Pactiv Evergreen: Attractive FCF Yield Profile Once Cost Savings Program Ends [Seeking Alpha]
Pactiv Evergreen Inc. - Common stock (PTVE)
Company Research
Source: Seeking Alpha
PTVE's 4Q23 revenue fell, but EBITDA improved, indicating margin expansion. The stock price dropped due to a weak FY24 EBITDA guide. Risks include potential missteps in the restructuring program. Summary Following my coverage of Pactiv Evergreen ( NASDAQ: PTVE ), for which I recommended a neutral rating as I thought FY23 was a messy year with many one-off events that were obstructing investors' ability to better value the business, this post is to provide an update on my thoughts on the business and stock. I am upgrading my rating from a neutral to a buy rating as the business has shown very early signs of demand recovery. What is more important is that management executed really well in reducing the business cost structure. As PTVE completes all its intended cost savings initiatives by FY26, I expect to see a surge in FCF, which, based on my estimates, translates to ~11% FCF yield on today's share price. Assuming the Fed cut rates back to 2+%, as the dot plot indicates, the hi
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PTVE
News
- Pactiv Evergreen Inc. (PTVE) Exceeds Market Returns: Some Facts to Consider [Yahoo! Finance]Yahoo! Finance
- HCC seeks budget increase for ramped up programs following mill closure [Yahoo! Finance]Yahoo! Finance
- 3 Stocks Trading Near 52-Week High That Can Climb Further [Yahoo! Finance]Yahoo! Finance
- Pactiv Evergreen Inc. (PTVE) Is a Trending Stock: Facts to Know Before Betting on It [Yahoo! Finance]Yahoo! Finance
- Is There Now An Opportunity In Pactiv Evergreen Inc. (NASDAQ:PTVE)? [Yahoo! Finance]Yahoo! Finance
PTVE
Earnings
- 2/29/24 - Beat
PTVE
Sec Filings
- 4/19/24 - Form DEF
- 4/19/24 - Form ARS
- 4/19/24 - Form DEFA14A
- PTVE's page on the SEC website