Despite subdued box demand, we believe de-rated valuations provide appealing 2023 risk/reward as cyclical sectors such as packaging re-rate long before recessions end. With easing cost pressures, we upgrade DS Smith from ‘Neutral’ to ‘Outperform’, while maintaining Mondi at ‘Neutral’. We reiterate our ‘Outperform’ rating on Smurfit Kappa Group (SKG) as our top European packaging pick ahead of its 2022E results on February 8th.
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