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MPT at R18 trades on a modest yield relative to Mondi, but the packaging play is less cyclical than pure pulp exposure. Revenue growth has been steady without the volatility you'd see in basic materials, which is why the valuation compression versus peers feels overdone.
Took a small position in MPT at R19 given the packaging demand tailwinds from local manufacturing recovery, though the 2.81% drop today suggests some profit-taking after the recent rally.
MPT's been battered but the packaging demand isn't going away, especially with rand weakness pushing export orders. At R19.00 it's pricing in a lot of pain, good day to top up if you believe the turnaround, not selling at these prices tbh.
MPT PRINTING MONEY WITH THAT CORRUGATED SEGMENT AND BEARS SLEEPING!! LOOK WHAT HAPPENED TO ASTRAPAK WHEN THEY GOT THEIR COST STRUCTURE RIGHT, THIS IS THE SAME PLAY!! R19 IS A JOKE WHEN YOU SEE WHAT THEYRE DOING WITH PLASTIC FILMS AND FMCG DEMAND COMING BACK, BEST IS YET TO COME!!!
mpact's been hammered but the packaging volumes are still there, fmcg isn't going anywhere. compare that to dseq or grp and you're looking at different animal altogether, mpact actually has hard assets and regional footprint. at r19 the yield is starting to look like something, especially if they can stabilize capex next year.
Packaging demand is linked to consumer spending and retail volumes, both getting hammered by rate hikes and load-shedding. MPT's margins are under pressure but the long-term view hasn't changed, they've got decent assets and the rand weakness actually helps export pricing. At R19.00 it's not a screaming buy but inflation very high means input costs stay sticky, so I'll keep holding as long as it takes for this cycle to turn.
MPT down 1% today but the packaging demand thesis still looks decent given the e-commerce tailwinds. Anyone else holding through this choppy patch or taking profits on the bounce?
MPT BOUNCING BACK FROM LOWS, PACKAGING ALWAYS NEEDED NO MATTER WHAT!!! GUYS FORGET THE NOISE, THIS THING PRINTS CASH WHEN FMCG RUNS. R20 IS NOTHING, WE'RE HEADING TO R35 EASY IN 2-3 YEARS. BEST IS YET TO COME!!!
Good Morning Everyone, MPT closing at R19.60 means were sitting just below that R20 resistance. Corrugated volumes have been under pressure since load-shedding killed retail footfall, but the solid board and plastic film divisions are holding better margins. Long term the packaging demand in SA won't disappear, just cyclical right now.
Look, everyone crying about the rand weakness and load-shedding hitting volumes but Mpact's got real assets, real cash flow, and they're not burning money like some JSE darlings. Yeah the packaging cycle is cyclical but at R19.60 you're getting a business that actually prints money, not a promise. Bears always miss the rebound.
after reading the second document, key thing is the margin compression in corrugated is real but plastics division is actually carrying water now. if they can keep that momentum and knock out some of the older capex debt they're not the value trap everyone thinks. R21.48 is still pricing in way too much doom for a business doing this volume in packaging.
mpt's been getting smashed but the packaging play is solid, especially if you're holding long. corrugated demand picks up when retail moves, and they've got decent margins vs peers. r21.48 close is honestly not bad entry territory if you believe in the cycle turning.
Mpact's been grinding through the packaging space for years now and the corrugated side actually moves with volume when things aren't completely broken. R21.48 looks reasonable if they can keep costs down on raw materials, which is the whole ballgame in this sector. Plastics division is the wild card, reckon that's where the upside is if they nail the film stuff.
mpact's been quietly fixing the balance sheet. plastic films segment actually turning positive cash flow again after load-shedding murdered those margins two years back. at r21.48 youre not paying much for a company thats back to generating cash, especially if input costs stay soft.
MPT's been grinding lower but the packaging demand cycle still intact, FMCG's not going anywhere. Last set of numbers showed margin pressure from input costs but that's cyclical, not structural. Risk reward is very compelling at these levels if you believe the rand stabilizes even slightly. Patience looks like a real good idea here, catalysts moving forward around volume recovery.
Worth reading up on their latest packaging volumes, interesting shift in mix
interesting numbers on the half year, ebitda margin actually held up better than i expected given the rand weakness and input cost pressure. if they can keep that discipline through the second half and the corrugated volumes don't crater we're looking at a pretty solid full year result. fwiw the plastic films division is the real wild card, that's where you see the upside if consumer demand stabilizes. at R21.48 reckon there's value here if you're patient.
mpact's been getting hammered on rand weakness and input costs but the corrugated side still shifts volume even when things are grim. R21.48 is probably fair value if you reckon the recycled content push keeps margins from collapsing. packaging never goes out of style, just depends if management can stop the bleeding on plastics.
MPT down 3.28% today to R20.92, getting hammered alongside the broader packaging play while Astrapak holding firmer. Reckon the market's pricing in margin pressure from weak demand, but at these levels the dividend yield (around 8%) starts looking attractive versus peers getting
Current R 17,75 — 50% of range
Fundamentals sourced from JSE disclosures. Updated quarterly.