Sealed Air Corp. - 500 Beiträge pro Seite

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John Lykouretzos' Presentation at Invest For Kids Chicago 2016

http://www.marketfolly.com/2016/10/john-lykouretzos-long-sea…

• $2.6 billion AUM, Tiger Cub, equity long/short, established 2003

• Largest holding is Sealed Air (SEE)

• Started in bubble wrap, now has three businesses

• Highly integrated into customers’ processes = good pricing power

• History of management was very good and then quite bad; new CEO named in 2012 and turnaround, results have been impressive; overhauled strategy, executives, pricing, cost structure, compensation; focus now on FCF

o Turnaround is far from over – [EBITDA] margins have another 400 basis points to expand

• Pricing power remains, even after CEO has aggressively raised price multiple times in recent years; customers have no choice; also now getting paid as a percentage of the savings generated for the customer
o Estimate 1-2% price increases per year through 2022; mix improving too; 2% volume growth

• Limited capital intensity and no M&A appetite – 10% of shares likely to be repurchased each year

• Normalized FCF per share going from ~$2.89 in FY16 to $4.49 in FY18

• Diversey (cleaning and sanitation segment) is somewhat of a comp to Ecolab; acquired in 2012 in an ill-conceived move, leaving the company over-levered and lacking direction

o Will spin off this business; it could grow faster as an independent company – it needs investment in its salesforce, whereas SEE’s other businesses do not

• Target price: $60 in 2016, $70 in 2017, $84 in 2018, $102 in 2019



Read more: http://www.marketfolly.com/2016/10/john-lykouretzos-long-sea…

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Antwort auf Beitrag Nr.: 53.596.020 von R-BgO am 01.11.16 14:05:53

Ansichtsstücke geholt

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SEALED AIR COMPLETES THE SALE OF ITS DIVERSEY CARE DIVISION AND FOOD HYGIENE AND CLEANING BUSINESS

CHARLOTTE, N.C.--(BUSINESS WIRE)--Sep. 6, 2017--

Sealed Air Corporation (NYSE:SEE) announced today that it has completed the sale of its Diversey Care division and the food hygiene and cleaning business within its Food Care division to Bain Capital Private Equity for approximately $3.2 billion.

“We will use the proceeds of the sale to repay debt, maintain our net leverage ratio in the range of 3.5 to 4.0 times, repurchase shares and invest in our core business and targeted M&A activity,” said Jerome A. Peribere, Sealed Air President and Chief Executive Officer. “Sealed Air is well positioned for profitable growth and strong cash flow. We will be driven by a proven business model, enhanced strategic focus and improved ability to optimize capital allocation and invest in new disruptive technologies.”

Peribere added, “Sealed Air will continue to be a leading knowledge-based business focused on food, product and medical packaging solutions that deliver waste reduction, product security, improved efficiency of our customers’ operations and make a positive impact by conserving resources."

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aufgestockt

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Antwort auf Beitrag Nr.: 53.596.020 von R-BgO am 01.11.16 14:05:53

die Prognose ist gründlich schiefgegangen,

und die company fährt einen ultraheißen financial-engineering Reifen:

aggressive Rückkäufe, die das EK inzwischen ins Negative gedrückt haben;


so wie Food/Beverage/Tobacco vor 3-5 Jahren.



Mal sehen, ob das gutgeht.

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