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    Lars Kjellberg

    Managing Director and Senior Equity Analyst at Stifel

    Lars Kjellberg is a Managing Director and Senior Equity Analyst at Stifel, specializing in the European paper, packaging, and related materials sectors. He covers leading companies such as SIG Group AG, Billerud, International Paper, and Sappi Limited, and has been recognized for his strong performance, including maintaining Buy ratings on key industry names with high conviction. Kjellberg began his analyst career in the early 2000s and has held senior roles at Stifel for over a decade, building a reputation for deep fundamental research and industry insight. He is based in the United Kingdom and holds key industry and regulatory credentials including FINRA securities licenses.

    Lars Kjellberg's questions to Mativ Holdings (MATV) leadership

    Lars Kjellberg's questions to Mativ Holdings (MATV) leadership • Q2 2025

    Question

    Lars Kjellberg from Stifel Institutional asked about the drivers of the Q2 outperformance, questioning which self-help initiatives materialized ahead of schedule. He also sought insight into the company's confidence in driving further improvements amid market uncertainty and inquired about the status of the strategic review, specifically if any business lines have been identified for potential separation.

    Answer

    President, CEO & Director Shruti Singhal attributed the outperformance to an increased pace of execution, organizational delayering for faster decisions, and strong commercial discipline, rather than early initiative completion. She expressed confidence in H2 performance based on these controllable factors and an updated cost-savings target of $35-40 million by 2026. Regarding the strategic review, she stated that while progress is being made, no specific assets have been earmarked for separation yet.

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    Lars Kjellberg's questions to Mativ Holdings (MATV) leadership • Q2 2025

    Question

    Lars Kjellberg from Stifel Institutional asked about the specific self-help initiatives that drove Q2 outperformance beyond market trends and sought details on the controllables giving management confidence for H2 growth. He also inquired about the progress of the strategic review and whether any business lines have been identified for potential separation.

    Answer

    President, CEO & Director Shruti Singhal attributed the Q2 outperformance to internal factors like faster decision-making, disciplined execution, and share gains in key categories, which also provide confidence for H2. She highlighted the increased cost reduction target of $35-40 million by 2026 as a key driver of profitability. Regarding the strategic review, she noted that while the process is progressing well, no specific assets have been identified for divestiture at this time.

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    Lars Kjellberg's questions to Mativ Holdings (MATV) leadership • Q1 2025

    Question

    Lars Kjellberg from Stifel inquired about the root causes for the significant margin contraction since the merger, questioning if it was due to business complexity or a lack of scale. He also asked why the company continues to pay a dividend while prioritizing deleveraging.

    Answer

    CFO Greg Weitzel attributed the margin pressure to Q1 seasonality, the impact of the films business within the FAM segment, and the mix effect from the EP divestiture, while reiterating a 15% margin target. He noted that cost reductions and pricing actions should drive improvement. CEO Shruti Singhal stated that after discussions with the board, the company plans to continue with the dividend at this time.

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    Lars Kjellberg's questions to Smurfit Westrock (SW) leadership

    Lars Kjellberg's questions to Smurfit Westrock (SW) leadership • Q2 2025

    Question

    Lars Kjellberg from Stifel Institutional asked if the operational and commercial improvement benefits, separate from synergies, are already being realized and questioned the financial impact of the recent Fitch credit rating upgrade.

    Answer

    CEO Tony Smurfit confirmed that benefits from operational improvements, particularly in the U.S. corrugated box system, are already reflected in the current numbers and have contributed to margin growth. EVP & Group CFO Ken Bowles stated that while the Fitch upgrade to BBB+ is positive, its direct economic impact is minimal as the company's bonds were already pricing at that level, resulting in only small savings on its revolver and commercial paper programs.

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    Lars Kjellberg's questions to Smurfit Westrock (SW) leadership • Q1 2025

    Question

    Lars Kjellberg questioned the impact of trade tariffs on customer business, particularly for cross-border trade between the U.S., Mexico, and Europe. He also asked about the expected timeline and benefits from the 'Quick Win' self-help projects, and how they contribute to performance improvements in 2026 and 2027 beyond the initial synergy targets.

    Answer

    CEO Tony Smurfit stated that while the direct annualized cost of tariffs could be around $100 million without offsets, the larger, unknown risk is the potential impact on consumer confidence and demand. CFO Ken Bowles explained that the 'Quick Win' projects are designed to deliver returns within 18-24 months, contributing to cost take-outs in the current high-cost environment. Tony Smurfit added these are just a selection of many available cost-reduction opportunities.

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    Lars Kjellberg's questions to Smurfit Westrock (SW) leadership • Q3 2024

    Question

    Lars Kjellberg from Stifel asked for the expected timeline to achieve the $400 million in 'hard' synergies and for more details on the potential for an equal or greater amount from operational and commercial improvements. He also asked why the 2025 CapEx forecast was lower than initially anticipated.

    Answer

    CFO Ken Bowles stated the $400 million in hard synergies are on track to be fully captured by the end of 2025. He noted the additional operational improvements would likely take longer, over an 18-24 month timeframe. CEO Tony Smurfit added that the lower 2025 CapEx reflects a measured approach, with capital being shifted to well-maintained legacy Westrock assets, and that legacy Smurfit Kappa is already well-invested.

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    Lars Kjellberg's questions to Smurfit Westrock (SW) leadership • Q2 2024

    Question

    Lars Kjellberg from Stifel Institutional followed up on the potential $800M-$1.2B profit opportunity in the box system, asking if the separate $400M+ operational improvement benefit is already flowing through. He also inquired about the financial impact of the recent Fitch credit rating upgrade.

    Answer

    CEO Tony Smurfit confirmed that benefits from the operational improvements are already being realized and are reflected in the margin growth in the U.S., driven by both synergies and corrugated system enhancements. EVP & Group CFO Ken Bowles added that while the Fitch upgrade to BBB+ is positive, its direct economic impact is minimal as the company's bonds already priced at that level.

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    Lars Kjellberg's questions to GRAPHIC PACKAGING HOLDING (GPK) leadership

    Lars Kjellberg's questions to GRAPHIC PACKAGING HOLDING (GPK) leadership • Q3 2024

    Question

    Lars Kjellberg of Stifel asked for color on the Q3 volume shortfall, specifically which geographies and end markets underperformed and the drivers behind the September slowdown and subsequent October recovery. He also questioned the source of the company's confidence in sustainable packaging innovation as a long-term growth driver.

    Answer

    CEO Mike Doss explained that Q3 started strong in July but was muted in September, as customer promotional plans did not translate into expected sales volumes, a trend seen across CPGs. CFO Steve Scherger noted that Europe continued to show positive volume growth driven by innovation. Regarding the innovation pipeline, Doss expressed confidence based on a four-year track record of hitting targets and a growing addressable market of nearly $15 billion. He cited the recent McFlurry cup redesign as an example of a quick-turnaround project, underscoring the high customer engagement and diverse project pipeline.

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