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    Anojja Shah

    Vice President and professional stock analyst at UBS Group AG

    Anojja Shah is a Vice President and professional stock analyst at UBS Group AG, specializing in equity research within the packaging and containers sector, with coverage of companies such as Packaging Corporation of America, Graphic Packaging Holding Company, Sonoco Products, and International Paper. Her recent research includes initiating coverage with Neutral and Buy ratings, setting notable price targets, including $60 for International Paper and $50 for Sonoco Products, though recent performance metrics show a success rate of 0% and an average analyst return of -1.17%. Shah began her analyst career after earning an MBA from Columbia Business School and a bachelor's in finance from The Wharton School, and previously held roles at BMO Capital Markets and Deutsche Bank before joining UBS. She is registered with FINRA (CRD #3084383), holding standard securities licenses and maintains an active record at UBS Securities LLC.

    Anojja Shah's questions to BALL (BALL) leadership

    Anojja Shah's questions to BALL (BALL) leadership • Q2 2025

    Question

    Anojja Shah of UBS Group, on behalf of Josh Sector, asked about the outlook for can demand in a high-inflation environment, questioning if cans are as resistant to inflation as they are to recessions, particularly given potential tariff impacts.

    Answer

    CEO Daniel Fisher concurred with the premise, stating the business is 'recession resistant not inflation resistant.' He explained that when customers must raise prices to cover their own input costs, it creates a direct volume headwind for Ball, as experienced in recent years. While currently benefiting from consumers trading down, he acknowledged that sustained high inflation would ultimately be a negative for the entire value chain.

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    Anojja Shah's questions to BALL (BALL) leadership • Q2 2025

    Question

    Anojja Shah, on behalf of Josh Sector, inquired about how beverage cans would perform in a high-inflation environment, considering potential tariff impacts.

    Answer

    Chairman & CEO Daniel Fisher acknowledged that Ball is 'recession resistant, not inflation resistant.' He explained that when customers are forced to pass on significant input cost inflation, it creates a volume headwind for cans. However, in the current environment, can demand is benefiting from a shift to value, but sustained high inflation would be a challenge for the entire value chain.

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    Anojja Shah's questions to BALL (BALL) leadership • Q2 2025

    Question

    Speaking for Josh Sector, Anojja Shah asked about the outlook for beverage cans in a high-inflation environment, considering potential tariff impacts and historical performance during recessions.

    Answer

    CEO Daniel Fisher characterized the business as 'recession resistant, not inflation resistant.' He explained that when customers pass on higher input costs, it creates a volume headwind for Ball. However, in the current environment where consumers are already strained, it could accelerate a shift to a recessionary dynamic where cans, as a value-oriented package, tend to perform well.

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    Anojja Shah's questions to O-I Glass, Inc. /DE/ (OI) leadership

    Anojja Shah's questions to O-I Glass, Inc. /DE/ (OI) leadership • Q2 2025

    Question

    Anojja Shah of UBS Group, sitting in for Josh Spector, asked if halting the Magma project would result in any additional cost savings not previously included in guidance. She also inquired about the updated working capital outlook and its expected contribution to 2025 free cash flow.

    Answer

    CFO John Haudrich stated that the primary savings from the Magma decision come from reduced R&D and engineering costs, which are already incorporated into the company's overall SG&A savings targets. He confirmed that working capital is now expected to be a benefit of up to $50 million for the year, driven by strong inventory reduction. This positive is offset by higher restructuring costs and interest expense, but the overall target of a $300 million year-over-year improvement in free cash flow remains intact.

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    Anojja Shah's questions to O-I Glass, Inc. /DE/ (OI) leadership • Q1 2025

    Question

    Anojja Shah, on behalf of Joshua Spector, inquired about the potential opportunity from tariffs on aluminum and whether O-I has seen early signs of customers considering a switch to glass.

    Answer

    CEO Gordon Hardie responded that it is too early to see substrate shifts from aluminum, as such changes are complex. CFO John Haudrich added that while aluminum tariffs could help close the price gap, O-I's primary focus is on improving its own cost base through its 'Fit to Win' program, which is a controllable factor, rather than relying on external tariff policies.

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    Anojja Shah's questions to GRAPHIC PACKAGING HOLDING (GPK) leadership

    Anojja Shah's questions to GRAPHIC PACKAGING HOLDING (GPK) leadership • Q2 2025

    Question

    Anojja Shah asked about the historical impact of customer M&A on business and questioned why full-year EBITDA guidance remained flat despite a higher revenue forecast driven by foreign exchange.

    Answer

    CEO Michael Doss explained that customer M&A is not new and typically involves a re-bidding process rather than a need to requalify products. EVP & CFO Stephen Scherger confirmed the revenue lift was FX-driven and that the flat EBITDA guidance reflects a cautious operational stance, focused on matching supply with uncertain demand rather than an increase in expected inflation.

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    Anojja Shah's questions to PACKAGING CORP OF AMERICA (PKG) leadership

    Anojja Shah's questions to PACKAGING CORP OF AMERICA (PKG) leadership • Q2 2025

    Question

    Anojja Shah of UBS questioned the guidance for flat sequential packaging prices in Q3, asking if any of the February price increase was still flowing through. She also asked for an update on e-commerce growth trends and the outlook for the year.

    Answer

    President Thomas Hassfurther explained that the price guidance is flat because PCA typically realizes increases faster than the industry and has essentially completed the pass-through, with only a slight potential upside remaining. On e-commerce, he stated that PCA's customers in the space are still growing at mid-single-digit rates, but noted that e-commerce is a second-half-weighted business, making a full-year outlook difficult mid-year.

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    Anojja Shah's questions to SONOCO PRODUCTS (SON) leadership

    Anojja Shah's questions to SONOCO PRODUCTS (SON) leadership • Q2 2025

    Question

    Anojja Shah inquired about the outlook for capital expenditures in 2026, asking if a significant step-up is expected given the number of ongoing growth projects.

    Answer

    President and CEO Howard Coker indicated it was too early for a specific 2026 forecast but does not anticipate a material step-up from the current ~$360 million annual run rate. He noted that spending is aligned with the prior year and that a major new customer win would be the primary reason for a significant increase.

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    Anojja Shah's questions to CROWN HOLDINGS (CCK) leadership

    Anojja Shah's questions to CROWN HOLDINGS (CCK) leadership • Q1 2025

    Question

    Anojja Shah, on for Josh Spector, asked for the Q1 volume growth in Europe, inquired about the trend of reusable packaging in Europe in light of EPR requirements, and asked for an estimate of the North American market's performance in Q1 with a potential product split.

    Answer

    CEO Timothy Donahue confirmed European beverage can volumes were up 5% in Q1. Regarding reusability, he stated Crown's focus is on maximizing collection and recycling rates to meet sustainability goals, as the can itself is not refillable. For North America, he estimated the total market was up around 3%, with growth in soft drinks and energy likely outpacing alcohol, where flavored alcoholic beverages are offsetting declines in mass beer.

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    Anojja Shah's questions to CROWN HOLDINGS (CCK) leadership • Q4 2024

    Question

    Anojja Shah of UBS, on for Josh Spector, inquired about the tangible benefits from the secular trend of back-end automation in the Transit Packaging business. She also asked for more detail on the drivers of the company's manufacturing improvements.

    Answer

    President and CEO Timothy Donahue confirmed the company has seen benefits from automation, both for third-party customers and internally, but noted these gains are currently masked by low orders for standard equipment. Regarding manufacturing improvements, he cited high volumes as a key driver of focus and efficiency, but also credited a change in manufacturing leadership in North American beverage over the last 18 months for having a 'tremendous impact' on performance.

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    Anojja Shah's questions to Ardagh Metal Packaging (AMBP) leadership

    Anojja Shah's questions to Ardagh Metal Packaging (AMBP) leadership • Q1 2025

    Question

    Anojja Shah, on behalf of Josh Spector, asked about current capacity utilization rates in North America and Brazil, the impact of a competitor's new plant in Brazil, and whether the updated EBITDA guidance implies conservatism for the second half of the year.

    Answer

    CEO Oliver Graham and CFO Stefan Schellinger confirmed that the guidance reflects appropriate conservatism given it is early in the year and the macro environment remains volatile. Graham stated North American utilization is in the 90s%, while Brazil is in the high-80s to low-90s. He noted the competitor's new plant in Brazil was long-anticipated and is not a concern, as it reflects the market's healthy long-term growth prospects.

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