European packaging leader Smurfit Kappa Group (SKG) has de-rated on fears regarding box demand and pricing. With easing energy and OCC raw material headwinds, we believe SKG guidance of “EBITDA of c.€2.3bn for the full year 2022” is well underpinned. We re-affirm SKG as our top packaging sector pick ahead of its 2022E earnings on February 8th.
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