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    John Dunigan

    Vice President of Equity Research at Jefferies

    John Dunigan is a Vice President of Equity Research at Jefferies, specializing in the Paper & Packaging sector with nearly 14 years of industry experience. He covers companies such as Avery Dennison and Sonoco Products, recently initiating coverage with ratings and price targets that align with market consensus and impacting investor outlook. Dunigan's track record includes initiating coverage on Avery Dennison with a Hold rating and a $175 price target, reflecting his analytical approach and alignment with leading market data. He began his finance career over a decade ago and has progressively built expertise in equity research, maintaining a strong reputation among institutional clients.

    John Dunigan's questions to GRAPHIC PACKAGING HOLDING (GPK) leadership

    John Dunigan's questions to GRAPHIC PACKAGING HOLDING (GPK) leadership • Q2 2025

    Question

    John Dunigan, on for Phil Ng, questioned the significant projected increase in free cash flow from 2026 to 2027 and asked whether achieving the full $160 million benefit from the Waco project is dependent on volume recovery.

    Answer

    EVP & CFO Stephen Scherger explained the 2027 free cash flow growth is driven by the company's standard growth algorithm plus the second $80 million tranche of EBITDA from the Waco facility. CEO Michael Doss clarified that while a portion of the Waco benefit is fixed from shutting down higher-cost mills, another portion does rely on the expected volume growth needed to utilize the new, low-cost capacity as it ramps up through 2027-2028.

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    John Dunigan's questions to SONOCO PRODUCTS (SON) leadership

    John Dunigan's questions to SONOCO PRODUCTS (SON) leadership • Q2 2025

    Question

    John Dunigan inquired about the impact of stranded corporate costs from recent divestitures, the nature of the Q2 step-up in interest expense, and the full-year EBITDA outlook for the acquired SMP EMEA (formerly Evosis) business.

    Answer

    Interim CFO Jerry Cheatham clarified the Q2 interest expense included a one-time $0.03/share fee and guided for H2 interest expense around $50M per quarter. President and CEO Howard Coker affirmed a 'laser focus' on eliminating stranded costs. COO Rodger Fuller confirmed the expectation for SMP EMEA's EBITDA to increase year-over-year, supported by new projects.

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    John Dunigan's questions to Avery Dennison (AVY) leadership

    John Dunigan's questions to Avery Dennison (AVY) leadership • Q2 2025

    Question

    John Dunigan of Jefferies requested more detail on the Embellix business, its growth drivers beyond major sporting events, and an update on the VESTCOM rollout with CVS, including any key learnings from the program.

    Answer

    President & CEO Deon Stander explained that Embellix's performance was impacted by the broader apparel market but has long-term growth drivers in team sports and brand customization. Regarding VESTCOM, he confirmed its 10% growth was largely driven by the successful CVS rollout. He highlighted VESTCOM's resilience, as its data-driven shelf-edge pricing and media solutions benefit from both price changes and increased promotional activity in a challenging retail environment.

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    John Dunigan's questions to Avery Dennison (AVY) leadership • Q2 2025

    Question

    John Dunigan of Jefferies requested more detail on the Embellix and VESTCOM businesses. He asked about Embellix's reliance on major sporting events for growth and the outlook for VESTCOM, including an update on the CVS program rollout.

    Answer

    President & CEO Deon Stander explained that Embellix's performance is driven by team sports, large performance brands, and ad hoc events, with recent softness tied to the broader apparel market. He expects growth to resume in Q4. For VESTCOM, he confirmed the CVS rollout was a key driver of its 10% growth and highlighted the business's resilience, as it benefits from both pricing and promotional changes at retail.

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    John Dunigan's questions to Avery Dennison (AVY) leadership • Q2 2025

    Question

    John Dunigan from Jefferies requested more detail on the Embellix business, including its reliance on major sporting events and growth expectations, and also asked for an update on the VESTCOM rollout with CVS Health.

    Answer

    President & CEO Deon Stander explained that Embellix's first-half performance was impacted by the broader apparel market but that long-term growth will be driven by customization trends and major events like the World Cup. Regarding VESTCOM, he confirmed the CVS rollout was a key driver of its 10% growth in the quarter and highlighted the business's resilience, as it benefits from both pricing and promotional activity at retail.

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    John Dunigan's questions to Avery Dennison (AVY) leadership • Q1 2025

    Question

    John Dunigan questioned why the logistics end market is not considered more cyclical, especially given its exposure to international trade and tariffs, and asked for details on its perceived stability.

    Answer

    CEO Deon Stander clarified that the Intelligent Labels portion of the logistics business has low variability due to a volume agreement with a significant customer. CFO Gregory Lovins added that the broader materials business serving logistics has historically been very stable, holding or growing margins even through recessionary periods.

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    John Dunigan's questions to BALL (BALL) leadership

    John Dunigan's questions to BALL (BALL) leadership • Q3 2024

    Question

    John Dunigan, on for Phil Ng, asked if strategic alternatives for the cups business included options beyond a sale, such as further investment. He also questioned if the missed Q3 volume in South America could be recaptured and if the region needs more capacity.

    Answer

    CFO Howard Yu stated that while no decision is final, the cups business is losing ~$40 million annually, and options include rightsizing, a JV, or a wind-down. CEO Daniel Fisher explicitly ruled out additional capital investment. Regarding South America, Fisher explained the missed Q3 volume is a one-time shoulder season loss but that the company is better prepared for the future. He indicated existing capacity, including from other countries in the region, can be used to meet demand.

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