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CCL Industries Inc Class B (TSE:CCL.B)
TSX:CCL.B
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CCL Industries (CCL.B) AI Stock Analysis

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TSE:CCL.B

CCL Industries

(TSX:CCL.B)

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Outperform 77 (OpenAI - 5.2)
Rating:77Outperform
Price Target:
C$110.00
▲(18.42% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by solid financial quality (strong profitability and ROE, though cash conversion and leverage trends are worth monitoring) and strong technical momentum with the stock trading well above key moving averages. Valuation is a modest headwind with a P/E around 20.6 and only a moderate dividend yield.
Positive Factors
Diversified recurring packaging demand
CCL serves consumer, healthcare, beauty, home-care and retail customers through several product categories. The recurring need for labels, packaging and identification tied to ongoing product sales supports durable demand and reduces reliance on one market.
Negative Factors
Decelerating growth and easing margins
Slower expansion and lower margins could limit earnings growth even if revenue continues rising. If reduced operating leverage persists, CCL may have less ability to absorb cost inflation or maintain prior profitability across its manufacturing businesses.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified recurring packaging demand
CCL serves consumer, healthcare, beauty, home-care and retail customers through several product categories. The recurring need for labels, packaging and identification tied to ongoing product sales supports durable demand and reduces reliance on one market.
Read all positive factors

CCL Industries (CCL.B) vs. iShares MSCI Canada ETF (EWC)

CCL Industries Business Overview & Revenue Model

Company Description
CCL Industries Inc. is a leading global company specializing in the production of labels and the provision of media and software solutions. Its operations are organized into four distinct segments: CCL, Avery, Checkpoint, and Innovia. The CCL segm...
How the Company Makes Money
CCL Industries makes money primarily by manufacturing and selling specialty labels, packaging components, and identification/loss-prevention solutions to brand owners and retailers under long-term or repeat purchase commercial relationships. (1) L...

CCL Industries Earnings Call Summary

Earnings Call Date:Aug 13, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a balanced outlook with notable achievements in sales growth, improved cash flow, and shareholder returns, contrasted by challenges such as increased tax rates, tariff impacts, and net debt rise. Despite these challenges, the company maintains a strong position in the market.
Positive Updates
Sales and Operating Income Growth
Sales increased by 4.8% reaching $1.9 billion compared to the previous year's $1.8 billion, with a 5% increase in operating income excluding foreign currency effects.
Negative Updates
High Effective Tax Rate
The effective tax rate increased to 25.3% in Q2 2025, up from 18.8% in Q2 2024, impacting net earnings.
Read all updates
Q2-2025 Updates
Negative
Sales and Operating Income Growth
Sales increased by 4.8% reaching $1.9 billion compared to the previous year's $1.8 billion, with a 5% increase in operating income excluding foreign currency effects.
Read all positive updates
Company Guidance
In CCL Industries' second quarter of 2025 investor update, the company reported a 4.8% increase in sales, reaching $1.9 billion, driven by 2% organic growth, 1% acquisition-related growth, and a 1.8% positive impact from currency translation. Operating income rose by 5% to $322.1 million, excluding currency effects. Notably, net earnings were $213.1 million, down from $279.5 million the previous year, primarily due to a $78.1 million noncash revaluation gain in 2024. Excluding this gain, net earnings were $201.4 million, highlighting a 6.9% increase in net income for the first half of 2025. The company's effective tax rate increased to 25.3% from 18.8% in the prior year, excluding the revaluation gain. EBITDA grew 6%, and free cash flow from operations surged to $226 million from $118.8 million. The company reported a slight increase in net debt to $1.63 billion, maintaining a strong balance sheet with a leverage ratio of 1.04x. Adjusted earnings per Class B share increased by 8% to $1.22, supported by improved operating income, favorable currency translation, and reduced net finance costs. CCL Industries returned $312.1 million to shareholders, through share repurchases and dividends, and plans $485 million in capital expenditure for 2025.

CCL Industries Financial Statement Overview

Summary
Strong operating performance and profitability (TTM net margin around 10%) with consistent revenue growth over 2021–2025 and attractive mid-teens ROE. Offsetting factors are easing margins from the 2024 peak, decelerating growth, weaker cash conversion (TTM FCF growth negative and ~two-thirds of net income), and slightly higher debt in the latest TTM period.
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue7.89B7.66B7.25B6.65B6.38B5.73B
Gross Profit2.35B2.30B2.14B1.91B1.72B1.59B
EBITDA1.68B1.63B1.57B1.19B1.21B1.15B
Net Income810.60M802.40M843.10M530.20M622.70M599.10M
Balance Sheet
Total Assets11.05B10.10B9.86B8.92B8.66B7.63B
Cash, Cash Equivalents and Short-Term Investments975.60M998.20M828.70M774.20M839.50M602.10M
Total Debt2.72B2.41B2.45B2.28B2.36B1.85B
Total Liabilities5.38B4.46B4.58B4.30B4.40B3.88B
Stockholders Equity5.66B5.64B5.28B4.62B4.27B3.75B
Cash Flow
Free Cash Flow825.10M863.20M601.90M541.70M545.60M514.90M
Operating Cash Flow1.25B1.30B1.06B1.00B992.80M838.70M
Investing Cash Flow-598.80M-437.70M-600.30M-768.00M-706.60M-541.30M
Financing Cash Flow-684.40M-709.50M-424.30M-295.20M-72.60M-370.00M

CCL Industries Technical Analysis

Technical Analysis Sentiment
Positive
Last Price92.89
Price Trends
50DMA
92.56
Positive
100DMA
89.12
Positive
200DMA
87.39
Positive
Market Momentum
MACD
0.22
Positive
RSI
56.67
Neutral
STOCH
51.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CCL.B, the sentiment is Positive. The current price of 92.89 is below the 20-day moving average (MA) of 93.89, above the 50-day MA of 92.56, and above the 200-day MA of 87.39, indicating a bullish trend. The MACD of 0.22 indicates Positive momentum. The RSI at 56.67 is Neutral, neither overbought nor oversold. The STOCH value of 51.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CCL.B.

CCL Industries Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
77
Outperform
C$16.01B19.8814.41%1.46%5.44%4.67%
77
Outperform
C$2.61B13.8310.41%0.46%0.26%1.01%
64
Neutral
C$1.73B13.447.24%2.84%0.55%
62
Neutral
C$87.59M7.2411.20%19.55%3.78%
61
Neutral
$18.38B12.79-2.54%3.03%1.52%-15.83%
60
Neutral
C$346.49M14.9010.96%2.06%6.70%14.27%
58
Neutral
C$462.87M1.3022.24%300.37%-29.78%88.96%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:CCL.B
CCL Industries
93.26
13.34
16.70%
TSE:RIC
Richards Packaging
32.25
1.02
3.26%
TSE:SXP
Supremex
3.58
-0.30
-7.78%
TSE:TCL.B
Transcontinental Inc. Class B
6.83
2.89
73.62%
TSE:WPK
Winpak
43.64
2.46
5.98%
TSE:CAS
Cascades
16.93
7.41
77.89%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 17, 2026