Few regard cardboard boxes as an industry of the future, but DS Smith is making a decent fist of it. The paper, cardboard and plastic packaging producer, one of Tempus’s ten picks for year, was battered in the aftermath of the Brexit vote. Happily, the shares have recovered the ground they lost, with good reason.
About two thirds of its earnings are generated in euros, so it will benefit from the dip in sterling. Analysts at Jefferies think that every cent that the euro strengthens against the dollar will add £1.7 million to the bottom line and the City has raised its forecasts for the year. The statement yesterday, to bring investors up to date for the annual meeting, was “steady as she goes”. Volume