Industry Observations September 30, Containers, Packaging and Paper Products Industries
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1 Industry Observations September 30, 2016 Containers, Packaging and Paper Products Industries
2 Select Containers, Packaging and Paper Products Public Company Industry Data (USD in millions, except per share data) Company Name Ticker Plastic, Metal and Glass Containers Price at 09/30/16 % of 52 Week High Market Data LTM Operating Data Forward Estimates Equity Value Enterprise Value Debt / Total Capital Total Assets LTM Revenue LTM CY 2016 Revenue Estimate CY 2016 Estimate AEP Industries Inc. AEPI $ % $ $ % $ $1, $ N/A N/A AptarGroup, Inc. ATR $ % $4, $5, % $2, $2, $ $2, $ Ball Corporation BLL $ % $14, $18, % $25, $7, $1, $9, $1, Berry Plastics Group, Inc. BERY $ % $5, $11, % $7, $6, $1, $6, $1, Crown Holdings Inc. CCK $ % $7, $12, % $9, $8, $1, $8, $1, Greif, Inc. GEF $ % $2, $3, % $3, $3, $ $3, $ Myers Industries Inc. MYE $ % $ $ % $ $ $58.32 $ $69.10 Newell Brands Inc. NWL $ % $25, $37, % $33, $8, $1, $13, $2, Owens-Illinois, Inc. OI $ % $2, $8, % $9, $6, $1, $6, $1, Silgan Holdings Inc. SLGN $ % $3, $4, % $3, $3, $ $3, $ Tupperware Brands Corporation TUP $ % $3, $4, % $1, $2, $ $2, $ Paper Packaging Bemis Company, Inc. BMS $ % $4, $6, % $3, $3, $ $4, $ Graphic Packaging Holding Company GPK $ % $4, $6, % $4, $4, $ $4, $ Packaging Corporation of America PKG $ % $7, $9, % $5, $5, $1, $5, $1, Sealed Air Corporation SEE $ % $9, $13, % $7, $6, $1, $6, $1, Sonoco Products Co. SON $ % $5, $6, % $3, $4, $ $4, $ UFP Technologies, Inc. UFPT $ % $ $ % $ $ $18.50 $ N/A Paper Products PH Glatfelter Co. GLT $ % $ $1, % $1, $1, $ $1, $ Clearwater Paper Corporation CLW $ % $1, $1, % $1, $1, $ $1, $ Schweitzer-Mauduit International Inc. SWM $ % $1, $1, % $1, $ $ $ $ Notes: LTM (latest twelve months); Enterprise Value (market capitalization less total cash and short-term investments plus short-term borrowings and total long-term debt); (earnings before interest, taxes, depreciation and amortization) Source: Capital IQ The material contained in this publication is meant to provide general information regarding valuation topics. This publication does not constitute investment advice with respect to the securities of any company discussed herein, is not intended to provide information upon which to base an investment decision, and should not be construed as such. Professional advice should be obtained before taking any action based on the information contained herein. Publicly available information utilized in this publication has been obtained from sources deemed to be reliable. Houlihan does not guarantee the accuracy or completeness of the information provided within this publication. The material presented reflects information known to the authors at the time this publication was written and this information is subject to change. Houlihan Capital 2
3 Select Containers, Packaging and Paper Products Public Company Valuation Metrics (USD in millions, except per share data) Company Name Ticker Plastic, Metal and Glass Containers Return On Assets Return On Equity LTM Operating Statistics Return On Revenue Capital Growth Growth Margin TEV/ LTM Revenue Trading Multiples TEV/ TEV/ CY 2016 LTM Revenue TEV/ CY 2016 AEP Industries Inc. AEPI 10.9% 40.0% 15.7% -7.7% 38.8% 9.8% 0.7x N/A 6.7x N/A AptarGroup, Inc. ATR 7.8% 16.7% 9.7% -4.1% 1.4% 20.0% 2.3x 2.2x 11.4x 11.0x Ball Corporation BLL 3.1% 12.6% 5.2% -8.1% 1.4% 14.6% 2.5x 2.1x 16.9x 13.7x Berry Plastics Group, Inc. BERY 5.5% 445.2% 7.3% 21.5% 36.2% 17.2% 1.8x 1.7x 10.7x 9.1x Crown Holdings Inc. CCK 6.6% 103.2% 10.9% -5.3% 8.2% 15.4% 1.5x 1.5x 9.9x 9.9x Greif, Inc. GEF 5.6% 7.4% 8.0% -12.4% -0.3% 12.7% 1.1x 1.1x 8.7x 8.3x Myers Industries Inc. MYE 3.7% 2.5% 4.9% -10.1% -15.0% 10.1% 1.0x 1.1x 10.1x 8.5x Newell Brands Inc. NWL 3.6% 3.5% 5.0% 41.6% 47.6% 17.2% 4.6x 2.7x 26.5x 14.9x Owens-Illinois, Inc. OI 5.0% 29.0% 7.8% 3.6% 27.3% 16.8% 1.3x 1.2x 7.6x 6.5x Silgan Holdings Inc. SLGN 5.6% 24.6% 7.7% -4.4% -9.8% 12.4% 1.3x 1.3x 10.6x 10.3x Tupperware Brands Corporation TUP 11.6% 106.9% 18.7% -9.7% -9.7% 16.6% 1.8x 1.8x 11.0x 10.0x Mean 6.3% 72.0% 9.2% 0.4% 11.5% 14.8% 1.8x 1.7x 11.8x 10.2x Median 5.6% 24.6% 7.8% -5.3% 1.4% 15.4% 1.5x 1.6x 10.6x 9.9x Paper Packaging Bemis Company, Inc. BMS 7.1% 17.2% 9.4% -5.5% 0.3% 14.4% 1.6x 1.5x 10.8x 10.4x Graphic Packaging Holding Company GPK 6.1% 23.2% 8.7% 2.8% 3.5% 17.4% 1.6x 1.5x 8.9x 8.3x Packaging Corporation of America PKG 9.2% 27.8% 12.4% -2.6% -0.2% 19.9% 1.7x 1.7x 8.8x 8.6x Sealed Air Corporation SEE 7.0% 42.3% 10.0% -8.9% -0.1% 15.7% 1.9x 1.9x 12.3x 11.3x Sonoco Products Co. SON 6.5% 13.9% 9.7% -1.8% 1.5% 13.0% 1.2x 1.2x 9.5x 9.4x UFP Technologies, Inc. UFPT 6.8% 7.2% 7.8% -0.3% 6.7% 13.1% 1.2x 1.1x 8.9x N/A Mean 7.1% 21.9% 9.7% -2.7% 1.9% 15.6% 1.5x 1.5x 9.9x 9.6x Median 7.1% 20.2% 9.6% -2.2% 0.9% 15.0% 1.6x 1.5x 9.2x 9.4x Paper Products PH Glatfelter Co. GLT 3.4% 10.0% 5.0% -5.0% -9.7% 9.0% 0.8x 0.8x 8.5x 7.3x Clearwater Paper Corporation CLW 6.4% 15.2% 9.1% -6.1% 15.8% 13.9% 1.8x 1.8x 8.5x 8.3x Schweitzer-Mauduit International Inc. SWM 7.2% 19.2% 9.0% 9.3% 21.3% 21.6% 1.0x 1.0x 6.9x 7.8x Mean 5.7% 14.8% 7.7% -0.6% 9.1% 14.8% 1.2x 1.2x 8.0x 7.8x Median 6.4% 15.2% 9.0% -5.0% 15.8% 13.9% 1.0x 1.0x 8.5x 7.8x Notes: LTM (latest twelve months); NTM (next twelve months); (earnings before interest, taxes, depreciation and amortization); TEV (total enterprise value) Source: Capital IQ Houlihan Capital 3
4 Containers, Packaging and Paper Products Public Company LTM Equity Performance 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% % % Plastic, Metal and Glass Containers Paper Products S&P 500 Index Paper Packaging Dow Jones Industrial Average Note: The indices are derived from the equity performance of the previously listed companies. Source: Capital IQ Houlihan Capital 4
5 Recent M&A Activity in the Containers, Packaging and Paper Products Industries October 1, 2015 to September 30, 2016 (USD in millions) Close Date Target Acquirer Target Company Primary Industry Implied Enterprise Value 8/16/2016 BWAY Parent Company, Inc. Stone Canyon Industries, LLC Metal and Glass Containers $2, /29/2016 Tim-Bar Corporation Packaging Corporation of America Paper Packaging $ /31/2016 Weyerhaeuser NR Company, Liquid Packaging Board Business Nippon Paper Industries Co., Ltd. Paper Products $ /1/2015 SP Fiber Holdings, Inc. WestRock Company Paper Packaging $ /31/2016 Georgia-Pacific LLC, Engineered Lumber Production Facilities At Boise Cascade Wood Products, L.L.C. Forest Products $ /18/2016 Steel Technology LLC Helen of Troy Limited Metal and Glass Containers $ /30/2015 Anthony Forest Products Company Canfor Corp. Forest Products $ /31/2016 Berenfield Containers, Inc. MAUSER USA, LLC Metal and Glass Containers $ /26/2016 Minnesota Corrugated Box, Inc. Pratt Industries, Inc. Paper Packaging $ /1/2015 Emplal Participacoes S.A., South American Rigid Plastic Bemis Company, Inc. Metal and Glass Containers $ /14/2015 KSP Co. Ltd. Mondi Limited; Mondi plc Metal and Glass Containers $ /31/2015 Deluxe Packages Amcor Limited Metal and Glass Containers $ /3/ Investments, LLC McFarland Cascade Holdings, Inc. Forest Products $ /3/2016 Lufkin Creosoting Co., Inc. McFarland Cascade Holdings, Inc. Forest Products $ /22/2016 7,300 Acres of Timberland in Western Washington Pope Resources, A Delaware Limited Partnership Forest Products $ /23/2016 Cana Holdings, Inc. Patrick Industries Inc. Forest Products $ /26/2016 Chicago Paper Tube & Can Company, Inc. Multi Packaging Solutions International Limited Paper Packaging $ /9/2015 Lincoln Paper and Tissue, LLC Rabin Worldwide, Inc.; Gordon Brothers Paper Products $5.95 4/8/2016 Hoquiam Plywood Company, Inc. Willis Enterprises, Inc. Forest Products $1.40 9/12/2016 KLW Plastics, Inc. BWAY Corporation Metal and Glass Containers N/A 9/6/2016 Los Angeles Paper Box, LLC Caraustar Custom Packaging Group, Inc. Paper Packaging N/A 8/26/2016 Shamrock Specialty Papers, Ltd. delfortgroup AG Paper Packaging N/A 8/26/2016 Dunn Paper, Inc. Arbor Private Investment Company Paper Products N/A 8/26/2016 Pacific Paper Trading Co., LLC Salt Creek Capital II, LLC Paper Packaging N/A 8/23/2016 Hardin Industries, Inc. Millstone Capital Advisors, LLC Metal and Glass Containers N/A 7/29/2016 PouchTec Industries, LLC Kent Precision Foods Group, Inc. Metal and Glass Containers N/A 7/29/2016 Hazen Paper Company, Paperboard Lamination Facilities and API Group plc Paper Products N/A 7/22/2016 Tri-Pack Enterprises, Inc. Pretium Packaging, LLC Metal and Glass Containers N/A 7/20/2016 Brookdale Plastics, Inc. Placon Corporation Inc. Metal and Glass Containers N/A 7/18/2016 Mullinix Packages, Inc. Sabert Corporation Metal and Glass Containers N/A 7/18/2016 CardPak, Inc. Rohrer Corporation Paper Packaging N/A 7/1/2016 Central Florida Box Corporation KapStone Paper and Packaging Corporation Paper Packaging N/A 7/1/2016 Packaging Unlimited, LLC Hood Container Corporation Paper Packaging N/A 6/30/2016 Robbie Manufacturing, Inc. Transcontinental Inc. Metal and Glass Containers N/A 6/30/2016 Golden Triangle, Inc., Packaging Division Conner Industries, Inc. Forest Products N/A 6/30/2016 Ball Corporation, Select Metal Beverage Can Assets, Support and Ardagh Group S.A. Paper Packaging N/A 6/22/2016 Lake States Lumber, Inc. Cedar Creek Wholesale, Inc. Forest Products N/A 6/14/2016 Georgia-Pacific LLC, Pressure Treated Wood Facility in Athens, Sunbelt Forest Products Corporation Forest Products N/A 6/9/2016 Reliable Container Inc Georgia-Pacific LLC Paper Packaging N/A 6/1/2016 Rand-Whitney Container LLC, Newtown Plant Norampac Inc. Paper Packaging N/A 5/9/2016 Mangar Industries, Inc. Oliver Products Company Metal and Glass Containers N/A 5/2/2016 Flexible Container Systems LLC Smyth Companies, LLC Metal and Glass Containers N/A 5/2/2016 Heritage Bag Company Inc. Novolex Metal and Glass Containers N/A 4/29/2016 Fulcrum Inc. (nka:fulcrum Container, LLC) N.E.W. Plastics Corp. Metal and Glass Containers N/A 4/21/2016 Fountains America, Inc. and Fountain Forestry Limited F&W Forestry Services, Inc. Forest Products N/A 4/12/2016 The Packaging Design Group Inc. TricorBraun, Inc. Metal and Glass Containers N/A 4/7/2016 Sancap Liner Technology, Inc. Tekni-Plex, Inc. Metal and Glass Containers N/A 3/28/2016 Omaha Box Company Liberty Diversified International, Inc. Paper Packaging N/A 3/22/2016 Scope Packaging Inc. Smurfit Kappa North America LLC Paper Packaging N/A 3/15/2016 Maxwell Chase Technologies LLC CSP Technologies, Inc. Metal and Glass Containers N/A 3/4/2016 Inmark, LLC Quad-C Management, Inc. Paper Packaging N/A 3/2/2016 Pure Pack Technologies, LLC Smyth Companies, LLC Metal and Glass Containers N/A 3/1/2016 Excel Displays & Packaging Georgia-Pacific LLC Paper Packaging N/A Source: Capital IQ Houlihan Capital 5
6 S&P Capital IQ - Sector Last 3 Month Equity Performance 15.0% Change in Market Cap by S&P Capital IQ Sector 10.0% 5.0% 0.0% -5.0% -10.0% 6/30/2016 7/31/2016 8/31/2016 9/30/2016 Energy Materials Industrials Consumer Discretionary Healthcare Financials Information Technology Telecommunication Services Utilities Consumer Staples Note: The indices are derived from the equity performance of the S&P Capital IQ Sectors. Source: Capital IQ Houlihan Capital 6
7 M&A Deal Flow Statistics by S&P Capital IQ Sector 16,000 M&A Deal Count - Number of Transactions 14,000 12,000 10,000 8,000 8,596 6,714 7,080 6,957 8,845 7,176 7,735 7,544 8,953 7,561 8,024 8,265 8,970 7,120 6,788 6,011 6,000 4,000 2,000 6,490 3,814 4,204 4,641 5,372 4,647 4,989 5,391 5,700 5,147 5,062 5, $1,000 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q M&A Deals - USA & Canada M&A Deals - Rest of the World M&A Deal Count - Total Transaction Value ($ Billions) $900 $800 $700 $600 $500 $400 $346.9 $329.1 $354.4 $343.6 $409.1 $321.9 $372.8 $381.4 $462.7 $430.2 $512.6 $406.6 $440.3 $419.0 $268.0 $295.1 $300 $200 $100 $347.3 $234.9 $252.2 $246.4 $338.2 $400.7 $251.0 $289.7 $450.7 $402.3 $385.2 $499.4 $408.0 $403.0 $375.6 $293.7 $0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Transaction Value - USA & Canada Transaction Value - Rest of World Houlihan Capital 7
8 M&A Deal Flow Statistics by S&P Capital IQ Sector Percentage Dollars Invested by Sector 3Q16 Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Real Estate Telecommunications Services Utilities Not Listed Houlihan Capital 8
9 About Houlihan Capital Houlihan Capital is a leading, solutions-driven valuation, financial advisory and boutique investment banking firm. We pride ourselves on being thought leaders in an ever-changing landscape. Houlihan Capital is SOC-compliant, a FINRA and SIPC member and committed to the highest levels of professional ethics and standards. Valuation & Financial Advisory We provide an array of services that include enterprise valuations, portfolio valuation, valuation of carried interest, transaction opinions, tax and financial reporting compliance, purchase price allocations, and a wide variety of consulting services through our Financial Advisory Group. Investment Banking Through our Investment Banking Group, we offer sell side/buy side advisory, private placement and capital raises. Special Situations Through our Special Situations desk, we provide services that fit outside the archetypal verticals, including liquidity solutions, transactional advisory, and secondary market advisory and trading. For additional information about our Industry expertise and services, visit: Andrew Smith Paul Clark Michael Norton asmith@houlihan.com pclark@houlihan.com mnorton@houlihan.com
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