contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


huhtamaki-bargain-binned-share-stays-in-shopping-cart

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Research

Antti Viljakainen

Huhtamäki is a manufacturing company. The company conducts operations in the packaging industry. The company's packaging is used for food products and includes fiber packaging, cartons, copper and other containers. The products are mainly delivered to customers in the food industry on a global level, mainly in Europe, South America and Asia. The company's head office is located in Espoo, Finland.

Hi! Apologies for the delay! The factory is still experiencing technical start-up difficulties. The background for this is a large wave in the US market to replace Styrofoam packaging with fiber packaging for eggs. While egg cartons in other markets are grey/brown, i.e., made from recycled paper, in the US, several large customers want colorful egg cartons. Integrating the dye, especially white, into the integrated process has been more challenging than expected, as this is new. In addition, most production lines are focused on 12-egg cartons, and one on 18-egg cartons. The market demand profile has changed rapidly, with customers wanting larger cartons. Some customers combine these, meaning if they want to sell smaller cartons, they also want large ones. The mentioned additional investment is related to adding another 18-line to the factory, which will also balance our production somewhat and thus support the sale of smaller cartons. We have full confidence that we will get things rolling as planned, unfortunately, it has taken too long. PS. Today we held an earnings call on the theme of sustainability, and the recording can be found here: Sustainability results 2025 call /Kristian

Regarding the Hammond factory, the Mayor of Hammond spoke in an interview about an additional 10 million investment. Is this related to overcoming technical challenges or, for example, improving logistics? Is the factory currently running at full capacity?

Yes, we have two factories in the Flexible Packaging segment in the UAE and one factory in the Foodservice Packaging segment in Saudi Arabia. Assessing the impacts of the situation is difficult; it depends very much on the duration of the situation. Energy as a cost relative to net sales is typically 3-5% at the group level. Furthermore, the price of oil affects the price of plastics, at least to some extent and over some timeframe. If our raw material costs rise, we must pass them on to sales prices. Freight costs are also typically around 3-5% relative to net sales. It is, of course, more difficult to assess how this might potentially affect demand. That remains to be seen, and I cannot speculate on that at this stage. I hope this helps! /Kristian

By the way, what about Huhtamäki’s business in the Middle East? Do they own production facilities there? I seem to recall that they might have at least partial ownership of something. It would also be interesting to know how much the Middle East crisis directly affects Huhtamäki; increased freight costs at least come to mind. It unfortunately looks like the crisis is dragging on, though of course, a lot can happen in one night during US prime time. Did @Kristian_Tammela have time to answer? You can see it conveniently from the map on page 9 of the annual report. There are three production facilities right there in the Persian Gulf coastal states, in Saudi Arabia and the United Arab Emirates.

Hi! Good question! The expansion in Egypt, which belongs to the Fiber segment, is still in its early stages, and it will take a couple of years before we see significant results from it. However, the investment is not as substantial as, for example, the expansion near Chicago in the USA. We have stated that we have not been satisfied with the slow progress in ramping up this egg packaging-focused plant, mainly due to technical challenges. Regarding the Fiber segment, our utilization rates are at a very high level, and it was the only segment where investments increased last year. It is clear that we will need more capacity in the coming years as demand grows. Alongside egg packaging, fruit packaging in particular is a potential growth path. And when we consider different investment options, it is clear that acquisitions are also a realistic possibility that we are exploring at the same time. /Kristian

How are the current expansions progressing according to schedule, such as the Sadat City investment? Is the capacity for the investments on the Fiber side already “pre-sold,” so to speak? Based on the margins, pricing power and demand seem to be in better shape than in other sectors.

huhtamaki.com              huhtamaki-vuosikertomus-2025.pdf    8.59 MB                            If you want to browse the 2025 annual report, it is now possible. A few hundred pages to browse through.

Huhtamäki

Huhtamaki’s Q2 report was weaker than we and the market expected due to problems focusing on the Flexible Packaging division, but estimate changes are minor. Huhtamaki is valued clearly below its long-term average levels. 

<p>We reiterate our EUR 39.00 target price and Buy recommendation for Huhtamaki. Huhtamaki&rsquo;s Q2 report was weaker than we and the market expected due to problems focusing on the Flexible Packaging division, but estimate changes are minor. Huhtamaki is valued clearly below its long-term average levels. Thus, we feel that the earnings growth we expect from the company next year, good 3% dividend yield and the upside in the valuation offer a clearly higher expected return than the required return, especially in the medium term. However, the share does not necessarily have fast growth drivers before a more concrete market pick up.</p>

	2022	23e	24e
Revenue	4,479.0	4,252.9	4,406.0
growth-%	25.3 %	-5.0 %	3.6 %
EBIT (adj.)	395.1	366.7	400.0
EBIT-% (adj.)	8.8 %	8.6 %	9.1 %
EPS (adj.)	2.49	2.12	2.34
Dividend	1.00	1.02	1.05
Dividend %	3.1 %	3.6 %	3.7 %
P/E (adj.)	12.9	13.4	12.1
EV/EBITDA	7.8	7.8	6.9

Huhtamaki: Bargain binned share stays in shopping cart

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Key Estimate Figures20.07.2023

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