Organic Sales Growth and Resilient Margins Exceed Expectations; Buybacks Resume

研报英文原文证据摘录

Organic Sales Growth and Resilient Margins Exceed Expectations; Buybacks Resume

Special Situations

CCL Industries Inc.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

May 13, 2026

Price: C$84.46 (05/13/2026) Organic Sales Growth and Resilient Margins

Price Target: C$105.00 Exceed Expectations; Buybacks Resume

BUY (1)

ESG SCORE: 69/100

Sean Steuart, CFA^ THE TD COWEN INSIGHT

416 308 3399

CCL's Q1 results were above our conservative forecasts and consensus estimates. Aggregate

sean.steuart@tdsecurities.com

y/y organic sales growth of 1.9% improved from 0.6% in Q4/25 as was above our 1.1%

Kasia Trzaski Kopytek, CFA, CPA, CA^ forecast. Top line growth paired with higher than expected margins. We expect EPS growth

416 983 4058 to accelerate later in the year as comparisons ease. The balance sheet provides capital

kasia.trzaski@tdsecurities.com

deployment options, including buybacks.

Key Data

Symbol TSX: CCL.B-T Event

Market Cap C$14.6B CCL reported Q1/26 results this evening. Adjusted EPS (fully diluted) of $1.19 exceeded our

General: The Lang family owns 14% of shares outstanding estimate of $1.15 and the consensus forecast of $1.17. Adjusted EBITDA of $415.0 million was

(95% of voting Class A and 8% of non-voting Class B).

also above our estimate of $400.8 million and the consensus forecast of $405.9 million.

Conference call at 7:30 am ET tomorrow morning. 888-506-0062; passcode: 384148;

webcast HERE

Impact: SLIGHTLY POSITIVE expected share price reaction

CCL's results were stronger than expected. Overall organic y/y sales growth of +1.9%

outpaced our +1.1% estimate with the CCL and Avery segments outperforming. Organic growth

outpaced key competitors and CPG sector averages. EBITDA margins were ahead of our

estimates, led by the core CCL segment and Innovia.