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Share Name Share Symbol Market Type Share ISIN Share Description
Smith (ds) Plc LSE:SMDS London Ordinary Share GB0008220112 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  4.20 1.01% 420.20 3,539,116 16:35:04
Bid Price Offer Price High Price Low Price Open Price
420.20 420.40 421.00 413.50 417.90
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Industrials 6,043.00 368.00 38.50 10.9 5,767
Last Trade Time Trade Type Trade Size Trade Price Currency
18:11:23 O 28,351 420.20 GBX

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Date Time Title Posts
18/4/202116:52Smith (DS) PLC with Charts and News3,863
11/7/201820:15DS Smith - Smudger's on the rise71
03/11/200917:24Whats Happening !!!!!141
23/4/200918:51DS Smith - must be a sell.182
12/2/200215:21SMITH(DS)- whats up? something is cooking?18

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DateSubject
18/4/2021
09:20
Smith (ds) Daily Update: Smith (ds) Plc is listed in the General Industrials sector of the London Stock Exchange with ticker SMDS. The last closing price for Smith (ds) was 416p.
Smith (ds) Plc has a 4 week average price of 392.90p and a 12 week average price of 355.60p.
The 1 year high share price is 435.90p while the 1 year low share price is currently 254.60p.
There are currently 1,372,412,313 shares in issue and the average daily traded volume is 2,917,266 shares. The market capitalisation of Smith (ds) Plc is £5,766,876,539.23.
02/3/2021
19:26
fairtrader66: I'll be honest, I did the numbers over a year ago and the reason I keep harping on is because I think that relative to future PE ratios, DS Smith has the furthest to go in share price appreciation. This is indicated by the "we shouldn't sell at less than 500". I'm not going to dig out the numbers again because I honestly don't care enough. The US acquisition has already been run through the balance sheet valuation by the auditors and the market cap to balance sheet ratio's still look fine to me with a proviso that I only expect capital return ratio's to prove themselves 12 months AFTER covid. I have given no less detail than anyone else on this message board but with regards to sustainable innovation, I think you could begin with viewing the following: hxxps://www.mondigroup.com/en/products-and-solutions/ hxxps://www.dssmith.com/products-services/packaging-solutions Mondi says "plastic when useful" and DS Smith doesn't. DS Smith only recycles plastics whilst Mondi "tries" to use recycled plastics. Your criticisms and opinions well taken but what I'm saying is that DS Smith is a win-win situation and a buy-out would be a pity because 1) they're the innovative sustainable guys and 2) this share price only has an upside still Criticisms/Disagreements welcome.
26/2/2021
12:47
ygor705: Have commented on the poor management here several times before. To my mind the job of a Board of a commercial organisation is to make money for its shareholders. That involves the management of its share price, a skill that has been sadly lacking here. One might be more forgiving if SMDS was a charity but it is not (although one might be forgiven for thinking that it is being run like one on occasions). Any potential acquirer has plenty of scope to sharpen operations here. I'm with Moorsie - offer me £5.35 and I'm gone.
26/2/2021
07:37
fairtrader66: I bought them in the covid dip because they were vastly undervalued at that point. They are still undervalued and still a good buy (even if I sold a little at 420 yesterday). If others bought them at a higher price then I understand your different perspective to me. From my perspective they are a decent catch-up buy: they have/had good cash reserves, good cash generating abilities, a good chance of returning to pre-covid earnings, the whole buy the Amazon stream AND they have innovated and re-engineered just before covid hit. That re-alignment including the US acquisition is going to leap-frog their potential as soon as they can capitalise on it outside of covid times which they are managing well now They have already made massive changes which will show in the medium term and no-one is giving them the credit for it I hear you telling me that their peers are boring, staid and that the share price reflects that. I agree. SMDS is the more innovative option.
09/2/2021
20:48
scooo: [...] BofA analyst Alexander Berglund said that containerboard prices are recovering and box demand is strong, fuelled by e-commerce, and the trend will continue. The cost of paper for recycling has almost doubled from 2020 and this will affect boxmakers Smurfit and DS Smith most. It will take those companies about a year to increase prices to protect margins, whereas Mondi is more insulated and has greater exposure to higher containerboard prices. He held his price target for Smurfit shares at £39. He cut DS Smith's price target to 410p from 440p, and 2021 and 2022 estimates by 10% each. He cut both shares to 'neutral' from 'buy'. xxxxxxxxxxxxxxxxxxxxxx It seems that home working has slashed recycling collections from offices, which together with the closure of schools, restaurants etc has cut volumes of recovered Old Cardboard Containers and lifted the price, to the detriment of SMDS input costs. Chinas refusal to accept imported OCC should however be providing some relief to supply pressures here. An accelerated rollout of vaccine programs would also improve the outlook with the resumption of a more consistent, plentiful & therefore cheaper OCC supply base. Slight doldrums may prevail until then.
07/11/2020
12:19
scooo: SMDS price may be trailing its competitors because it is perceived by foreign investors as being more embroiled in Brexit uncertainty. British companies are currently valued about 20% less than European competitors. Institutional holders remain discontented since the suspension of the dividend and are holding back as the price languishes. The current price discount, plus weak pound and cheap finance, could however invite the possibility of predator takeover from abroad.
02/9/2020
19:32
redartbmud: Is the Smds share price being manipulated by algos set up by the shorters?
19/7/2020
16:12
cousin jack: SMDS share price since start of year is down by almost double the fall in rivals. I can't see a good reason for the difference, particularly as market indications are that product demand is not being unduly affected by Covid. Possibly the dividend cancellation has led to selling by holders who were holding as part of an income portfolio. Taking a medium term view I think it's reasonable to assume demand will not greatly change and the dividend will at some point be restored. I've been adding on recent down days but the chart indicates that there could be a decent move up soon.
02/7/2020
10:15
jeffian: #3447, I really, really hope that they don't go down the share buyback route. Yes, I understand the argument about less shares in circulation boosting NAV and earnings per share but, time and again, that doesn't get reflected in the share price. You can't dictate to Mr. Market. The worst example recently was Whitbread which, having sold its Costa Coffee business 'returned' £2.5bn(!) to shareholders via buyback - equivalent to about £12/share I think - and the share price has slumped from £45-odd to £23. As a buy-and-hold investor, I like dividends. They give a reason to hold on to the shares and ignore short term fluctuations in the share price.
09/12/2019
10:28
moorsie2: FINANCIAL ANALYSTS: DS Smith - Reiterating Buy rating as earnings are still growing despite challenging market [VRP] NEW YORK, 6 December 2019 (Viewpoint) - excerpt from Vertical Research Partners Continued EPS Growth Should Drive Share Price Appreciation – On Thursday morning, DS Smith released its first-half fiscal 2020 (for the fiscal year ending on April 30th 2020) financial results. EPS was slightly lower than expected, but still grew by 4.6% y/y (when including the Plastics business that is now classified under discontinued operations) despite a challenging environment. SMDS has been consistently growing its adjusted EPS on an annual basis for almost a decade now, even during cyclical downturns in the European containerboard market. It has achieved this growth by utilizing its underlevered balance sheet and achieving strong corrugated box volume growth. While we do expect F2H20 EPS to come in marginally below the F1H19 level, this is primarily due to the sale of the Plastics division (which should be completed by calendar year-end), without which our EPS estimate would point to marginal growth y/y. Furthermore, we project SMDS’ streak of full-fiscal year adjusted EPS growth will continue unabated. More specifically, we project F2020, F2021, and F2022 EPS growth of 1.8%, 1.9%, and 6.7%, respectively. While these numbers are not groundbreaking, they compare positively to our projections for the other four containerboard names we cover – all of which are expected to experience varying degrees of earnings pressure during calendar 2019 and 2020. As such, we remain confident that SMDS’ stock should move higher as investors appreciate the company’s earnings resilience and the global containerboard market improves. Results Slightly Below Expectations… – SMDS reported F1H20 adjusted EPS from continuing operations of £0.17 vs our headline £0.18 estimate, but the actual delta is quite smaller. More specifically, SMDS’ adjusted EPS from continuing operations was 17.3p vs our 17.6p estimate, while our 18.0p “all in” estimate including the earnings contribution of the Plastics division compares to SMDS’ 17.8p. (Note that this small miss vs our estimate is smaller when including Plastics as we previously assumed the sale would have been completed in August while the business ended up contributing for the full half-year period). Operating profitability was actually in-line. Adjusted EBITA (not EBITDA, but EBITA) was £251 million vs our £246 million estimate, driven by lower depreciation. The company’s EBITDA of £498 million was £5 million below our £503 million estimate. EBITA in North America was well below our estimate. Due to re-segmenting, we have no clear picture as to which European segments (which are now three vs four previously) missed/topped our forecasts. However, we believe that SMDS missed us in Northern Europe (along with North America), with results in Western Europe and Eastern Europe were better than expected. We believe the North American softness was due mainly to SMDS’s export exposure. … With Significant Benefits from its Short Board Position – Revenues of £3.188 billion were 1% below our estimate, and just £115 million above their year-ago level despite a £297 million top-line contribution from Europac. Said differently, like-for-like revenues would have declined by 6%. The top-line pressure was driven by (1) lower pricing and volumes for open market board and recyclable products sales and (2) slightly lower box pricing, partially offset by a 0.7% growth in corrugated box volumes (which was less than half our assumed growth rate). Offsetting this top-line pressure were stronger margins. SMDS’ EBITDA margin of 15.6% was 280bps above its year-ago level and in line with our estimate. This sharp margin expansion was driven by the Europac acquisition (which was a structurally-higher margin business) and lower input costs, including externally purchased containerboard and OCC. In the company’s EBITA bridge, pricing was a ~£130 million headwind, offset by £130 million in lower costs. But when it comes to the bottom-line, much of the pricing headwind which was attributed to lower board and recycled fiber prices was offset by the company short board position – as these two items are interlinked. As a reminder, SMDS should be ~85% backwards integrated (meaning it relies on purchased board for 15% of its fiber needs). Hence, all else being equal, lower board prices are actually a net positive for SMDS. (Of course, normally a material change in board prices would lead to a similar change in box prices – which ultimately drive SMDS’s profits – and in a scenario where box/board prices move in lockstep an inflationary environment is better for SMDS). These benefits were also evidenced on the segment performance. The short-board Southern Europe and Eastern Europe divisions experienced margin expansion y/y, while the long-board Northern Europe division saw a 230bps margin contraction. In the US, were the company is ~60% forward integrated (i.e., it sells around 40% of its board externally), margins shrank by 740bps due to the decline in export pricing. Box Prices Holding Up – We understand that during 1H20 SMDS experienced a ~2% price decline, consistent with our assumptions. Overall pricing was a 4.5% headwind to revenues, but according to management ~£80 million of the £101 million headwind was due to lower paper and recycled fiber prices. Going forward, prices should decline further reflecting the continuously declining containerboard prices. As we wrote in our October 10th report (here), we assume ~5% box price erosion from the late-2018 peak in Europe. Despite containerboard prices continuing to decline, we have not changed this assumption yet. We note that the topline price pressure for SMDS however will be more significant due to lower pricing for other products, such as containerboard. Slightly Trimming Estimates – We are slightly lowering our earning’s estimates for SMDS, primarily reflecting lower organic volume growth and lower board/recycled fiber pricing and sales volumes (which also translates into more modest revenue contribution from Europac). Our F2020 EBITDA estimate is reduced by £26 million, to £990 million, with £21 million of this reduction coming in the back-half of F2020. Our F2020 EPS forecast remains at £0.35. Note that with the re-segmenting of the company’s divisions, the segment comparability vs our prior set of estimates is limited. However, we did lower materially our earnings forecast for North America, and believe that Northern Europe is also doing worse than expected – while Western Europe is seeing a larger-than-expected benefit from positive price/cost (with lower input costs for OCC and purchased containerboard not fully flowing through box prices). We expect conditions for the North America business to improve with higher volumes as the new box plant in Lebanon, IN ramps up and as the export market recovers. That, along with additional synergies from the Europac acquisition, should drive modest earning’s upside for F2021 (which starts in less than five months). Our F2021 and F2022 EBITDA estimates are lower by ~1% each, to £1.007 billion and £1.057 billion, respectively. Our F2021 EPS is lowered by one pence, to £0.35, although it is still almost 2% higher than our F2020 forecast. Our F2022 adjusted EPS estimate remains unchanged at £0.38. Chip Dillon, Vertical Research Partners
30/10/2019
19:28
moorsie2: 97Peter - I am sorry but uk politics is virtually irrelevant for SMDS share price! Very little of their revenue and profits are from operations in uk and of those revenues the sensitivities to domestic politics are very very marginal. Misleading and or misinformed posts are dangerous for amateur investors!
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