Jenny Harrington, CEO, Gilman Hill Asset Management Ardagh Metal Packaging AMBP-N RISKY Jul 05, 2024

It's been rangebound at $3-4 since October. Numbers have been declining. Sales: 18% in 2021, 16% in 2022, but 3% growth in 2023. Adjusted EBITDA in the same time: 21%, -6% then -4%. They lost money in 2022 and 2023. They reported mixed numbers last April, reiterating its full-year forecast and issued better than expected EBITDA guidance for Q2. He has no idea how the quarter on Thursday will be. That said, the company is stabilizing if not improving this year. Also, it operates within an oligopoly. The valuation is in line with the sector. It pays a 10.8% dividend yield, but its debt-to-equity ratio is near 2. They can't sustain their dividend, unless they borrow money.