The Point for Europe

Research evidence excerpt

The Point for Europe

inflection confirmed, now for multiples to

re-rate

We raise our Target Price to SFr 19.30 (from SFr 15.20), as we now see an inflection

point in earnings momentum and a clear path to restoring its growth narrative. The

stock's significant multiple de-rating was driven by a stalled growth profile after

the Scholle-IPN acquisition, masking the resilience of the core aseptic carton

business. We believe the new management's strategic pivot to focus on the high-

return aseptic systems business, which will comprise ~90% of the portfolio, will

re-establish SIG’s reputation as a ‘steady compounder’. The market’s confidence

seems to be bolstered by a turn in earnings momentum, cost actions delivering

results, and considerably easier comps in 2H'26. Consequently, we raise our FY26-

28e EBITDA estimates by 2-4% and look to the upcoming CMD for further details

on the turnaround. Maintain Buy.

Ephrem Ravi | Ashish Khetan

Huhtamaki Oyj (HUH1V.HE) - Update estimates on strong performance and

improved outlook; Maintain Buy

Huhtamaki’s outlook is cautiously positive. The key growth drivers remain the

improving Flexible Packaging business and structurally attractive Fiber Packaging

segment, while North America remains the main watchpoint due to operational

challenges and weaker sales trends. If the corrective actions in North America

deliver results, Huhtamaki should be able to sustain low single-digit organic

growth and maintain margins around current levels. Positive Q2 results suggest

the company is executing well on profitability and operational discipline. Despite

macroeconomic uncertainty, we remain confident on company’s cost efficiency

measure and expect it to maintain healthy margins in coming quarters. We