First Read: Graphic Packaging Holding "Beyond the Consumer: Unlocking the..."

研报英文原文证据摘录

First Read: Graphic Packaging Holding "Beyond the Consumer: Unlocking the..."

Global Research

13 July 2026ab

First Read

EquitiesGraphic Packaging Holding

Beyond the Consumer: Unlocking the Industrial United States

Opportunity Paper Products

12-month rating Neutral

12m price target US$11.00

GPK announced its entry into URB

The new URB product will be called PaceSetter Ridgeline and will be produced at the

Waco mill. This seems positive for GPK as it will allow diversification from the consumer Price (13 Jul 2026) US$10.38

end market and adds exposure to the relatively stronger industrial market. Due to its RIC: GPK.N BBG: GPK US

consumer focus, GPK has seen volumes impacted by lower consumer spending on

Trading data and key metrics

packaged food, as inflation, GLP-1s and increasing health focus all take a toll. While we

expect URB to be a small part of GPK's overall production for now, increased URB 52-wk range US$23.53-8.91

production should help utilization at the new Waco mill. Market cap. US$3.08b

Shares o/s 297m (COM)

Industrial end market has been stronger Free float 99%

The industrial grade (URB) of boxboard has been the strongest in terms of pricing this Avg. daily volume ('000) 1,774

year, with one $60/ton increase achieved in April and another attempt in the market for Avg. daily value (m) US$18.4

July (July prices are out this Friday evening). In contrast, all consumer grades have been Common s/h equity (12/26E) US$3.38b

flat this year. Clearly, the industrial end market has been helped by the US datacenter P/BV (12/26E) 0.9x

buildout, but we are also hearing broad-based improving anecdotal commentary from Net debt to EBITDA (12/26E) 4.4x

our private company checks. And PKG has mentioned signs of green shoots in autos and

EPS (UBS, diluted) (USD)