PUBLICLY TRADED PACKAGING COMPANY VALUATIONS BY SECTOR
Annual EBITDA Multiples by Sector
10.0x 12.0x
10.9x
10.6x
10.2x
10.0x
9.8x
9.6x
9.3x
9.2x
9.0x
8.8x
8.7x
8.7x
8.6x
8.2x
8.2x
7.9x
7.8x
7.6x
7.3x
0.0x 2.0x 4.0x 6.0x 8.0x
6.8x
Flexible Plastics
Rigid Plastics
Corrugated & Paper
Metal & Glass
TKO Miller Packaging Index
2021 2022 2023 2024
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Trailing twelve-month (TTM) EBITDA multiples across all four packaging sectors rebounded positively in 2024, as expected. The Corrugated & Paper sector drastically outperformed other packaging sectors, driven by the continued growth of DTC e-commerce paired with on-demand shipping and mega-deals in the space (e.g., Smurfit/Westrock and International Paper/DS Smith transactions).
TTM Market Performance by Sector
-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
Flexible Plastics
Corrugated & Paper
Rigid Plastics
Metal & Glass
Source(s): S&P Capital IQ, TKO Miller Packaging Index
The packaging sector as a whole continues to attract investors that value stability/reduced volatility. TKO Miller links the year-end declines to broader macroeconomic conditions (e.g., U.S. presidential election and international tariffs), as opposed to investor sentiment in the packaging industry.
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