Filtration Commercial and Consumer Fine Papers
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2 Filtration Commercial and Consumer Fine Papers Premium Packaging Digital Transfer Media Paper Gift Cards & Packaging Backings (Tape & Abrasives) High End Spirits Labels Other Performance Materials (Labels, Coated Covers, etc ) 2
3 End markets: filtration media, tape and abrasive backings, labels, and other specialized products End markets: premium packaging and print communications, and crafting 3
4 Enhance leadership in core categories Capital-efficient investments in growing markets Sound financial position and attractive shareholder returns Transportation filtration Coated backings Fine papers Organic and M&A Filtration Premium packaging Digital transfer Strong balance sheet Increasing dividends Neenah s Shareholder Return of 29%/year for past five years was more than double the Russell 2000 (13%/yr) 4
5 North American transportation filtration capacity expansion U.S. laminating acquisition adding to premium packaging capabilities European digital transfer media acquisition Pulp prices escalating; current list prices up ~ $200/mt. Announced selling price increases to offset U.S. regulatory change increasing Fine Paper freight rates 10-20% ($10 million annually) Appleton ramp up still in loss mode, though $4 million better than Turns profitable in
6 6
7 Leading Positions in Defensible Niche Markets High value, growing specialty markets Long customer qualifications - strong barrier Our media is a key performance driver, but a small part of product cost Broad Range of Technical Abilities Multiple technologies and chemistries Proprietary formulations & strong dark IP Leading performance and innovation Strong customer relationships with long qualification periods Innovative offerings from a global footprint Long-term joint development relationships Strong technical support and service 7
8 Consolidated global market growing ~4%, with tight global capacity Products include air, fuel, oil and cabin air filters for cars and trucks, with >80% of sales to after-market More demanding engines requiring higher performing filters Net Sales Organic CAGR 7% '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 ' Growth consumed European capacity; world class US asset started up in 2017 Common global customers and competitors Five-year ramp up to $80 mm EOC sales supports historic growth rate Asia an exciting future opportunity Global Transp. Filtration Market/Shares ~ US $1 billion Other Neenah H&V Ahlstrom Present in fast-growing markets including water, industrial, and beverage filters Europe NAFTA Asia RoW 8
9 Sizeable global category with media primarily used in tapes and abrasives Markets generally grow with GDP Focused on performance niches requiring downstream applications, opportunity to gain share overseas Smaller, specialty markets include digital transfer, labels, security, décor, and others Markets generally growing at GDP+ Saturating and coating know-how used to impart unique characteristics 9
10 Based in the Netherlands, Coldenhove is a leading producer of dye sublimation media used for digital image transfer for clothing, sportswear, and other materials Complementary technologies and geographies that expand our digital transfer platform and customer base Combined with our existing business, provides Neenah leadership in fast-growing ~$200 million digital transfer market Immediately accretive, with added sales of $45 mm and EBITDA of $6 mm Purchase price of $45 million equivalent to pre-synergy EBITDA multiple of 7.5x Synergies (purchasing, sales, manufacturing, new products) to further grow returns Digital Transfer Market ~$200 million Neenah 28% Others 72% 10
11 20% 18% 16% 14% 12% 10% 8% 6% $514 $464 $414 5 Yr CAGR > 8%/yr $404 $429 $466 $502 $529 present in growth markets gaining share through performance, innovation and geographic expansion investing organically and through M&A $364 14% $314 $264 $214 12% 13% 14% 11% 12% 11% mix enhancement, led by profitable and faster growing filtration products $164 cost efficiencies and scale $ LTM Q118 Net Sales Adjusted EBIT % Excluding U.S. Filtration start-up R&D investments driving new or improved products valued by customers 2017 reflects temporary impact of US filtration start-up 11
12 12
13 Leading Brands Creating image and leading brand equity pulls demand Demonstrated pricing ability to recoup input costs over time Best in Class Manufacturing Capabilities Unique purpose-built assets able to provide fast, flexible and low cost offerings at highest quality Specialty coating, saturation, colors and textures allow creation of a unique and customized breadth of portfolio Go To Market Innovation Design and rapid prototyping, provides customers a more holistic solution and create barriers for competitors Able to replicate short lead times with outstanding service 13
14 Consolidated $650 million niche market of premium textured and colored papers Neenah 63% Others 18% Mohawk Fine Papers 19% Neenah is the clear market leader in both commercial and consumer channels Uses include high-end commercial print applications, marketing collateral and wellknown brands at retail Market Size ~$650 million Market is pressured by electronic substitution 14
15 Beauty 49% Alcohol 29% Retail/ Other 22% $450 million addressable market Premium niche market growing 3-5% annually, Neenah growing at double-digit pace Products include spirit & wine labels, premium folding board, luxury box wrap, and others Targeting beauty, alcohol and retail categories; largest opportunity in beauty products Paper (gift) cards growing as green alternative to plastic. Recent investment to accelerate growth. Shares Fine Paper asset base and high quality texture/color capabilities that provide customers preferred products unique to their brands Neenah Design Center helping customers visualize final products more quickly and accelerate time to commercialization 15
16 40.0% Yr CAGR > 1%/yr $436 $443 $452 $455 $ % 36.0% 34.0% 32.0% 30.0% 28.0% 26.0% 24.0% 22.0% 20.0% 18.0% 16.0% strong growth in fragmented packaging market and in digital and wide format categories with recent investments in capabilities % 16% 16% 15% 13% 14.0% 12.0% 10.0% potential for small, consolidating acquisitions % % % LTM Q118 Net Sales Adjusted EBIT % 2.0% mid-teen EBIT margins with brand equity that supports pricing through input cost cycles efficient cost position and high ROIC substantial cash generation 16
17 Consistent, profitable growth Return on Capital Focused Flexible and prudent capital structure Attractive shareholder returns 17
18 Our businesses provide substantial cash flows that we ve deployed in a balanced manner to result in: Return to Shareholders $140mm Double digit earnings growth High Return on Capital Acquisitions $250mm Increasing cash returns to shareholders Value-Adding Organic Capital $150mm Strong balance sheet Market-beating shareholder returns Five-year cash deployment 18
19 12.0% 10.0% % Annual Growth % Net Sales Adjusted EBIT % $888 $840 $942 $980 $1, % 17.0% 15.0% 8.0% 6.0% 4.0% 6% 6% % 12% 13% * 11% 10% 13.0% 11.0% % 2.0% 0.0% % Sales Adj. EBIT Adj. E.P.S LTM Q118 Five-year sales growth driven by share gains, new products, price/mix improvement and acquisitions Adjusted E.P.S. $3.21 $3.70 $4.54 * $4.32 $ results reflect impact of U.S. filtration start-up LTM *U.S. Filtration Q118 start-up impact 19
20 Profitable growth 13% 12% 13% Continual focus on asset efficiency and footprint optimization Disciplined organic capital spending 10% 10% WACC ~ 7-9% Value-adding acquisitions (and divestitures) Component of compensation metrics * LTM Q118 *2017 U.S. Filtration start-up impact 20
21 Strong cash generation keeping Debt/EBITDA below targeted range of 2 to 3x (even with organic capital investments and acquisitions) $175 mm bond due in 2021; 5.25% rate and Ba3/BB rating Short-term debt primarily from existing ABL (sized at $200 million) Debt ($ millions) $ x $ x $ x $ $ x 1.9x Debt/ 2 EBITDA Capital structure and credit availability provides significant flexibility to act on opportunities 0 Dec 14 Dec 15 Dec 16 Dec 17 LTM Q118 Bonds S-T Debt 0 21
22 Strong business cash flows, compounded with acquisitions Favorable cash tax position with prior period R&D tax credits, US tax changes to provide future $3-5 mm/yr benefit Well-funded pension plan Efficient asset base; capital spend 3-5% of sales; maintenance spend < $20 mm Cash From Operations $111 $116 $95 $100 $ * LTM Q118 Priority on highest returning investments Organic initiatives Value-adding M&A Committed to cash returns via attractive dividend. Five-year compound growth rate of ~20% Authorized $25 mm stock buyback plan Dividends per share 0 $0.70 $1.02 $1.20 $1.32 $1.48 $ *2017 includes U.S. filtration asset start-up 22
23 All employees have a component of pay that is performance-based Management required to hold a multiple of salary in stock (4-6 times) Majority of pay is performance-based (CEO = 70%) Return on Capital Total Shareholder Return (vs. Russell 2000) Revenue Growth Earnings per Share Performance Share Metrics 23
24 Focused on growing, profitable and defensible niche markets, with bias to performance-based technical products Active and disciplined process with dedicated resources. Ideas come from robust network of sources Most targets sized between $50 and $250 million of sales Expect strategic fit to unlock synergies Strategic Touch Points Products/ End Markets Customers Technologies Geographies 2013 Southworth (Fine Paper) 2014 Crane (Filtration) 2015 FiberMark (Packaging, Other) 2017 Hazen (Packaging) 2017 Coldenhove (Perf. Materials) Effective process leading to demonstrated record of value-adding deal execution and integration and a continued pipeline of targets 24
25 Leading positions in defensible and profitable core categories generating cash and double digit Return on Capital Catalysts to enhance organic growth Transp. Filtration geographic share gains Adjacent technical product markets Premium packaging expansion Financial strength and flexibility to act on additional attractive opportunities Track record of value-adding capital deployment Technical Products Technical Products Fine Paper & Packaging Premium Packaging & Fine Paper Neenah Today Neenah Future 25
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27 Continuing Operations $ millions LTM Q118 GAAP Operating Income $ 86.6 $ $ $ $ Acquisition/Integration/Restructuring Costs Pension/Insurance Settlement/Other (2.6) (1.8) Adjusted Operating Income $ 92.6 $ $ $ $ Depreciation & Amortization Amort. Equity-Based Compensation Adjusted EBITDA $ $ $ $ $ Earnings (Loss) per Share $ 3.99 $ 3.53 $ 4.26 $ 4.68 $ 4.60 Acquisition/Integration/Restructuring Costs Prior Period R&D Tax Credits (1.00) (0.07) Tax Adjustment for Indefinite Reinvestment (0.24) (0.19) TCJA and Other Tax Adjustments (0.08) (0.08) Pension/Insurance Settlement/Other (0.10) (0.06) Adjusted Earnings per Share $ 3.21 $ 3.70 $ 4.54 $ 4.32 $ 4.33 Results for year ended December 31, 2014, include integration and restructuring costs of $2.3 million, a pension plan settlement charge of $3.5 million and costs related to the early extinguishment of debt of $0.2 million. Results for the year ended December 31, 2015, include integration and restructuring costs of $6.5 million. Results for the year ended December 31, 2016, include integration and restructuring costs of $7.0 million and a pension plan settlement charge of $0.8 million. Results for the year ended December 31, 2017, include integration and restructuring costs of $1.3 million, a pension plan settlement charge of $0.6 million and Insurance Settlement of ($3.2) 27
28 Statements in this presentation which are not statements of historical fact are forwardlooking statements within the safe harbor ' provision of the Private Securities Litigation Reform Act of These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Neenah Paper, Inc. at the time this presentation was made. Although Neenah Paper believes that the assumptions underlying such statements are reasonable, it can give no assurance that they will be attained. Factors that could cause actual results to differ materially from expectations include the risks detailed in the section Risk Factors in the Company s most recent Form 10-K and SEC filings. In addition, the company may use certain figures in this presentation that include non- GAAP financial measures as defined by SEC regulations. As required by those regulations, a reconciliation of these measures to what management believes are the most directly comparable GAAP measures would be included as an appendix to this presentation and posted on the company s web site at 28
29 Visit Our Website: Bill McCarthy VP Investor Relations and Corporate Analysis 3460 Preston Ridge Road Suite 600 Alpharetta, GA Phone: (678)
Commercial and Consumer Fine Papers. Filtration. Premium Packaging. Digital Transfer Media. Paper Gift Cards & Packaging. Backings (Tape & Abrasives)
v Filtration Commercial and Consumer Fine Papers Premium Packaging Digital Transfer Media Backings (Tape & Abrasives) Paper Gift Cards & Packaging High End Spirits Labels Other Performance Materials (Labels,
More informationFiltration Commercial and Consumer Fine Papers. Backings (Tape & Abrasives) Other Specialty Materials (Labels, Coated Covers, etc )
v Filtration Commercial and Consumer Fine Papers Premium Packaging Digital Transfer Media Paper Gift Cards & Packaging High End Spirits Labels Backings (Tape & Abrasives) Other Specialty Materials (Labels,
More information60% 40% Other Performance Materials
v 60% 40% 2 Profitable growth in core businesses where we have defensible, leading market positions Disciplined M&A to add value and increase Neenah s underlying organic growth rate Capital deployment
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