H1 from Mondi the Gloabl pacakging Company today. Highlights were ROCE up to above cycle 16% and dividend increased by 38.5% to 13.23c. Otherwise headline numbers up very strongly but underlying figures fairly flat. See the full announcment for full details. Overall shares seem OK if a little dull on around 12.5x this years earnings with a yield expected to be around 3.25% althought that only refelcts forecast growth of 16% or so which I guess could be exceeded given the increase in the interim dividend. On the outlook the chief executive
David Hathorn said:
"In the near term, anticipated price increases in some of our packaging paper grades should provide positive momentum. As in prior years, the second half of the year will be impacted by the planned annual mill maintenance shuts. Market fundamentals remain sound, which, coupled with a continued economic recovery, should prove positive for further growth in the packaging businesses. Overall, we remain confident that Mondi will continue to deliver an industry leading performance."