Packaging
All research in Packaging — 2 reports.
International Paper is a global fiber-based packaging company focused on containerboard and corrugated boxes, with a cyclical, asset-heavy model whose moat comes more from regional scale and execution than from brand. The business is understandable but average in quality; after a major 2025 acquisition, it quickly recorded about $2.5 billion of impairment and diluted per-share economics, while the current price of about $33.47 sits near the lower end of fair value with an insufficient margin of safety. Report rating Watch: an understandable but restructuring-heavy industrial asset that is better kept on the watchlist, with an ideal buy range of $24 to $29.
Amcor is a global leader in flexible and rigid packaging; after the Berry acquisition net debt sits at 14.266 billion and net leverage at 4.2x, on the high side. At the current 38.38 dollars, forward adjusted PE is just 9.6x with a 6.7% dividend yield, but if integration falls short, returns get squeezed back to mediocre. Rating Watch: a defensible, cash-generative packaging platform whose payoff hinges on Berry synergies landing and deleveraging executing.