Sealed Air market cap is $7 b, and annual revenue was $4.73 b in FY 2018

Sealed Air Gross profit (Q2, 2019)378.3 M

Sealed Air Gross profit margin (Q2, 2019), %32.6%

Sealed Air Net income (Q2, 2019)33.2 M

Sealed Air EBIT (Q2, 2019)78.4 M

Sealed Air Cash, 30-Jun-2019222.2 M

Sealed Air EV10.3 B

Sealed Air revenue was $4.73 b in FY, 2018 which is a 6.1% year over year increase from the previous period.

Sealed Air revenue breakdown by business segment: 61.4% from Food Care and 38.6% from Product Care

Sealed Air revenue breakdown by geographic segment: 21.9% from EMEA, 53.9% from North America, 8.8% from Latin America and 15.4% from APAC

USD | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Revenue | 4.4b | 4.2b | 4.5b | 4.7b |

| (43%) | (5%) | 6% | 6% |

## Cost of goods sold | 3.0b | 2.8b | 3.0b | 3.2b |

## Gross profit | 1.5b | 1.4b | 1.4b | 1.5b |

| 33% | 33% | 32% | 32% |

## General and administrative expense | 778.0m | 755.7m | 796.0m | 782.3m |

## Operating expense total | 837.8m | 773.5m | 821.2m | 845.8m |

## EBIT | 617.4m | 631.4m | 596.0m | 656.3m |

| 14% | 15% | 13% | 14% |

## Interest expense | 211.0m | 199.4m | 201.8m | 177.9m |

## Interest income | 6.8m | 7.5m | 17.6m | |

## Pre tax profit | 291.4m | 387.9m | 393.3m | 457.8m |

## Income tax expense | 132.6m | 95.6m | 330.5m | 307.5m |

## Net Income | 335.4m | 486.4m | 814.9m | 193.1m |

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 1.0b | 1.0b | 1.1b | 1.0b | 1.1b | 1.1b | 1.1b | 1.2b | 1.2b | 1.1b | 1.2b |

## Cost of goods sold | 670.3m | 689.3m | 708.4m | 696.8m | 726.8m | 770.6m | 757.0m | 791.7m | 820.7m | 7.5b | 782.7m |

## Gross profit | 335.6m | 349.6m | 356.7m | 335.4m | 343.5m | 360.7m | 374.0m | 363.5m | 365.5m | (6.4b) | 378.3m |

| 33% | 34% | 33% | 32% | 32% | 32% | 33% | 31% | 31% | (572%) | 33% |

## General and administrative expense | 185.1m | 197.3m | 184.2m | 197.4m | 202.9m | 207.9m | 194.0m | 192.8m | 192.1m | 212.1m | 226.2m |

## Operating expense total | 187.7m | 202.0m | 189.6m | 204.3m | 205.1m | 217.2m | 206.5m | 203.3m | 202.3m | 224.1m | 299.9m |

## EBIT | 147.9m | 147.6m | 167.1m | 131.1m | 138.4m | 143.5m | 167.5m | 160.2m | 163.2m | 141.1m | 78.4m |

| 15% | 14% | 16% | 13% | 13% | 13% | 15% | 14% | 14% | 13% | 7% |

## Interest expense | 50.9m | 50.9m | 49.6m | 46.6m | 47.7m | 49.1m | 42.0m | 44.5m | 44.8m | 44.9m | 43.2m |

## Pre tax profit | 92.5m | 54.6m | 117.9m | 82.7m | 85.4m | 106.2m | 113.5m | 116.8m | 109.0m | 94.7m | 37.8m |

## Income tax expense | 17.6m | 53.0m | 54.1m | 136.4m | 56.4m | 43.7m | 321.5m | 33.5m | 33.4m | 30.4m | 12.3m |

## Net Income | 102.4m | 49.6m | 163.3m | (43.2m) | 104.1m | 787.5m | (200.6m) | 114.4m | 79.0m | 57.5m | 33.2m |

USD | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Cash | 351.7m | 333.7m | 594.0m | 271.7m |

## Accounts Receivable | 758.4m | 460.5m | 552.4m | 473.4m |

## Prepaid Expenses | 280.3m | 54.5m | 33.9m | 124.5m |

## Inventories | 660.8m | 456.7m | 506.8m | 544.9m |

## Current Assets | 2.2b | 2.2b | 1.9b | 1.6b |

## PP&E | 945.7m | 889.6m | 998.4m | 1.0b |

## Goodwill | 2.9b | 1.9b | 1.9b | 1.9b |

## Total Assets | 7.4b | 7.4b | 5.3b | 5.1b |

## Accounts Payable | 669.0m | 539.2m | 723.8m | 765.0m |

## Short-term debt | 294.8m | 297.0m | 27.5m | 237.7m |

## Current Liabilities | 1.8b | 2.1b | 1.4b | 1.5b |

## Long-term debt | 4.3b | 3.8b | 3.2b | 3.2b |

## Total Debt | 4.6b | 4.1m | 3.2b | 3.5b |

## Total Liabilities | 6.9b | 6.8b | 5.1b | 5.4b |

## Common Stock | 22.6m | 22.8m | 23.0m | 23.2m |

## Additional Paid-in Capital | 1.9b | 2.0b | 1.9b | 2.0b |

## Retained Earnings | 675.2m | 1.0b | 1.7b | 1.8b |

## Total Equity | 527.1m | 609.7m | 152.3m | (348.6m) |

## Debt to Equity Ratio | 8.7 x | 0 x | 21.2 x | -10 x |

## Debt to Assets Ratio | 0.6 x | 0 x | 0.6 x | 0.7 x |

## Financial Leverage | 14 x | 12.2 x | 34.7 x | -14.5 x |

USD | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|

## Net Income | 486.4m | 814.9m | 193.1m |

## Depreciation and Amortization | 214.0m | 149.3m | 131.2m |

## Accounts Receivable | (33.9m) | (81.4m) | (900.0k) |

## Inventories | (17.1m) | (55.4m) | (61.2m) |

## Accounts Payable | 228.0m | 154.1m | 42.6m |

## Cash From Operating Activities | 906.9m | 424.4m | 428.0m |

## Cash From Investing Activities | (314.8m) | 1.8b | (266.7m) |

## Short-term Borrowings | (154.2m) | (93.7m) | 224.0m |

## Long-term Borrowings | (27.1m) | (369.5m) | (1.6m) |

## Dividends Paid | (121.6m) | (119.7m) | (104.1m) |

## Cash From Financing Activities | (540.9m) | 1.9b | 478.3m |

## Net Change in Cash | 12.0m | 260.3m | 594.0m |

## Interest Paid | 215.1m | 210.8m | 191.4m |

## Income Taxes Paid | 125.8m | 161.7m | 155.0m |

## Free Cash Flow | 631.2m | 240.6m | 259.4m |

USD | Y, 2019 |
---|---|

## EV/EBIT | 122.4 x |

## EV/CFO | 56.7 x |

## EV/FCF | 128.3 x |

## Debt/Equity | -10.5 x |

## Debt/Assets | 0.7 x |

## Financial Leverage | -15.3 x |