EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Sealed Air (SEE)

Materials

Behind the Numbers

SEE’s 3Q EPS beat is an illusion and the fact that metric guidance changes should help 4Q and management didn’t boost the FY outlook indicates that too - the price hike in 3Q likely pulled demand from 4Q as volume comps get tough. Others are cutting guidance on recent FX gains reversing (FX has been a key to SEE’s recent EPS gains). 4Q’s $1.13 estimate is relying on 25-cents from 3Q’s one-time price hikes > 4Q cost inflation.

Edition: 125

- 10 December, 2021


Sealed Air (SEE)

Materials

Behind the Numbers

Investor enthusiasm unwarranted, price rises will be unable to offset cost pressure - the price hike will only help 15 days in 3Q and BTN believes commodity inflation has worsened since the price increase was announced. SEE’s easy comps are over and the company will miss guidance this quarter. The stock remains a high conviction Short idea with an EQ (Earnings Quality) rating of 2 (Weak) - indicating that results have benefitted materially from aggressive accounting.

Edition: 118

- 03 September, 2021