Resilient Organic Sales Growth and Margins in Challenging Environment

研报英文原文证据摘录

Resilient Organic Sales Growth and Margins in Challenging Environment

Special Situations

CCL Industries Inc.

TD SECURITIES INC. - CANADA EARNINGS UPDATE

May 15, 2026

Price: C$87.12 (05/14/2026) Resilient Organic Sales Growth and Margins

Price Target: C$110.00 (Prior C$105.00) in Challenging Environment

BUY (1)

ESG SCORE: 69/100

Sean Steuart, CFA^ THE TD COWEN INSIGHT

416 308 3399

Despite ongoing challenges, led by cost inflation, we are raising our medium-term earnings

sean.steuart@tdsecurities.com

forecasts. Revisions reflect higher assumed organic sales growth and updated segment

Kasia Trzaski Kopytek, CFA, CPA, CA^ margin profiles. Q1 results highlight the resilience of CCL’s platform, with the company

416 983 4058 demonstrating an ability to preserve margins while taking market share. The strong balance

kasia.trzaski@tdsecurities.com

sheet supports capital deployment options.

Key Data

Symbol TSX: CCL.B-T Event

12-Month Div (Est.): C$1.48 CCL reported Q1 results after market close on May 13. Adjusted EPS (fully diluted) of $1.19

12-Month Total 28.0% exceeded our estimate of $1.15 and consensus of $1.17. Adjusted EBITDA of $415 million also

Return:

exceeded our $400.8 million estimate and consensus of $405.9 million.52-Week Range: C$94.88-C$75.62

Market Cap: C$15.1B Impact: POSITIVE to our outlook and target price

Net Debt (MM): C$1,377.3 We have increased our 2026 and 2027 EPS estimates 2% and 4%, respectively. Changes reflect

Dil. Shares Out (MM): 172.8 overall organic sales growth estimates of 3.5% in 2026 (3.1% previously) and 4.1% in 2027

Float Shares (mm): 147.9 (consistent) and segment margin profile adjustments. Changes to our SOTP valuation yield a

Float Cap ($mm): C$12,884 higher target price ($110/share versus $105/share previously).