenyeni yokuqala yonyaka kufanele okungenani ibe amakhilogremu ayizigidi ezingu-400, uma kuqhathaniswa namakhilogremu ayizigidi ezingu-351 ngo-2019. IMengdi, enye inkampani enkulu yokupakisha, inyuse inzuzo yayo eyisisekelo ngamaphuzu angu-3% futhi yaphinda kabili inzuzo yayo engxenyeni yokuqala yalo nyaka, yize isenebhizinisi laseRussia elisesimweni esinzima kakhulu ngenxa yezinkinga ezingaxazululwanga.Ibhokisi lesigqoko
Imininingwane yokubuyekezwa kokuthengiselana kwe-Desma ngo-Okthoba yayimbalwa, kodwa ikhulume ngokuthi “inani lamabhokisi afanayo ahlanganisiwe liphansi kancane”. Ngokufanayo, ukukhula okunamandla kwe-Smurf Cappa akubangelwa ukuthengiswa kwamabhokisi amaningi – ukuthengiswa kwayo kwamabhokisi ahlanganisiwe kwahlala kungashintshi ezinyangeni eziyisishiyagalolunye zokuqala zika-2022, futhi kwehle ngisho nangama-3% kwikota yesithathu. Ngokuphambene nalokho, la maqembu amakhulu andisa inzuzo yawo ngokukhulisa intengo yemikhiqizo yawo.Ibhokisi lesigqoko sebaseball
Ngaphezu kwalokho, kubonakala sengathi inzuzo ayithuthukanga. Embikweni wenkomfa yezezimali kule nyanga, uTony Smurf, i-CEO yeSmurf Cappa, uthe: “Inani lokuhweba kwikota yesine lifana kakhulu nalokho esikubonile kwikota yesithathu. Ngokuvamile silindele ukululama ngoKhisimusi. Vele, ngicabanga ukuthi ezinye izimakethe ezifana neBrithani neJalimane zisebenze kancane ezinyangeni ezimbili noma ezintathu ezedlule.”
Lokhu kuholela embuzweni othi: Kuzokwenzekani embonini yamabhokisi ahlanganisiwe ngo-2023? Uma imakethe kanye nesidingo sabathengi sokupakisha okuhlanganisiwe siqala ukuzinza, ingabe abakhiqizi bokupakisha okuhlanganisiwe bangaqhubeka nokukhulisa amanani ukuze bathole inzuzo ephezulu? Ngenxa yesizinda esinzima se-macro kanye nokuthunyelwa kwamabhokisi abuthakathaka okubikwe e-United States, abahlaziyi bajabule ngokubuyekezwa kwe-Smurf Cappa. Ngesikhathi esifanayo, i-Smurfikapa igcizelele ukuthi "ukuqhathaniswa phakathi kweqembu nonyaka odlule kunamandla kakhulu, futhi sihlala sikholelwa ukuthi leli yizinga elingazinzile". Ibhokisi lesipho likaKhisimusi
Kodwa-ke, abatshalizimali bayangabaza kakhulu. Intengo yesabelo sikaSmurf Cappa yayiphansi ngo-25% kunesiqongo sobhubhane, kanti intengo yesabelo sikaDesma yehle ngo-31%. Ubani oqinisile? Impumelelo ayixhomekile ekuthengisweni kwekhathoni namakhadibhodi kuphela. Abahlaziyi bakaJeffries babikezela ukuthi ngenxa yesidingo esibuthakathaka se-macro, intengo yekhadibhodi ephinde yasetshenziswa izokwehla, kodwa futhi bagcizelele ukuthi izindleko zephepha elilahliwe kanye namandla nazo ziyawa, ngoba kusho nokuthi izindleko zokukhiqiza amaphakheji ziyehla.
"Ngokombono wethu, okuvame ukunganakwa ukuthi izindleko eziphansi zingaba nomthelela omkhulu ekutholeni imali engenayo. Okokugcina, kubakhiqizi bamabhokisi ahlanganisiwe, izinzuzo zokunciphisa izindleko zizovela ngaphambi kwanoma yiliphi intengo ephansi yebhokisi, ebonakala iqinile kakhulu enkambisweni yokwehla (izinyanga ezi-3-6). Ngokuvamile, intengo ephansi incishiswa kancane yintengo ephansi." kusho abahlaziyi beJeffries. Ibhokisi lezingubo
Ngesikhathi esifanayo, inkinga yokufunwa kwayo ayilula neze. Nakuba ukuhweba nge-e-commerce kanye nokwehla kwejubane kube yingozi ethile ekusebenzeni kwezinkampani zokupakisha ezihlanganisiwe, isabelo esikhulu sokuthengisa sala maqembu sivame ukuba kwamanye amabhizinisi. EDesma, cishe u-80% wemali engenayo ivela ezimpahleni zabathengi ezihamba ngokushesha (i-FMCG), okuyimikhiqizo ethengiswa kakhulu ezitolo ezinkulu. Cishe u-70% wokupakisha kwebhokisi le-Smurf Cappa unikezwa amakhasimende e-FMCG. Ngokuthuthuka kwemakethe yokugcina, lokhu kufanele kube nokuguquguquka. I-Desma iqaphele ukukhula okuhle kokufakwa esikhundleni kwepulasitiki kanye neminye imikhakha.
Ngakho-ke, naphezu kokushintshashintsha kwesidingo, akunakwenzeka ukuthi kwehle ngaphansi kwephuzu elithile - ikakhulukazi uma ucabangela ukubuya kwamakhasimende ezimboni athinteke kakhulu ubhubhane lwe-COVID-19. Lokhu kusekelwa ukusebenza kwamuva kwe-MacFarlane (MACF), eveze ukuthi ukululama kwamakhasimende embonini yezindiza, ubunjiniyela kanye namahhotela kunciphisa umthelela wokwehla kokuthenga online, futhi imali engenayo yenkampani ikhuphuke ngo-14% ezinyangeni eziyisithupha zokuqala zika-2022.
Abapakishi be-corrugated basebenzisa lolu bhubhane ukuthuthukisa ama-balance sheet abo. UTony Smoffey, i-CEO yeSmoffey Kappa, ugcizelele ukuthi isakhiwo senkampani yakhe “sasisesimweni esihle kakhulu emlandweni wethu”, futhi inzuzo yesikweletu/ngaphambi kokukhokhelwa yayingaphansi kwezikhathi eziyi-1.4. UMiles Roberts, i-CEO yeDesma, uvumelane nalokhu ngoSepthemba, ethi isilinganiso senzuzo yesikweletu/ngaphambi kokukhokhelwa seqembu sehle saya ezikhathini eziyi-1.6, “okungenye yezilinganiso eziphansi kakhulu eminyakeni eminingi”.ibhokisi lokuthumela
Konke lokhu ndawonye kusho ukuthi abanye abahlaziyi bakholelwa ukuthi imakethe isabele ngokweqile, ikakhulukazi endabeni yabapaki be-FTSE 100 index, abamanani abo ehle afinyelela ku-20% kusukela enzuzweni elindelekile yangaphambi kokukhokha imali. Inani labo liyakhanga impela. Isilinganiso se-P/E se-Desma singama-8.7 kuphela, kanti isilinganiso seminyaka emihlanu singama-11.1, kanti isilinganiso se-P/E se-Smurfikapa singama-10.4, kanti isilinganiso seminyaka emihlanu singama-12.3. Ngokwezinga elikhulu, kuncike ekutheni inkampani ingakholisa yini abatshalizimali ukuthi bangaqhubeka nokusebenza okumangalisayo ngo-2023.ibhokisi lokuthumela iposi
Isikhathi sokuthunyelwe: Disemba 27-2022
