Why Read?

• Understand potential trade sale exits (of KP) for SVP to Firms A, B, C, D and E. M&A analysis – strategic rationales, earnings / EPS and FCF accretion and pro forma financials for acquirers
• Understand potential IRRs for SVP on injecting new equity into KP to support a refinancing and potential access to PIK-Toggle debt (including via private credit). Comparing IRRs for SVP from: (1) trade sale exit; (2) IPO; (3) owning KP indefinitely to extract cash via periodic dividend recaps
• Understand recoveries for SSNs, SNs and TLs across scenarios and scenario probabilities – straight refinancing, equity injection, break-up and restructuring
• Understand feasibility of FY 26 EUR 400m EBITDA target from value creation plan (PHD and NA FP PET strategic growth programs, FP simplification and cost savings). Analysis of unit economics for new capacity and market demand for additional product supply

What’s New?

• M&A analysis for Firms A, B, C, D and E of acquiring KP 
• Estimation of IRRs for SVP from: (1) trade sale exit; (2) IPO; (3) owning KP indefinitely to extract cash via periodic dividend recaps
• Scenario and recovery modelling – straight refinancing, equity injection, break-up and restructuring
• Financial projections, valuation and sensitivities – base and bear cases

Questions Answered

• Are KP’s SNs supported by valuation of the business in a trade sale exit and how likely is a trade sale exit?
• Does acquiring KP make sense for Firms A, B, C, D and E, including A and B breaking up the business?
• Can capacity expansion of 30 kt in PHD and of 15 kt in NA FP PET achieve the targeted EUR 40m and EUR 30m pa EBITDA upside? Is market demand sufficient to absorb this additional capacity?
• What is the possible path to EUR 400m EBITDA in FY 26?
• What IRRs are available to SVP on further equity injection to support refinancing and how big an equity injection might be needed?
• How supportive are M&A transaction multiples in recent years for Pharma and Food packaging companies?
• How might a hypothetical restructuring be executed – jurisdiction, processes, restructured packages and SSNs / SNs / TLs recoveries?