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    John Dunigan • Jefferies

    John Dunigan's questions to Graphic Packaging Holding Co (GPK) leadership

    John Dunigan's questions to Graphic Packaging Holding Co (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 Co (SON) leadership

    John Dunigan's questions to Sonoco Products Co (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 Ball Corp (BALL) leadership

    John Dunigan's questions to Ball Corp (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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