Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

After graduating from Trinity College in Connecticut, I joined Eaton Vance full-time as an equity research associate. While at Eaton Vance, I completed the Chartered Financial Analyst program and earned the CFA designation. In 2013, I left Eaton Vance to join Citi Private Bank to work in the private equity research group.

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>I expect relatively stable revenue in fiscal 2026 (flat to slightly down), barring a macro shock.</li><li>However, with progress on synergies (65% of the $55MM net synergy target expected to be realized in fiscal 2026) and Project CORE (more on this below), I believe adjusted EBITDA and free cash flow will grow.</li><li>I continue to be impressed with the management team. Their focus is on generating cash, shaped by their experience running Berry under several different private equity sponsors (Goldman Sachs, JPMorgan, Apollo).</li></ul>

I expect relatively stable revenue in fiscal 2026 (flat to slightly down), barring a macro shock.However, with progress on synergies (65% of the $55MM net synergy target expected to be realized in fiscal 2026) and Project CORE (more on this below), I believe adjusted EBITDA and free cash flow will grow.I continue to be impressed with the management team. Their focus is on generating cash, shaped by their experience running Berry under several different private equity sponsors (Goldman Sachs, JPMorgan, Apollo).

Magnera

Q&A with Magnera IR