Announcement • Apr 29
Aluflexpack AG, Annual General Meeting, May 21, 2025 Aluflexpack AG, Annual General Meeting, May 21, 2025, at 10:00 W. Europe Standard Time. Announcement • Mar 06
Constantia Flexibles AG completed the acquisition of 56.67% stake in Aluflexpack AG (SWX : AFP) from Montana Tech Components AG (MTC) and Xoris GmbH. Constantia Flexibles AG entered into a share purchase agreement to acquire 56.67% stake in Aluflexpack AG (SWX : AFP) from Montana Tech Components AG (MTC) and Xoris GmbH for approximately CHF 180 million on February 15, 2024. As consideration, Aluflexpack was offered CHF 15.00 per share to CHF 18.75 per share. The Offer represents a 72% premium over Aluflexpack's closing share price on February 15, 2024, the trading day immediately preceding the pre-announcement of the offer, and a 78% premium to the volume weighted average price during the last 60 trading days prior to the pre-announcement of the offer. On 12 February 2024, the Takeover Board issued the decision 864/01 in the matter of Aluflexpack AG with regard to the publication of the Pre-Announcement and the conditions contained therein regarding the public tender offer of Constantia Flexibles GmbH to the shareholders of Aluflexpack AG comply with the provisions of the Swiss Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FinMIA) and its implementing ordinances. The offer is subject to certain terms and conditions, including the outcome of the regulatory process. The transaction is expected to be completed in Q4 2024. In a related transaction in parallel, Constantia Flexibles will launch an all cash public tender offer for all publicly held registered shares of Aluflexpack for CHF 18.75 per share. As of January 30, 2025, the European Commission approved the acquisition of Swiss packaging firm Aluflexpack (SWX:AFP) by Austrian rival Constantia Flexibles GmbH, but imposed conditions to prevent the deal’s potential negative effect on competition. The Commission found that the transaction would have reduced competition in the markets for the supply of sterilisable aluminium containers and lids for wet pet food and certain human foods.
Jefferies is acting as exclusive financial advisor and Willkie, Farr & Gallagher LLP,, Latham & Watkins LLP and Mariel Hoch, Fabienne Perlini, Faton Aliu, Micha Schilling, Raoul Stocker, Laura Widmer, Jonas Bornhauser and Rocco Rigozzi of Bär & Karrer Ltd. as legal advisors to Constantia in the context of this transaction. MP Corporate Finance is acting as exclusive financial advisor to Aluflexpack, MTC and Xoris GmbH and Walder Wyss and Freshfields as legal advisors to MTC and Aluflexpack.
Constantia Flexibles AG completed the acquisition of 56.67% stake in Aluflexpack AG (SWX : AFP) from Montana Tech Components AG (MTC) and Xoris GmbH on March 4, 2025. The acquisition by Constantia marks an exciting new chapter for Aluflexpack. Announcement • Mar 05
Aluflexpack Applies for the Delisting of the Shares Constantia Flexibles ("Constantia" or the "Company"), a global packaging manufacturer and portfolio company owned by an affiliate of One Rock Capital Partners, LLC ("One Rock"), announced that it has successfully completed the acquisition of a majority of shares of Aluflexpack AG ("Aluflexpack"). Constantia has acquired approximately 57% of the shares of Aluflexpack from Montana Tech Components AG ("MTC") and Xoris GmbH, and in parallel settled a successful tender offer for the remaining publicly held registered shares (the "Offer"). As announced in the offer prospectus, Constantia initiated the squeeze-out procedure and had Aluflexpack apply for the delisting of the Aluflexpack shares, such delisting to be effective as of the date of the court decision regarding the squeeze-out. Announcement • May 22
Constantia May Proceed to Delist Aluflexpack Austrian packaging firm Constantia Flexibles GmbH said on May 17, 2024 that it has secured 86.38% of Swiss rival Aluflexpack AG during the main period of a tender offer, according to preliminary results. Based on the results, the minimum acceptance level of 90% has not been reached yet. Constantia, however, plans to waive the condition if the final results of the main offer are substantially the same or higher than the preliminary numbers. In this case, the offer will be declared successful and the Austrian company will proceed with its plans to delist Aluflexpack. New Risk • Apr 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 37% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings are forecast to decline by an average of 37% per year for the foreseeable future. Reported Earnings • Mar 30
Full year 2023 earnings released Full year 2023 results: Revenue: €401.7m (up 12% from FY 2022). Net income: €10.5m (up 154% from FY 2022). Profit margin: 2.6% (up from 1.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Packaging industry in Europe. New Risk • Mar 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Feb 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swiss stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (18% average weekly change). Announcement • Feb 16
Constantia Flexibles AG entered into a transaction agreement to acquire 56.67% stake in Aluflexpack AG (SWX : AFP) from Montana Tech Components AG (MTC) and Xoris GmbH for approximately CHF 180 million. Constantia Flexibles AG entered into a share purchase agreement to acquire 56.67% stake in Aluflexpack AG (SWX : AFP) from Montana Tech Components AG (MTC) and Xoris GmbH for approximately CHF 180 million on February 15, 2024. As consideration, Aluflexpack was offered CHF 15.00 per share to CHF 18.75 per share. The Offer represents a 72% premium over Aluflexpack's closing share price on February 15, 2024, the trading day immediately preceding the pre-announcement of the offer, and a 78% premium to the volume weighted average price during the last 60 trading days prior to the pre-announcement of the offer. On 12 February 2024, the Takeover Board issued the decision 864/01 in the matter of Aluflexpack AG with regard to the publication of the Pre-Announcement and the conditions contained therein regarding the public tender offer of Constantia Flexibles GmbH to the shareholders of Aluflexpack AG comply with the provisions of the Swiss Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FinMIA) and its implementing ordinances. The offer is subject to certain terms and conditions, including the outcome of the regulatory process. The transaction is expected to be completed in Q4 2024. In a related transaction in parallel, Constantia Flexibles will launch an all cash public tender offer for all publicly held registered shares of Aluflexpack for CHF 18.75 per share.
Jefferies is acting as exclusive financial advisor and Latham & Watkins LLP and Bar Karrer as legal advisors to Constantia in the context of this transaction. MP Corporate Finance is acting as exclusive financial advisor to MTC and Xoris GmbH and Walder Wyss and Freshfields as legal advisors to MTC and Aluflexpack. New Risk • Oct 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swiss stocks, typically moving 4.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (4.2% average weekly change). Announcement • Oct 12
Aluflexpack AG Revises Sales Guidance for the Year 2023 Aluflexpack AG revised sales guidance for the year 2023. For the year, the company expected net sales of EUR 360 million - EUR 390 million (previously EUR 390 million - EUR 430 million). Announcement • Oct 07
Aluflexpack AG (SWX:AFP) signed an agreement to acquire 68% stake in Helioflex North Africa S.P.S. Aluflexpack AG (SWX:AFP) signed an agreement to acquire 68% stake in Helioflex North Africa S.P.S on October 5, 2023. The local management of Helioflex remains invested. Helioflex has reported net sales of approximately €6.1 million in 2022. The acquisition is subject to regulatory approvals. The transaction is expected latest in first quarter of 2024. Reported Earnings • Aug 23
First half 2023 earnings released: EPS: €0.077 (vs €0.47 in 1H 2022) First half 2023 results: EPS: €0.077 (down from €0.47 in 1H 2022). Revenue: €190.8m (up 16% from 1H 2022). Net income: €1.33m (down 84% from 1H 2022). Profit margin: 0.7% (down from 4.9% in 1H 2022). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Aug 21
Aluflexpack AG Provides Earnings Guidance for the Full Year 2023 Aluflexpack AG provided earnings guidance for the full year 2023. For the year, Management Board anticipates net sales between EUR 390 million and EUR 430 million, excluding effects from IAS 29. Announcement • Jan 20
Aluflexpack Ag Raises Sales Guidance for the Full-Year 2022 Aluflexpack AG raised sales guidance for the full-year 2022. For the financial year ending on 31 December 2022. Due to a better-than-anticipated business dynamic in December, the Group expects net sales of between EUR 340 million- EUR 360 million. Previously, expectations ranged between EUR 320 million and EUR 350 million. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Markus Vischer was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 06
Aluflexpack AG Appoints Andreas Streit Head of Sustainability Aluflexpack AG appointed Mr. Andreas Streit as new Head of Sustainability, a position which was newly established. Andreas Streit has many years of professional experience in the fields of sustainability, energy, and quality management. Previously, he worked for Stora Enso, where he held positions related to sustainability and was responsible for different project and topics such as implementation of an IMS system, environmental & climate matters, community investments and divisional sustainability reporting. He is also a member of the environmental committee of Austrian Industry Association in relation to environment, energy, and climate policy. Mr. Streit has a bachelor's degree in engineering in Sustainable Resource Management and a Master study in Packaging Technology and Sustainability at Vienna University of Applied Science FH Campus Wien. Reported Earnings • Aug 24
First half 2022 earnings released: EPS: €0.50 (vs €0.73 in 1H 2021) First half 2022 results: EPS: €0.50 (down from €0.73 in 1H 2021). Revenue: €174.1m (up 38% from 1H 2021). Net income: €8.13m (down 36% from 1H 2021). Profit margin: 4.7% (down from 10.0% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.9%, compared to a 14% growth forecast for the Packaging industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 149% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Markus Vischer was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CHF15.20, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Packaging industry in Europe. Total loss to shareholders of 56% over the past year. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorated over the past week After last week's 22% share price decline to CHF18.65, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Packaging industry in Europe. Total loss to shareholders of 54% over the past year. Announcement • Aug 25
Aluflexpack AG Provides Earnings Guidance for the Fiscal Year 2021 Aluflexpack AG confirmed the guidance given in March 2021 and expects net sales for the fiscal year 2021 between EUR 260 million and EUR 270 million. Announcement • May 08
Aluflexpack AG Reaffirms Sales Guidance for the Year 2021 Aluflexpack AG announced that Management Board expects net sales between EUR 260 million and EUR 270 million for the year 2021. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS €0.50 (vs €0.39 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €247.8m (up 19% from FY 2019). Net income: €8.78m (up €12.3m from FY 2019). Profit margin: 3.5% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Is New 90 Day High Low • Feb 06
New 90-day high: CHF39.30 The company is up 33% from its price of CHF29.60 on 06 November 2020. The Swiss market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF50.84 per share. Is New 90 Day High Low • Jan 11
New 90-day high: CHF36.00 The company is up 49% from its price of CHF24.20 on 13 October 2020. The Swiss market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF49.93 per share. Announcement • Dec 16
Aluflexpack AG Revises Earnings Guidance for the Year 2020 Aluflexpack AG revised earnings guidance for the year 2020. The company has increased its outlook for the financial year 2020 as a result of a better-than-expected business development in the fourth quarter 2020. The management expects consolidated net sales for the financial year 2020 to be between EUR 235 million to EUR 240 million. The previous guidance projected the upper half of the range between EUR 220 million - EUR 230 million. Is New 90 Day High Low • Dec 16
New 90-day high: CHF35.80 The company is up 46% from its price of CHF24.60 on 17 September 2020. The Swiss market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF30.39 per share. Announcement • Dec 03
Aluflexpack AG, Annual General Meeting, May 10, 2021 Aluflexpack AG, Annual General Meeting, May 10, 2021. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 16% share price gain to €29.60, the stock is trading at a trailing P/E ratio of 71.2x, up from the previous P/E ratio of 61.3x. This compares to an average P/E of 15x in the Packaging industry in Europe. Total returns to shareholders over the past year are 42%. Is New 90 Day High Low • Nov 06
New 90-day high: CHF29.60 The company is up 35% from its price of CHF22.00 on 07 August 2020. The Swiss market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF22.36 per share. Announcement • Sep 26
Aluflexpack AG (SWX:AFP) acquired 80% stake in Top-System Sp. z o.o. for €13 million Aluflexpack AG (SWX:AFP) acquired 80% stake in Top-System Sp. z o.o for €13 million on September 4, 2020. Top-System reported an annual net sales of €10 million. The previous majority shareholder and managing director will continue to run the company as Chief Executive Officer. Jakub Domalik-Plakwicz and Piotr Miller of DLA Piper Wiater sp.k. acted as legal advisor to Piotr Matuszewski.
Aluflexpack AG (SWX:AFP) completed the acquisition of 80% stake in Top-System Sp. z o.o on September 4, 2020. Announcement • Jul 18
Aluflexpack AG to Report First Half, 2020 Results on Aug 24, 2020 Aluflexpack AG announced that they will report first half, 2020 results on Aug 24, 2020