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BUZZ-UK Paper & Packaging: Jefferies sees opportunity for re-rating in 2019

Reuters - UK Focus

** Jefferies says the market is pricing in double-digit EBITDA declines & sees an opportunity for UK paper & packaging sector to re-rate in 2019, if pricing is better than feared

** Believes the market is "too negative" and would not expect to see this level of decline in the absence of a macro recession

** Sees (Shanghai: 600481.SS - news) greater containerboard price visibility or an improved macro outlook as the key driver of a P&P sector re-rating in 2019

** Says Mondi (+1.7 pct) is its top pick and believes it will deliver EBITDA growth in 2019

** Smurfit Kappa (Frankfurt: SK3.F - news) will see greatest upside in a sector re-rating, Jefferies says

** Prefers Mondi and Smurfit Kappa over DS Smith (Frankfurt: 877238 - news) ("hold")