CCL Industries

L'entreprise

CCL is the world's largest label maker, operating four segments — CCL Label, Avery (consumer/office), Checkpoint (retail loss-prevention/RFID) and Innovia (specialty films) — across dozens of countries.

It supplies pressure-sensitive and specialty labels, RFID/security tags and films to consumer-goods, healthcare, beverage and industrial customers, growing through steady bolt-on M&A plus price and mix.

Les avantages concurrentiels

Scale, breadth and deep integration with blue-chip consumer-goods customers create switching costs, while a decentralised, acquisitive model consistently earns high returns on capital.

Diversification across products, end-markets and geographies smooths the cycle; the main threats are secular pressure on some print/label formats and FX translation.

Aperçu financier

Période déclarée la plus récente : Q1 2026 (ended Mar 31, 2026). Les chiffres reflètent la date de révision — confirmez les chiffres actuels avant d'agir.

Rendement du flux de trésorerie disponible et croissance durable

Rendement du flux de trésorerie disponible : ≈5.4%TTM free cash flow of C$861.5M (operating cash flow ~C$1.29B less capex) divided by the C$15.88B market cap is about 5.4%.

TTM revenue reached C$7.72B with net income ~C$800M and free cash flow ~C$861.5M — a mid-single-digit FCF yield. Growth is deliberately steady: organic price/mix plus bolt-on acquisitions funded from internal cash flow, keeping leverage modest.

Voir le classement complet du rendement du flux de trésorerie disponible →

Valorisation et points à surveiller

At C$95 (~C$15.9B market cap, ~20x earnings) CCL trades like the steady compounder it is — a premium to cyclical peers, but backed by consistent free cash flow, a ~5% FCF yield and a long record of dividend growth.

Dividende

Pays C$1.44/share annually (~1.5% yield) at a low ~30% payout with a multi-year record of increases — well covered by FCF, leaving ample room for both buybacks and M&A.

Risques et scénario baissier

• FX translation of large non-Canadian earnings swings reported results.
• The acquisition-led model carries integration and capital-allocation risk.
• Exposure to consumer-goods volumes and input (film/resin) costs.
• Secular decline in some traditional print/label formats.

Faits récents

Q1 2026 (ended March 31, 2026): sales up ~2.8% to C$1.94B with adjusted EPS C$1.18 and stable margins despite inflation.

FY2025 delivered C$7.66B revenue and C$802M net income; the company continues its bolt-on M&A programme.

Verdict

CCL is the highest-quality name in this group: diversified, cash-generative and shareholder-friendly, with a durable ~5% FCF yield and dependable dividend growth. The trade-off is a full-ish ~20x multiple and low headline growth, so returns likely track FCF compounding plus dividends rather than a re-rating. A steady compounder for patient investors. Publisher research, not investment advice.