# Mondi (MNDI.LSE)

Canonical: https://gigainvestors.com/s/MNDI.LSE

Analysis as of: 2026-10-16T07:37:58.130Z. Financial observations: FY2004–FY2025.

Listing currency: GBX. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 753.00 per share; close as of 2026-10-15.

Estimated value: low GBX 198.97 per share, central GBX 225.96 per share, high GBX 261.89 per share. Buy at or below the central value GBX 225.96 per share. Valuation as of 2026-10-16T07:37:58.130Z; scenarios are not confidence intervals.

Expected annual return: 5.0% at the stated quote. About 5.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.14×

- FY2018: 0.16×

- FY2019: 0.17×

- FY2020: 0.13×

- FY2021: 0.11×

- FY2022: 0.19×

- FY2023: 0.10×

- FY2024: 0.06×

- FY2025: 0.05×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.6%

- ROIC, second-lowest year: 5.4%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 42.6%

- Recent gross margin (lower of latest and 3-year median): 40.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.7%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.9%

- FY2017: 17.3%

- FY2018: 19.6%

- FY2019: 17.8%

- FY2020: 13.9%

- FY2021: 11.6%

- FY2022: 22.6%

- FY2023: 11.0%

- FY2024: 5.4%

- FY2025: 4.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.50×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.2B

- Net income, five-year total: EUR 2.4B

- Return on incremental invested capital: -14.8%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: 16.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.89×

- FY2022: 0.98×

- FY2023: 4.34×

- FY2024: -1.38×

- FY2025: 0.57×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.9% vs 5.4%

- Per-share earnings: 1.36 to 0.38 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR -5.5B

- Cumulative retained earnings: EUR 1.9B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -14.9%

- Per-share value change: EUR -0.99

- Per-share value, starting three-year median: EUR 1.36

- Per-share value, ending three-year median: EUR 0.38

- Buybacks concentrated in cheaper years (correlation): -0.32

- Average buyback yield: 0.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 518M

- Cumulative net income, 10 years: EUR 6.0B

- ROIC, first three-year median: 18.9%

- ROIC, last three-year median: 5.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.23

- FY2017: EUR 1.37

- FY2018: EUR 1.87

- FY2019: EUR 1.84

- FY2020: EUR 1.32

- FY2021: EUR 1.71

- FY2022: EUR 3.29

- FY2023: EUR -0.35

- FY2024: EUR 0.49

- FY2025: EUR 0.38

### accounting: pass

- Sloan accruals: -7.5%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.59×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.1%

- FY2017: -7.4%

- FY2018: -7.2%

- FY2019: -6.7%

- FY2020: -8.8%

- FY2021: -4.3%

- FY2022: 0.0%

- FY2023: -15.2%

- FY2024: -6.8%

- FY2025: -7.5%

## Holders

## Price story

Down 59% since Jan 2022 · "Mondi swings to loss in H1 2026 on impairments" (finance.yahoo.com, Aug 2026) · sales +3.3%

Story as of 2026-10-16T10:00:09.620Z; price observation 2026-10-15.

Price needs cash profits to grow 16.3% a year for ten years

- 2026-04-24: Mondi cautions over Iran war cost hikes as it shuts plants across Europe ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/mondi-cautions-over-iran-war-065331048.html))

- 2026-08-03: Mondi swings to loss in H1 2026 on impairments ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mondi-swings-loss-h1-2026-111016917.html))

### Sales · FY2024–2025

sales +3.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 6.7B 

- FY2017: EUR 7.1B 

- FY2018: EUR 7.5B 

- FY2019: EUR 7.3B 

- FY2020: EUR 6.7B 

- FY2021: EUR 7.0B 

- FY2022: EUR 8.9B 

- FY2023: EUR 7.3B 

- FY2024: EUR 7.4B 

- FY2025: EUR 7.7B 

### Gross margin · FY2025

gross margin 40.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 43.7% 

- FY2017: 44.0% 

- FY2018: 45.7% 

- FY2019: 45.0% 

- FY2020: 44.8% 

- FY2021: 39.6% 

- FY2022: 38.6% 

- FY2023: 37.4% 

- FY2024: 41.5% 

- FY2025: 40.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in paper & paper products; annual sales are EUR 7.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2025: revenue 7663000000; grossProfit 3107000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MNDI.LSE: Mondi plc, together with its subsidiaries, engages in the manufacture and sale of packaging and paper solutions in Africa, Western Europe, Emerging Europe, North America, South America, Asia, and Australia. The company operates through Corrugated Packaging, and Flexible Packaging segments. The Corrugated Packaging segment provides virgin and recycled containerboards for fresh fruit packaging and heavy and fragile goods transport packaging applications; and corrugated solutions, such as corrugated boxes and packaging products. The Flexible Packaging segment offers sack kraft paper, paper bags, specialty kraft paper, consumer flexibles, and functional paper and films. The Uncoated Fine Paper segment provides uncoated fine paper, including home, office, converting, and professional printing papers; and market pulp. The company was incorporated in 2007 and is based in Weybridge, the United Kingdom.

### Why customers stay

Margins ranged from 37.4% to 41.5% during 2023–25; it earns 15.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2023: grossProfit / revenue = 37.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2024: grossProfit / revenue = 41.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2025: grossProfit / revenue = 40.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); 10-year return on capital observations [[2016,0.1885128339482858],[2017,0.173462137684261],[2018,0.19621567011759383],[2019,0.1777388295727916],[2020,0.13923229007348828],[2021,0.11649367331571411],[2022,0.22555671093985907],[2023,0.10991482163308214],[2024,0.05424120337454815],[2025,0.04457209987170694]]; median 0.15634721387887462. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 7.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2016: growth capex 0; upkeep 510000000; owner earnings 508000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2017: growth capex 211000000; upkeep 449000000; owner earnings 668000000. Growth capex / owner earnings = 0.3158682634730539.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2018: growth capex 230634201.24232686; upkeep 531365798.75767314; owner earnings 736634201.2423269. Growth capex / owner earnings = 0.31309189941678567.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2019: growth capex 0; upkeep 817000000; owner earnings 384400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2020: growth capex 0; upkeep 691000000; owner earnings 281600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2021: growth capex 215875762.30517715; upkeep 419124237.69482285; owner earnings 671075762.3051772. Growth capex / owner earnings = 0.3216861261143356.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2022: growth capex 175000000; upkeep 394000000; owner earnings 1426400000. Growth capex / owner earnings = 0.12268648345485138.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2025: growth capex 172193946.59065092; upkeep 537751982.4093491; owner earnings 93448017.59065092. Growth capex / owner earnings = 1.842670941880721.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); Dividend observations: [[2016,274000000],[2017,273000000],[2018,793000000],[2019,396000000],[2020,237000000],[2021,298000000],[2022,321000000],[2023,345000000],[2024,1081000000],[2025,299493094]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); FY2025: cash repurchases 7855555 EUR.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MNDI.LSE SharesStats.PercentInsiders = 0.8500000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16.3% yearly over ten years; actual decline was 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:58.130Z); Ten-year compound average after fade. Initial solved rate 0.22292038554849836. Price 753; FX 84.48781222921298; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.297611320216675 → FY2025 0.21245138770563757. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 1,596.00 per share

- 2016-11: GBX 1,633.00 per share

- 2016-12: GBX 1,666.00 per share

- 2017-01: GBX 1,751.00 per share

- 2017-02: GBX 1,879.00 per share

- 2017-03: GBX 1,927.00 per share

- 2017-04: GBX 2,001.00 per share

- 2017-05: GBX 2,024.00 per share

- 2017-06: GBX 2,014.00 per share

- 2017-07: GBX 1,995.00 per share

- 2017-08: GBX 2,113.00 per share

- 2017-09: GBX 2,005.00 per share

- 2017-10: GBX 1,821.00 per share

- 2017-11: GBX 1,766.00 per share

- 2017-12: GBX 1,931.00 per share

- 2018-01: GBX 1,877.00 per share

- 2018-02: GBX 1,902.00 per share

- 2018-03: GBX 1,915.00 per share

- 2018-04: GBX 2,026.00 per share

- 2018-05: GBX 2,089.00 per share

- 2018-06: GBX 2,051.00 per share

- 2018-07: GBX 2,097.00 per share

- 2018-08: GBX 2,145.00 per share

- 2018-09: GBX 2,104.00 per share

- 2018-10: GBX 1,844.50 per share

- 2018-11: GBX 1,709.50 per share

- 2018-12: GBX 1,633.50 per share

- 2019-01: GBX 1,839.50 per share

- 2019-02: GBX 1,728.50 per share

- 2019-03: GBX 1,698.00 per share

- 2019-04: GBX 1,680.50 per share

- 2019-05: GBX 1,640.00 per share

- 2019-06: GBX 1,790.00 per share

- 2019-07: GBX 1,803.50 per share

- 2019-08: GBX 1,597.00 per share

- 2019-09: GBX 1,558.00 per share

- 2019-10: GBX 1,597.50 per share

- 2019-11: GBX 1,675.50 per share

- 2019-12: GBX 1,772.50 per share

- 2020-01: GBX 1,546.00 per share

- 2020-02: GBX 1,562.00 per share

- 2020-03: GBX 1,381.00 per share

- 2020-04: GBX 1,410.00 per share

- 2020-05: GBX 1,508.00 per share

- 2020-06: GBX 1,510.50 per share

- 2020-07: GBX 1,363.00 per share

- 2020-08: GBX 1,461.00 per share

- 2020-09: GBX 1,639.50 per share

- 2020-10: GBX 1,463.00 per share

- 2020-11: GBX 1,658.00 per share

- 2020-12: GBX 1,719.50 per share

- 2021-01: GBX 1,727.50 per share

- 2021-02: GBX 1,724.50 per share

- 2021-03: GBX 1,850.00 per share

- 2021-04: GBX 1,965.00 per share

- 2021-05: GBX 1,906.50 per share

- 2021-06: GBX 1,901.00 per share

- 2021-07: GBX 1,996.00 per share

- 2021-08: GBX 2,005.00 per share

- 2021-09: GBX 1,829.50 per share

- 2021-10: GBX 1,825.00 per share

- 2021-11: GBX 1,719.50 per share

- 2021-12: GBX 1,826.00 per share

- 2022-01: GBX 1,839.00 per share

- 2022-02: GBX 1,571.50 per share

- 2022-03: GBX 1,491.50 per share

- 2022-04: GBX 1,510.00 per share

- 2022-05: GBX 1,538.50 per share

- 2022-06: GBX 1,455.00 per share

- 2022-07: GBX 1,549.50 per share

- 2022-08: GBX 1,466.00 per share

- 2022-09: GBX 1,394.00 per share

- 2022-10: GBX 1,462.50 per share

- 2022-11: GBX 1,543.00 per share

- 2022-12: GBX 1,409.50 per share

- 2023-01: GBX 1,523.00 per share

- 2023-02: GBX 1,396.50 per share

- 2023-03: GBX 1,282.00 per share

- 2023-04: GBX 1,265.00 per share

- 2023-05: GBX 1,245.00 per share

- 2023-06: GBX 1,199.00 per share

- 2023-07: GBX 1,365.50 per share

- 2023-08: GBX 1,314.00 per share

- 2023-09: GBX 1,372.50 per share

- 2023-10: GBX 1,329.00 per share

- 2023-11: GBX 1,407.00 per share

- 2023-12: GBX 1,537.50 per share

- 2024-01: GBX 1,414.00 per share

- 2024-02: GBX 1,408.50 per share

- 2024-03: GBX 1,395.50 per share

- 2024-04: GBX 1,519.00 per share

- 2024-05: GBX 1,561.00 per share

- 2024-06: GBX 1,518.50 per share

- 2024-07: GBX 1,520.50 per share

- 2024-08: GBX 1,472.00 per share

- 2024-09: GBX 1,421.00 per share

- 2024-10: GBX 1,255.00 per share

- 2024-11: GBX 1,190.50 per share

- 2024-12: GBX 1,192.00 per share

- 2025-01: GBX 1,262.50 per share

- 2025-02: GBX 1,227.50 per share

- 2025-03: GBX 1,147.50 per share

- 2025-04: GBX 1,133.00 per share

- 2025-05: GBX 1,205.50 per share

- 2025-06: GBX 1,189.50 per share

- 2025-07: GBX 1,027.50 per share

- 2025-08: GBX 1,041.50 per share

- 2025-09: GBX 1,024.00 per share

- 2025-10: GBX 850.20 per share

- 2025-11: GBX 868.00 per share

- 2025-12: GBX 908.20 per share

- 2026-01: GBX 854.00 per share

- 2026-02: GBX 887.20 per share

- 2026-03: GBX 843.60 per share

- 2026-04: GBX 758.20 per share

- 2026-05: GBX 754.20 per share

- 2026-06: GBX 684.20 per share

- 2026-07: GBX 892.20 per share

- 2026-08: GBX 870.20 per share

- 2026-09: GBX 814.00 per share

- 2026-10: GBX 753.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 770.61 per share, central GBX 894.76 per share, high GBX 1,033.47 per share

- FY2017: low GBX 1,071.65 per share, central GBX 1,274.80 per share, high GBX 1,484.01 per share

- FY2018: low GBX 1,412.36 per share, central GBX 1,730.73 per share, high GBX 2,017.93 per share

- FY2019: low GBX 1,431.39 per share, central GBX 1,833.53 per share, high GBX 2,142.63 per share

- FY2020: low GBX 1,112.22 per share, central GBX 1,258.97 per share, high GBX 1,454.33 per share

- FY2021: low GBX 1,437.78 per share, central GBX 1,627.21 per share, high GBX 1,879.39 per share

- FY2022: low GBX 2,223.05 per share, central GBX 2,860.08 per share, high GBX 3,317.03 per share

- FY2023: low GBX 1,112.50 per share, central GBX 1,252.82 per share, high GBX 1,411.44 per share

- FY2024: low GBX 671.72 per share, central GBX 760.96 per share, high GBX 879.76 per share

- FY2025: low GBX 223.68 per share, central GBX 250.73 per share, high GBX 286.74 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:21.647Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations