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Sealed Air Corporation

SEE is a global leader in the manufacturing of packaging materials and equipment, serving the food, industrial, medical and consumer application markets. The company operates through the following segments: Food Care, Product Care and Other (Corporate, Medical Applications and New Ventures businesses). The Diversey Care segment was sold to Bain Capital Private Equity on March 27, 2017 for $3.2 billion. SEE recognized a net gain of $699.3 million on the sale. The company employs 23,300 people and has 145 manufacturing facilities worldwide. (11 Dec 2018)

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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.

Sappi F4Q18: Soft Landing

Earnings Note: 16 Nov 2018, 1:05 PM ET - Sappi closed out FY18 well despite cost headwinds. With conversion projects largely complete, it has a clear runway in FY19 to continue to improve credit metrics. We update our view on the name. 

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.
Focused

Sealed Air 3Q18: Bubbles Getting Popped

Earnings Note: 01 Nov 2018, 9:56 PM ET - Challenges in the Product Care business led to a rare earnings miss for SEE. We review full results and the path forward for balance of the year. 

Paper Trails: Earnings Season Kickoff, Box Data

Paper Trails: 21 Oct 2018, 8:13 PM ET - Earnings season kicks off in full swing this week. We published our 3Q18 previews last week ahead of reporting by CCK and a pre-announced miss by SEE. Additionally, containerboard data for September came in off trend. 

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 ..

Crown Holdings 3Q18: Still On Track

Earnings Note: 18 Oct 2018, 7:50 PM ET - Crown Holding's results were just behind our estimates. The company reaffirmed its guidance for the full year, maintaining its goal to reduce leverage by year end. We update our thoughts on the credit. 
Focused

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. 

SIG Combibloc: IPO Launched

Worth Watching: 16 Sep 2018, 9:31 PM ET - SIG Combibloc SIG Combibloc (SIGCBL, Caa1/B-, Market perform) launched its IPO today on the SIX Swiss Exchange. The offering will consist of up to 112,870, 000 shares (Base Case), with a target price range from CHF 10.50 to CHF 13.50/share. Ad ..

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 ..

Sappi F3Q18: No Fluff, Maintain Outperform

Earnings Note: 15 Aug 2018, 10:52 PM ET - Sappi had a weaker headline F3Q18 on higher external and internal costs. However, the credit story remains largely in tact. We review results and update our thoughts on the credit.

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.
Focused

Sealed Air 2Q18: Optimal Fit

Earnings Note: 03 Aug 2018, 4:34 AM ET - Sealed Air has streamlined its business into two categories where it can focus its efforts to deliver maximum results. We review 2Q18 results and update our thoughts on the credit. 

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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