Huhtamäki Oyj
Huhtamäki Oyj provides packaging solutions in the United States, Germany, the United Kingdom, India, Turkey, Australia, Thailand, Poland, South Africa, Spain, Finland, and internationally. It operates through Foodservice Packaging, North America, Flexible Packaging, and Fiber Packaging segments. Th…
Huhtamäki Oyj provides packaging solutions in the United States, Germany, the United Kingdom, India, Turkey, Australia, Thailand, Poland, South Africa, Spain, Finland, and internationally. It operates through Foodservice Packaging, North America, Flexible Packaging, and Fiber Packaging segments. The company offers beverage-to-go packaging solutions, which includes single and double-wall paper, coffee and cold drinks cups, cup carriers, lids, accessories and short run prints customized paper cups; food-to-go packaging solutions, such as trays, containers, clamshells, scoops, bowls, wraps, and various accessories for take-away and dining; and egg trays, egg cartons, fruit trays, and wine bottle separators. In addition, it provides stickpacks, sachets, and valve pouches for coffee packaging; stand-up and spouted pouches for liquid drinks; and tea bag envelopes, paper tags, and outer packaging for tea packaging, as well as powder drinks packaging. Further, the company offers packaged food consisting of satchets, stand up pouches, cube laminates, and cartons for culinary, ice cream, confectionary, stock cube, and other retail food markets; and pet food packaging, such as 4-side seal pouches and stand-up pouches for dry food, wet food, and snacks and treats. Additionally, it provides wicketed bags, stand-up pouches, sachets, and flowwraps for beauty, cleaning and laundry, and family care products; OTC/nutritional supplements, prescriptive, and transdermal patches packaging; and paper-based products for ice cream, yoghurt, dairy, spreads, and other snacks. The company also provides retail, catering disposables, and vending cups packaging products under the Chinet brand. It serves food, beverage, and petfood companies, quick service and fast casual restaurants, foodservice operators, fresh produce packers, and retailers, as well as home and personal care, industrial, FMCG, and healthcare sectors. Huhtamäki Oyj was founded in 1920 and is headquartered in Espoo, Finland.Priced within the modelled range
Other models: EUR 24.50–55.03 (median 28.19). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using TTM through 30 Sep 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 2% growth, 2.4% terminal growth, and 9.2% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 2%, discount rate 9.20%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 5.3%, own revenue history -4.0%, analyst revenue consensus 3.3%).
5-year outlook: relative outlook of about 9.0% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 3.3% a year; the growth assumption used is 2.0%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — EUR 23.89 (-10.7%)
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EPS-based Gordon proxy
— EUR 28.19 (+5.4%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 23.89 (-10.7%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— EUR 24.50 (-8.4%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— EUR 55.03 (+105.8%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 23.91 (-10.6%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— EUR 114.37 (+327.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 14.49 | -84.5% |
| Base EUR 23.89 | -11.9% |
| Bull EUR 41.34 | 35.3% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At EUR 26.74 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.4%, discount 9.2%).
Compare: the market implies 3.8% a year, this model assumes 2.0%. The market expects more than this model does, which is why it reads as overvalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| -2.0% | 30.26 | 23.20 | 18.22 | 14.51 | 11.64 |
| 0.0% | 34.25 | 26.45 | 20.95 | 16.85 | 13.68 |
| 2.0% | 38.56 | 29.96 | 23.89 | 19.37 | 15.88 |
| 4.0% | 43.21 | 33.74 | 27.05 | 22.08 | 18.25 |
| 6.0% | 48.21 | 37.80 | 30.45 | 25.00 | 20.78 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 64 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue -3.1% a year | 4 / 20 |
| Balance sheet | net debt 2.1x EBITDA | 10 / 20 |
| Margins | EBITDA margin 15% | 10 / 20 |
Peers in Consumer Staples
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| HUH1V.HE (this company) | EUR 26.74 | -11.9% | 13.4 | 1.4 | 4.1% | 64 |
| ORK.OL Orkla ASA | NOK 103.30 | 31.4% | 14.7 | 2.4 | 9.7% | 82 |
| WN.TO George Weston Limited | CAD 109.72 | 26.2% | 39.8 | 9.1 | 1.2% | 72 |
| KHC Kraft Heinz | USD 25.32 | 25.2% | – | 0.8 | 6.3% | 36 |
| CA.PA Carrefour SA | EUR 13.59 | 24.1% | 29.1 | 0.8 | 8.7% | 72 |
| ABF.L Associated British Foods plc | GBP 19.83 | 19.1% | 15.0 | 1.2 | 3.2% | 82 |
| ADM Archer Daniels Midland | USD 70.47 | 16.8% | 13.7 | 1.4 | 3.0% | 64 |
| AXFO.ST Axfood AB | SEK 281.90 | 8.5% | 24.8 | 8.1 | 3.1% | 70 |
| GIS General Mills | USD 36.46 | 3.4% | – | 2.6 | 6.7% | 52 |
| Peer median | 19.9 | 1.9 | ||||
Dividends
Paid in the last 12 months: EUR 1.14 per share · yield 4.26% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.140 |
| 2025 | 1.100 |
| 2024 | 1.050 |
| 2023 | 1.000 |
| 2022 | 0.940 |
| 2021 | 0.920 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 05 Nov 2026 16:06
| Revenue | EUR 3,954,100,000 |
|---|---|
| EBITDA | EUR 581,800,000 |
| EBIT | EUR 366,900,000 |
| Net income | EUR 209,100,000 |
| Free cash flow | EUR 250,600,000 |
| Capital expenditures | EUR 151,800,000 |
| Debt | EUR 1,562,600,000 |
| Cash | EUR 363,700,000 |
| Working capital | EUR 577,900,000 |
| Shares outstanding | 105,087,719 |