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Graphic Packaging

Graphic Packaging Holding Company (GPK) is a major producer of folding cartons primarily used for food and beverage products. End use markets include beverages such as beer, soft drinks, teas, water, and juices as well as food such as cereals, frozen foods, and desserts. The company's products are also used in the prepared foods segment including restaurants and commercial food service. Other non-food applications include household products and personal care items. The company produces 2.6 million tons of paperboard (CUK/CRB) in the US annually, and 86% is consumed internally by its folding carton converter operations. In January 2018, the company acquired the Consumer Packaging division of International Paper, which will be owned in a JV. The business primarily produces SBS for the foodservice industry. (10 Dec 2018)

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Paper Trails: KPERST New CEO, SEE Change and More

Paper Trails: 17 Dec 2018, 4:21 AM ET - Our weekly recap is stuffed with industry related news. KPERST appoints new CEO and will PIK interest, SEE announced a new strategic plan to drive growth, BLL to exit China and METSA lowered its 4Q18 guidance....

Sealed Air: Shaping Up to Ship More Out

HY Note: 14 Dec 2018, 10:28 AM ET - SEE announced a new strategic plan to aid long term growth across its business. We review the restructuring plan and update our view on the credit.

Ball Corporation: Exiting China

HY Note: 14 Dec 2018, 6:03 AM ET - BLL announced that it is divesting its owned assets in China. We review the announcement and update thoughts on the credit. 

Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Paper Trails: Soft Pulp, Buy or Build, And More...

Paper Trails: 10 Dec 2018, 4:25 AM ET - We present pulp and paper monthly data, as we note softness developing in the pulp markets. Lecta was weaker on the week due to concerns for management pursuing leveraging M&A. 

Paper Trails: Stocking Pre-Stuffed

Paper Trails: 03 Dec 2018, 4:26 AM ET - Our weekly recap was stocked with news, including WRK Sr. Notes issuance, comments from IP and UFS at an industry conference last week and our Pulp and Paper monthly previews. Also, the US/China reached a deal to suspend new tariffs. 

Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.

Paper Trails: Upgrades, Buybacks, Pulp Market View

Paper Trails: 12 Nov 2018, 4:04 AM ET - Good earnings from RYAM and LPX highlight the week plus an upgrade to IG for STERV. We highlight commentary from the London Pulp Conference from RISI competitor Hawkins Wright.

Paper Trails: Mixed Bag

Paper Trails: 29 Oct 2018, 5:05 AM ET - Mixed results from 3Q18 earnings thus far, with some misses and and lowered guidance and some meets and affirmations. See our recaps as well as a news run and macro data of interest for the week. 
Focused

Graphic Packaging 3Q18: Down But Not Out

Earnings Note: 24 Oct 2018, 4:57 AM ET - GPK equity was hammered yesterday on an earnings miss. We parse the numbers for the story and share our updated view on the credit relative to its sector peers. 

Crown Holdings: S&P Upgrade, Still M&A Risk Ahead

Worth Watching: 19 Oct 2018, 1:09 PM ET - Crown Holdings (CCK, Ba2/BB+) issuer rating was upgraded to BB+ from BB by S&P ratings. Additionally, CCK's senior secured rating was upgraded to BBB- from BB+. According to S&P, the upgrade reflects the company's integration of Signode and its ..

Sealed Air: Clear Miss, Lowered Guidance

Worth Watching: 17 Oct 2018, 11:43 PM ET - Sealed Air  (SEE, Ba3/BB+, Market perform) announced limited preliminary 3Q18 results that were below our estimates. 3Q18 sales are expected to be $1.2 billion, up 5% from the prior year and ahead of our $1.1 billion estimate. Excluding $39 mil ..

Paper Trails: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Paper Trails: Newsprint in the Headlines, SIG IPO

Paper Trails: 03 Sep 2018, 7:36 PM ET - The ITC's ruling to cancel newsprint duties, SIGCBL's plans for an IPO and earnings reports from CELARA and PROGRP headline this week's market recap. 

Resolute Forest Products: ITC Ends Newsprint Duty

Worth Watching: 03 Sep 2018, 5:44 PM ET - Resolute Forest Products (RFP B2/B+, SELL) and the rest of the newspaper industry received positive news during the slow holiday week. The United States International Trade Commission (ITC) ruled on August 29th that imports of uncoated groundwo ..

Paper Trails: KPERST Rebounds, RFP Upgrade

Paper Trails: 20 Aug 2018, 4:40 AM ET - This week's recap includes our review of KPERST's 2Q18 in line earnings and our thoughts RFP's one notch upgrade by Moody's. We also provide a first look at containerboard data and pricing updates for pulp and boxboard. 

Resolute FP: Moody's Upgrade Rationale vs Our View

Worth Watching: 15 Aug 2018, 10:39 PM ET - Resolute FP (RFP, Ba3/BB-, SELL) received a one-notch Credit Family Rating upgrade today from Moody's to Ba3 with a Stable outlook. The unsecured notes were also upgraded one-notch to B1. According to the ratings agency, the upgrade reflects its ..

Paper Trails: Earnings, Macro Data and Trade Duties

Paper Trails: 06 Aug 2018, 4:55 AM ET - Our market recap is highlighted by earnings reports from a bulk of our names this week. We also present containerboard and paper data as well as a DOC decision for newsprint.

Paper Trails: 2Q18 Earnings Have Arrived

Paper Trails: 30 Jul 2018, 4:11 AM ET - Earnings season has started, and results have been mixed. Cenveo's census contract has been settled, clearing path to confirmation hearing. We review the week and more. 

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