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Global packaging and paper group making corrugated boxes, kraft paper and flexible packaging from its own pulp mills.
Global packaging and paper group making corrugated boxes, kraft paper and flexible packaging from its own pulp mills.
Sells packaging and paper priced off industry supply and demand, so profit swings with pulp and paper prices and energy costs, but its own forests and pulp mills, notably in South Africa and Europe, shield it from buying wood at market rates. It is moving toward packaging for consumer goods and away from office paper, and decided in 2022 to exit Russia.
In one line: A UK/European International Paper or WestRock.
Moat: narrow (scale, installed base, cost advantage). Vertically integrated forestry/pulp mills give a cost edge over non-integrated peers.
Headquarters: Weybridge, UK · Founded: 1967 · Employees: 24,000
Size Mondi (MNDI.L) is a United Kingdom Materials company (Containers/Packaging) with a market value of $4.69B, the 98th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £791.60 on 6 Nov 2026.
Performance Over six months the shares gained 4.8%, against -0.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +2.1%); the operating margin is 4.0% (peer median 8.7%).
Valuation It trades at 36.1× forward earnings against a peer median of 16.4× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.6 points below its cost of capital (8.7% WACC).
Credit Mondi has 4 bonds outstanding ($2.67B), rated BBB by the agencies and trading like BBB at a weighted spread of 117 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £6.72B | £6.56B | £6.28B | £6.38B | £7.60B |
| Revenue growth | — | +5% | -2% | -16% | — |
| Gross profit | £991M | £1.08B | £1.19B | £1.08B | £1.67B |
| EBITDA | £709M | £857M | £888M | £1.04B | £1.58B |
| Net income | -£225M | £141M | £185M | £524M | £1.24B |
| Free cash flow | £229M | £186M | -£120M | £408M | £714M |
| Capital expenditure | £534M | £634M | £841M | £778M | £485M |
| Total debt | n/a | £2.52B | £1.67B | £1.75B | £1.84B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mondi MNDI.L | $4.69B | +5% | +5% | 4% | 36.1× | 15.4% |
| International Paper IP | $18.3B | +6% | +3% | 3% | 15.8× | 26.4% |
| Smurfit Westrock SW | $23.1B | +7% | +1% | 5% | 15.1× | 13.5% |
| Stora Enso STEAV.HE | $8.58B | 0% | -1% | -4% | 18.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MNDI.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | +2.0% | 10th highest of 21 |
| 6-month return | +4.8% | -0.4% | 8th highest of 21 |
| Distance from 52-week high | -19.3% | -19.2% | 11th highest of 21 |
| Revenue growth (TTM) | +5.3% | +2.1% | 8th highest of 21 |
| Operating margin | 4.0% | 8.7% | 5th lowest of 21 |
| Forward P/E | 36.1× | 16.4× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 4.1% | 3rd most demanding of 18 |
| Growth delivered (Del g) | +2.1% | +6.5% | 2nd lowest of 18 |
| Hurdle (Req g minus delivered) | +13.3 pp | -5.6 pp | 2nd most demanding of 18 |
| ROIC minus cost of capital | -5.6 pp | +1.1 pp | 3rd lowest of 21 |
| EV / EBITDA | 8.7× | 8.0× | 7th most expensive of 16 |
| Net debt / EBITDA | 3.2× | 3.1× | 9th least indebted of 17 |
| Bond spread | 117 bp | 112 bp | 5th tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mondi MNDI.L | United Kingdom | $4.69B | +5% | +5% | 4% | 36.1× | 15.4% | +2.1% |
| Sonoco Products SON | United States | $4.99B | -2% | +4% | 10% | 9.0× | -1.9% | +7.5% |
| Silgan SLGN | United States | $4.34B | +2% | +4% | 10% | 10.2× | -5.8% | +5.7% |
| Oji 3861.T | Japan | $4.31B | -3% | 0% | 2% | 20.6× | 20.4% | +6.5% |
| Shenzhen YUTO Packaging Technology 002831.SZ | China | $5.19B | 0% | +1% | 11% | 20.8× | -0.4% | +7.9% |
| Jiangsu Sidike New Materials Science & Technology 300806.SZ | China | $5.33B | -17% | +12% | 4% | 154.7× | n/a | n/a |
| Greif GEF | United States | $3.95B | +7% | -2% | 8% | 16.1× | 7.9% | -4.7% |
| Toyo Seikan 5901.T | Japan | $3.69B | +34% | +6% | 6% | 20.4× | -2.7% | +5.2% |
| Vidrala VID.MC | Spain | $3.63B | +18% | -3% | 21% | 14.6× | 5.8% | +8.2% |
| China International Marine Containers (Group) 2039.HK | Hong Kong | $6.11B | -35% | +6% | 4% | 12.7× | -8.1% | +9.9% |
| Graphic Packaging GPK | United States | $3.31B | +5% | 0% | 6% | 12.3× | 5.0% | +5.6% |
| Huhtamaki HUH1V.HE | Finland | $3.12B | -1% | -2% | 9% | 11.0× | -6.3% | +3.7% |
| SIG SIGN.SW | Switzerland | $7.07B | +23% | -5% | 5% | 20.5× | 18.4% | +9.4% |
| Yunnan Energy New Material (Group) 002812.SZ | China | $7.55B | -38% | +50% | 17% | 19.8× | 7.8% | +26.1% |
| Viscofan VIS.MC | Spain | $2.86B | -5% | +3% | 15% | 16.6× | -3.4% | +6.5% |
| Ardagh Metal Packaging AMBP | United States | $2.82B | +18% | +17% | 5% | 17.0× | 4.1% | +9.8% |
| Nine Dragons Paper 2689.HK | Hong Kong | $2.76B | -29% | +22% | 9% | 4.4× | n/a | n/a |
| Stora Enso STEAV.HE | Finland | $8.58B | 0% | -1% | -4% | 18.4× | n/a | n/a |
| Verallia SAS VRLA.PA | France | $2.56B | -10% | -3% | 9% | 14.7× | 5.6% | +5.6% |
| AptarGroup ATR | United States | $9.03B | +18% | +9% | 12% | 23.4× | 4.3% | +5.2% |
| Owens Corning OC | United States | $9.59B | 0% | -11% | 14% | 15.3× | 3.6% | +7.4% |
Mondi has 4 bonds outstanding with $2.67B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 4.20%, a spread of 117 bp over government bonds.