Citi upgrades Mondi to 'buy'
![Mondi | Sharecast graphic / Josh White dl mondi plc ftse 100 industrials industrial goods and services general industrials containers and packaging logo](https://img5.s3wfg.com/web/img/images_uploaded/6/7/dl-mondi-plc-ftse-100-industrials-industrial-goods-and-services-general-industrials-containers-and-packaging-logo_620x350.jpg)
Mondi
1,463.00p
16:59 14/06/24
-0.54%
-8.00p
Citi upgraded its stance on Mondi on Friday to ‘buy’ as it said that after a difficult couple of years, the market headwinds of destocking and lower pricing are reversing across the packaging company’s product segments (board, flexibles, paper).
FTSE 100
8,146.86
16:54 14/06/24
n/a
n/a
FTSE 350
4,482.59
17:05 14/06/24
n/a
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FTSE All-Share
4,438.37
17:14 14/06/24
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General Industrials
6,831.12
17:05 14/06/24
-0.82%
-56.27
"We see ‘normalised’ EBITDA of around €1.8bn in 2-3 years - achieving this at 8x EV/EBITDA (the multiple before the Russia-Ukraine conflict) would put the stock at circa £25/share in 3 years," it said.
At 1200 BST, the shares were up 1.2% at 1,594.50p.