Smurfit Kappa Eyes wide open

Smurfit Kappa is presenting stock market investors with an intriguing proposition by offering them the chance to buy E1.3bn in new equity. The Irish packaging company still has synergies to realise from its merger with Kappa in 2005. So investors get to par-ticipate in a half-completed restructuring, where some of the fruits have yet to be har-vested. The upside case looks pretty straightforward. Smurfit is expected to grow ebitda by about 15% this year, or slightly more if you include synergie...