Ranpak Holdings Corp.

PACK

Converted Paper & Paperboard Prods (No Contaners/Boxes)

Mkt Cap

$527.5M

PE

-23.14

Debt

$398.3M

Cash

$55.1M

EV

$870.7M

FCF

$4.5M

Market Cap

$527.5M

P/E Ratio

-23.14

Debt

$398.3M

Cash

$55.1M

EV

$870.7M

FCF

$4.5M

Charts data: {"Earnings":[{"time":"2018-12-30","value":-8600000},{"time":"2019-06-29","value":-10500000},{"time":"2020-12-30","value":-23400000},{"time":"2021-12-30","value":-2800000},{"time":"2022-12-30","value":-41400000},{"time":"2023-12-30","value":-27100000}],"Sales":[{"time":"2018-12-30","value":267900000},{"time":"2019-06-29","value":16300000},{"time":"2020-12-30","value":298200000},{"time":"2021-12-30","value":383900000},{"time":"2022-12-30","value":326500000},{"time":"2023-12-30","value":336300000}],"Net Margins":[{"time":"2018-12-30","value":-0.03210153042179918},{"time":"2019-06-29","value":-0.6441717791411042},{"time":"2020-12-30","value":-0.07847082494969819},{"time":"2021-12-30","value":-0.0072935660328210476},{"time":"2022-12-30","value":-0.12679938744257274},{"time":"2023-12-30","value":-0.08058281296461493}],"Assets":[{"time":"2018-12-30","value":309233566},{"time":"2019-06-29","value":1082400000},{"time":"2020-12-30","value":1133500000},{"time":"2021-12-30","value":1213400000},{"time":"2022-12-30","value":1133500000},{"time":"2023-12-30","value":1122700000}],"Stockholders Equity":[{"time":"2018-12-30","value":5000007},{"time":"2019-06-29","value":410700000},{"time":"2020-12-30","value":522900000},{"time":"2021-12-30","value":636200000},{"time":"2022-12-30","value":612800000},{"time":"2023-12-30","value":572000000}],"ROE":[{"time":"2018-12-30","value":-1.7199975920033712},{"time":"2019-06-29","value":-0.02556610664718773},{"time":"2020-12-30","value":-0.04475043029259897},{"time":"2021-12-30","value":-0.0044011317195850365},{"time":"2022-12-30","value":-0.06755874673629243},{"time":"2023-12-30","value":-0.04737762237762238}],"ROA":[{"time":"2018-12-30","value":0.03557181758205382},{"time":"2019-06-29","value":-0.0047117516629711755},{"time":"2020-12-30","value":0.010322011468901632},{"time":"2021-12-30","value":0.010054392615790341},{"time":"2022-12-30","value":-0.03749448610498456},{"time":"2023-12-30","value":-0.006680324218402066}]}

Ranpak Holdings Corp., together with its subsidiaries, provides product protection solutions and end-of-line automation solutions for e-commerce and industrial supply chains in North America, Europe, and Asia. The company offers protective packaging solutions, such as void-fill protective systems that convert paper to fill empty spaces in secondary packages and protect objects under the FillPak brand; cushioning protective systems, which convert paper into cushioning pads under the PadPak brand; and wrapping protective systems that create pads or paper mesh to wrap and protect fragile items, as well as to line boxes and provide separation when shipping various objects under the WrapPak, Geami, and ReadyRoll brands, as well as cold chain products, which are used to provide insulation for goods. It also offers end-of-line packaging automation products, which help end users automate the void filling and box closure processes after product packing is complete. The company sells its products to end users primarily through a distributor network, and directly to select end users. Ranpak Holdings Corp. was founded in 1972 and is headquartered in Concord Township, Ohio.

Sector

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10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Ranpak Holdings Corp.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$4.5M	$4.132M	$3.794M	$3.484M	$3.199M	$2.937M	$2.697M	$2.477M	$2.274M	$2.088M	$1.917M	$19.17M
DCF		$3.593M	$2.869M	$2.291M	$1.829M	$1.46M	$1.166M	$931K	$743.4K	$593.6K	$473.9K	$4.739M
Value	$20.69M

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -

Earnings Stability -

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been decreasing indicating a lower marginal ROA with respect to the calculated one, this could impede growth.

Years	12-2018	06-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-3.2%	-64%	-7.8%	-0.73%	-13%	-8.1%	-6.7%
ROA	3.6%	-0.47%	1%	1%	-3.7%	-0.67%	-0.31%
ROE	-170%	-2.6%	-4.5%	-0.44%	-6.8%	-4.7%	-4.1%

What is the average Net Margin?

The average Net Margin over the past 5 years is -16.16%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +3.95%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +0.12%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -0.89%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is -31.83%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +23.65%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

Data are missing

Years	12-2018	06-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	-19.68	13.77	-2009.00	-9.01	-148.85	88.51
Debt Equity	102.18	1.31	0.83	0.63	0.64	0.70	0.71
MIN
Graham Stability	-	-	-	-	-	-	-

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 88.51.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -28.11.

What is the Graham’s Stability?

Graham’s Stability measure stands at -.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Data are missing

Years	12-2018	12-2020	12-2022	Trend
Revenue	4.7%	4.1%	3%	-160%
Net Income	-	-	-	-
Stockholders Equity	160%	3%	-6.7%	-1.6K%
FCF	-	-	-	-

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +4.65%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -155.06%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +25.8%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +158.04%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -1.63K%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -36.44%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -.