Packaging Corp of America "Boxing up the Feedback; Investor perspectives..."

研报英文原文证据摘录

Packaging Corp of America "Boxing up the Feedback; Investor perspectives..."

Global Research

28 May 2026ab

Packaging Corp of America Equities

United StatesBoxing up the Feedback; Investor perspectives

after our recent upgrade to Buy Paper Products

12-month rating Buy

12m price target US$248.00Broad acceptance, targeted pushback

Our recent upgrade to Buy (link) was broadly well received, with investor sentiment

remaining constructive despite ongoing concerns around demand, inflation, and relative Price (27 May 2026) US$217.99

valuation versus peers. This underscores PKG’s long-standing reputation as a best-in- RIC: PKG.N BBG: PKG US

class operator within the packaging sector. Below, we outline the key areas of debate

that emerged in our investor conversations. Trading data and key metrics

52-wk range US$246.31-186.23

Management dinner reinforced our conviction Market cap. US$19.4b

Separately, during our Chicago bus tour last week following the upgrade, we hosted an Shares o/s 89.1m (COM)

investor dinner with PKG management. While we provide more detailed takeaways here Free float 98%

(link) we came away with increased confidence in management’s ability to sustain Avg. daily volume ('000) 299

historical outperformance vs. peers. We view PKG’s performance as driven by three core Avg. daily value (m) US$63.5

factors: (1) superior customer service, paired with the ability to price for that Common s/h equity (12/26E) US$4.88b

differentiation; (2) well-capitalized, highly reliable mill assets; and (3) strong in-house P/BV (12/26E) 3.9x

engineering capabilities that enable ongoing optimization and rapid response to Net debt to EBITDA (12/26E) 1.5x

maintenance issues. As illustrated in Figures 1 and 2, these advantages have translated