PUBLICLY TRADED PACKAGING COMPANY VALUATIONS
TKO Miller Packaging Index – Annual Trading Multiples
12.0x
10.0x
10.0x
9.2x
8.9x
8.7x
8.6x
8.2x
8.2x
8.1x
7.9x
7.8x
7.8x
8.0x
6.0x
4.0x
2.0x
0.0x
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Packaging valuations saw a dramatic upward trend in 2024, driven by recovering market demand, industry consolidation, and a clearer picture around interest rate expectations. We expect this to continue into 2025 as public valuations and overall sentiment have boosted in 2024.
TKO Miller Packaging Index – Quarterly Trading Multiples
12.0x
10.1x 10.0x
9.6x 9.9x
9.4x 9.0x 9.1x
9.2x
10.0x
8.9x
8.6x 8.9x
8.2x 8.3x 8.5x
8.2x 8.2x 8.2x 8.2x 7.9x 8.3x
8.0x
6.0x
4.0x
2.0x
0.0x
1Q 2020
2Q 2020
3Q 2020
4Q 2020
1Q 2021
2Q 2021
3Q 2021
4Q 2021
1Q 2022
2Q 2022
3Q 2022
4Q 2022
1Q 2023
2Q 2023
3Q 2023
4Q 2023
1Q 2024
2Q 2024
3Q 2024
4Q 2024
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Trading multiples in the packaging sector grew throughout 2024, showing renewed investor confidence in long-term industry growth rates and a return to pre-pandemic valuation levels with a more stable economic, political, and financial lending climate.
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