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Huhtamäki Oyj

0K9W.L
46
Packaging & Containers · Consumer Cyclical
Price
31.80 GBp
+0.27 (+0.86%)
Market Cap
£3.32B
Exchange
London Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 13, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Good

Winston Score History

The full picture

Huhtamäki is a Finnish company that makes packaging — things like paper cups, food containers, and flexible wrapping materials. Its customers are food and beverage companies, fast-food chains, and consumer goods brands that need packaging for their products. The company is one of the largest packaging manufacturers in the world, with well-known products including disposable cups used by major coffee chains globally.

Huhtamäki earns money by selling packaging products directly to businesses, not to everyday consumers. It operates in over 35 countries across Europe, North America, Asia, and emerging markets, giving it a broad geographic footprint that helps reduce dependence on any single region. The company faces ongoing pressure from rising raw material costs — paper and plastics — which helps explain its relatively thin margins, and its ability to grow depends heavily on how quickly it can shift customers toward more sustainable, fiber-based packaging as regulations around single-use plastics tighten worldwide.

Share count broadly stable

+0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 104.4M (2021) → 104.9M (2025)

Score breakdown

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Quality

Gross Margin
18.2%
Thin — 18.2% gross margin
Operating Margin
7.0%
Modest — 7.0% operating margin
ROCE
2.0%
Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-4.6%
Shrinking sales (-4.6% YoY)
EPS YoY
+3.6%
Modest earnings growth (+3.6% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
207%
Turns 207% of profit into real cash
FCF Margin
7.1%
Modest free cash flow (7.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.85
Moderate — manageable debt (0.85)
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
0.2x
Attractive valuation — P/E 0.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend Yield
3.52%
Moderate income — 3.52% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+5.8%
Dividend growing modestly (5.8% YoY)

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