Silgan: Candor

Research evidence excerpt

Silgan: Candor

Jeffrey J. Zekauskas AC North America Equity Research

(1-212) 622-6644 30 July 2026 J P M O R G A N

jeffrey.zekauskas@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Silgan is a leading, global manufacturer of rigid packaging

solutions for consumer goods. The company has contended with

several headwinds over the past few years, including customer

de-stocking in its food and beverage businesses, destocking in

its soup and pet food cans businesses, a shortage of skilled labor

at a domestic manufacturing facility, uncertain business trends

and higher interest rates. 2025 was a challenging year for Silgan

due to a customer bankruptcy proceeding, weather-driven

weakness in SLGN’s North American beverages business, and

YTD 1m 3m 12m customer inventory corrections in SLGN’s personal and home

Abs 5.6% -7.8% 7.8% -23.6% care businesses. Despite this, Silgan’s free cash flow remained

Rel -11.5% -4.3% 1.7% -53.1%

steady. Silgan should lap these headwinds in 2026 and we

Company Data continue to believe its volumes should inflect nicely in 2H:26;

Shares O/S (mn) 105 its free cash flow should grow modestly with EBITDA. We think

52-week range ($) 55.92-35.68 Silgan represents good value on this basis. We rate the shares

Market cap ($ mn) 4,486.73

Exchange rate 1.00 Overweight for year ahead performance. Our December 2027

Free float (%) 83.0% price target for Silgan shares of $48/sh implies an EV/EBITDA

3M ADV (mn) 1.05 multiple of 7.5x on our 2027 estimates and a 9% free cash flow

3M ADV ($ mn) 44.3

Volatility (90 Day) 36 yield.

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 12|2|0

Performance Drivers

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E FY28E

Financial Estimates

Revenue 6,483 6,925 7,075 7,135

Adj.