Morningstar

Morningstar, Inc.

Equity Bottom-Up

After an extended run of increasing prices and margins, conditions are starting to falter for major containerboard manufacturers. Industry box volumes declined during the first quarter of 2019, a significant change from the norm of 2%-3% growth over the past few years. Benchmark prices have also begun to falter, with medium prices falling in the fourth quarter and linerboard prices under pressure in the last few months. We think this is a consequence of both a steady supply of rising industry…

A decade of consolidation in the corrugated packaging industry has seen Packaging Corp. of America and its peers push more aggressively on prices, resulting in a period of sustained high margins. Packaging Corporation of America played its part in the trend with the 2013 acquisition of Boise, boosting its market share to 10% in the process. We expect increased competitive intensity to diminish profitability for Packaging Corporation of America and its peers in the long run. Thinning margins in…

United States

Packaging Corporation of America manufactures containerboard and corrugated packaging products for use in protecting goods during shipment.  The Company also produces multi-color boxes and displays, as well as meat boxes and wax-coated boxes for the agricultural industry.

Packaging Corporation of America (PKG US)

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