olivLaw · European equity research
Mondi plc MNDI.L
United Kingdom · London Stock Exchange · ISIN GB00BMWC6P49 · Vertical: Listed companies from United Kingdom
Mondi is an international packaging and paper group whose business relies heavily on wood fibre. For Mondi, ecosystem resilience and the management of water and biodiversity are becoming more important within its MAP2030 action plan for 2026 to 2030.
At the close of 05 Nov 2026, Mondi plc (MNDI.L) stock was 7.94 GBP (−0.90% on the day), with beta 0.88, 52-week range 6.81–9.59 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.4
- neutral
- Bollinger (20, 2)
- 7.28 – 8.13
- in the upper half of the band · %B 0.77 · band width 11.1%
- SMA 50 / 200
- 8.04 / 8.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.3% | −0.6% | +0.4 pp | — |
| 3 months | −12.3% | −4.2% | −8.1 pp | — |
| 6 months | −0.7% | +4.3% | −5.0 pp | — |
| Year to date | −12.6% | +7.5% | −20.1 pp | — |
| 1 year | −5.6% | +9.9% | −15.5 pp | +5.8% |
| 3 years | −46.6% | +49.8% | −96.5 pp | +26.3% |
| 5 years | −60.5% | +42.8% | −103.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7.3 bn | 7.4 bn | 7.7 bn |
| Revenue YoY | unavailable | +1.2% | +3.3% |
| Net income | -153.0 m | 218.0 m | 165.0 m |
| Net income YoY | unavailable | unavailable | −24.3% |
| Diluted EPS | -0.32 | 0.49 | 0.37 |
| Diluted EPS YoY | unavailable | unavailable | −23.8% |
| net % | -2.1% | 2.9% | 2.2% |
| Free cash flow | 529.0 m | -82.0 m | 313.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 292.0 m EUR
- Financial debt
- 2.9 bn EUR
- Net debt
- 2.6 bn EUR
- Equity
- 5.2 bn EUR
- Total assets
- 10.1 bn EUR
- Debt / equity
- 0.55x
- Current ratio
- 1.53x
- ROE
- 3.1%
- ROA
- 1.7%
- FCF margin
- 4.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.3 bn | 7.4 bn | 7.7 bn | esef· 10 Mar 2026verified |
| Gross profit | 2.7 bn | 3.1 bn | 3.1 bn | esef· 10 Mar 2026verified |
| Operating income | 763.0 m | 456.0 m | 391.0 m | esef· 10 Mar 2026verified |
| Interest expense | 119.0 m | 97.0 m | 126.0 m | esef· 10 Mar 2026verified |
| Pre-tax income | 682.0 m | 378.0 m | 269.0 m | esef· 10 Mar 2026verified |
| Income tax | 161.0 m | 116.0 m | 72.0 m | esef· 10 Mar 2026verified |
| Net income | -153.0 m | 218.0 m | 165.0 m | esef· 10 Mar 2026verified |
| Diluted EPS | -0.32 | 0.49 | 0.37 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.6 bn | 278.0 m | 292.0 m | esef· 10 Mar 2026verified |
| Receivables | 1.3 bn | 1.3 bn | 1.3 bn | esef· 10 Mar 2026verified |
| Inventories | 1.0 bn | 1.2 bn | 1.2 bn | esef· 10 Mar 2026verified |
| Current assets | 3.9 bn | 2.8 bn | 2.8 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 4.6 bn | 5.2 bn | 5.8 bn | esef· 10 Mar 2026verified |
| Goodwill | 765.0 m | 767.0 m | 893.0 m | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 68.0 m | 70.0 m | 110.0 m | esef· 10 Mar 2026verified |
| Total assets | 10.0 bn | 9.3 bn | 10.1 bn | esef· 10 Mar 2026verified |
| Accounts payable | 1.2 bn | 1.3 bn | 1.4 bn | esef· 10 Mar 2026verified |
| Short-term debt | 559.0 m | 63.0 m | 344.0 m | esef· 10 Mar 2026verified |
| Long-term debt | 1.5 bn | 2.0 bn | 2.5 bn | esef· 10 Mar 2026verified |
| Current liabilities | 1.9 bn | 1.5 bn | 1.8 bn | esef· 10 Mar 2026verified |
| Total liabilities | 3.9 bn | 4.0 bn | 4.9 bn | esef· 10 Mar 2026verified |
| Equity | 6.1 bn | 5.4 bn | 5.2 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 485.7 m | 444.0 m | 441.2 m | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.4 bn | 851.0 m | 986.0 m | esef· 10 Mar 2026verified |
| Capex | 830.0 m | 933.0 m | 673.0 m | esef· 10 Mar 2026verified |
| Free cash flow | 529.0 m ≈ | -82.0 m ≈ | 313.0 m ≈ | esef· 10 Mar 2026derived |
| Investing cash flow | -482.0 m | -936.0 m | -1.2 bn | esef· 10 Mar 2026verified |
| Financing cash flow | -541.0 m | -1.2 bn | 245.0 m | esef· 10 Mar 2026verified |
| Share repurchases | 8.0 m | 12.0 m | 8.0 m | esef· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.22 – 6.51 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E4.22 – 6.51 (Mid 5.40)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.8% | 21 (vs peers) | 31% |
| Net margin · Quality | 2.2% | 26 (vs peers) | 19% |
| FCF conversion · Quality | 189.7% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.1x | 25 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality44/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MONDI PLC (MNDI.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.7 bn EUR in 2025; YoY growth 3.3%; net margin 2.2%; ROE 3.4%.
The estimated value range is 4.22–6.51 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 189.7%
What contradicts it
- ROIC: 3.8%
- Net margin: 2.2%
- Interest coverage: 3.1x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for MNDI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Mondi is an international packaging and paper group whose business relies heavily on wood fibre. For Mondi, ecosystem resilience and the management of water and biodiversity are becoming more important within its MAP2030 action plan for 2026 to 2030.
SWOT
Strengths
- The group has a high share of recyclable and reusable products in revenue and fully responsible fibre sourcing.
- Due diligence systems and forest certifications support access to markets that require verified sources.
- A significant part of energy comes from renewable sources and biomass, which reduces dependence on fossil fuels.
Weaknesses
- Heavy dependence on wood fibre makes the business vulnerable to climate change and raw material prices.
- Recent integration of acquired mills has made some water and emissions targets harder to reach.
- Specific contact water consumption rose against the baseline, pointing to efficiency challenges.
Opportunities
- Demand for recyclable and compostable packaging could keep supporting portfolio growth.
- Energy efficiency projects and the shift to renewable energy could reduce costs and emissions.
- Collaboration with NGOs and scientific institutions could strengthen biodiversity management practices.
Threats
- Climate change could affect plantation yields and raise flood risk at mills.
- High cost or limited availability of wood fibre could squeeze production margins.
- Competitive pressure and variable demand could affect product prices in packaging and paper markets.
Risks
- South African plantation yieldmedium
Loss of plantation yield due to drought or fire could reduce fibre availability, and the group tracks yield indicators to limit the impact.
- Fibre price and availabilityhigh
Rising wood costs could hit margins, especially if sourcing becomes harder.
- Flood riskmedium
Floods could affect mills and supply chains, which calls for protection plans and investment.
- Energy regulationmedium
Changes in energy regulation could alter mill energy costs, a factor the company tracks as a climate risk.
- Asset impairmentlow
If climate risks materialise, group assets could require value adjustments, which the company tests annually for impairment.
Investment thesis
What would need to be true (bull case)
- If demand for recyclable packaging keeps growing, the group's portfolio, where much revenue already comes from such products, could support results.
- Fully responsible fibre sourcing and certifications could help win customers who require verified sources.
- Investment in renewable energy and efficiency could lower operating costs over the medium term.
What would break the thesis
- If wood fibre prices rise, margins could be squeezed, especially under weak demand.
- Climate effects on plantations and mills could generate unexpected costs.
- Recent acquisitions could delay progress toward water and emissions targets.
What to watch
- Trend in waste sent to landfill against the 2025 level2026
- Progress on specific contact water consumption after integrating acquired mills2026
- Development of wood fibre cost and availability2026
- Results against the MAP2030 2026 to 2030 targets in the next integrated reportnext integrated report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Mondi plc, headquartered in the United Kingdom, produces packaging and paper and depends on wood fibre: about 85% of the business is fibre based, and sourcing is supported by due diligence systems and forest certification. According to the 2025 integrated report, the group generated around 0.9 million tonnes of waste in 2025 and brought 76% of it back into value creation 1. For sourcing, the group procured goods and services valued at 6.2 billion EUR in 2025 from about 12000 suppliers in 67 countries 1.
Segments
Packaging and paper
Packaging and paper products are the core of the business. In 2025, 88% of Group revenue came from products that are reusable, recyclable or compostable 1.
Forestry and fibre
Plantation forestry in South Africa and external wood fibre sourcing in Europe and Canada support the production chain. In 2025, 82% of wood fibre met credible standards such as FSC or PEFC, with the remainder under FSC Controlled Wood 1.
Market context
Mondi operates in packaging and paper markets, where demand and raw material prices directly influence results. The report states that market position estimates are based on industry publications and management estimates 1. Wood fibre cost is an important risk factor, and price trends are monitored through internal procurement reporting 1.
Trends
- Regulation and supply chain due diligencemixed
Growing requirements for responsible wood sourcing and supply chain diligence could raise costs, but they support market access and customer trust, given that the group sourced 100% responsibly in 2025 1.
- Recyclable and reusable packagingtailwind
A shift in customer behaviour toward recyclable packaging favours the group's portfolio, as much of its revenue already comes from such products 1.
- Climate and flood riskheadwind
Climate change could affect plantation yields in South Africa and raise flood risk at mills, which could require additional protection investment 1.
- Energy efficiency and renewable energytailwind
Investment in energy efficiency and replacing fossil fuels with renewable sources could lower operating costs, given that part of the energy already comes from renewable sources 1.
Competitive position
The 2025 integrated report does not name competitors, so the competitive landscape is described only in general terms. In packaging and paper markets, competitive intensity and product prices remain relevant, according to the risks the company declares 1.
- Fibre-based packaging producers
The source does not name competitors; they are mentioned only generically as a source of price pressure.
- Paper and pulp producers
The source does not name competing companies; competitive intensity in this segment is mentioned only as a general risk.
- Plastic packaging suppliers
Competition from alternative materials appears in the report only as a generic risk, without company names.
- Other forestry and fibre operators
Competitors in the fibre market are not identified in the source, so no ticker can be given.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Mondi plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.